“In the short run, the market is a voting machine, but in the long run, it is a weighing machine”
- benjamin graham
- creative accounting (Enron, Worldcom)
- zero-interest rate policy
- SPAC IPOs
- exotic securitization (credit default swaps)
...that made valuation more opaque over time. The age of value investing is long gone.
“In the short run, the market is a voting machine, but in the long run, it is a weighing machine”
- benjamin graham