At Global Investing Insight we examine the evidence with the objective of determining its reliability and robustness. Specifically, we focus on examining the investment research published on Net Nets.

Some of our research articles have also been published by Alpha Architect on their highly acclaimed finance research blog.

Research Articles

All Posts

A Review of Ben Graham’s Famous Value Investing Strategy: “Net-Nets”

Gaurang Merani

1 min

A Review of Ben Graham’s Famous Value Investing Strategy: “Net-Nets”

Each of the studies we analysed, suffered, or may have potentially suffered from biases which adversely impacted their reliability.

Examining “Ben Graham's Net Nets: Seventy-Five Years Old and Outperforming”

Gaurang Merani

14 min

Examining “Ben Graham's Net Nets: Seventy-Five Years Old and Outperforming”

From a practitioner’s point of view the reported returns are overstated and illusionary.

An Analysis of “Testing Benjamin Graham’s net current asset value model”

Gaurang Merani

10 min

An Analysis of “Testing Benjamin Graham’s net current asset value model”

Even over a 14 year period investing in firms trading below NCAV may not provide immunity from a low return environment.

Examining “An Empirical Analysis of Ben Graham's Net Current Asset Value Rule”

Gaurang Merani

7 min

Examining “An Empirical Analysis of Ben Graham's Net Current Asset Value Rule”

The short examination period and return methodology, among other items, calls into question the reliance that can be placed on this study.

Examining Greenblatt’s “How the small investor can beat the market”

Gaurang Merani

8 min

Examining Greenblatt’s “How the small investor can beat the market”

Firms with positive earnings trading at or below liquidation value, with a low P/E ratio greatly outperformed from April 1972 to April 1978.

Gaurang Merani

8 min

Examining Saudi Arabian Net Nets

Saudi Arabian net nets generated material outperformance; whether a practitioner could have achieved the reported returns is debatable.

What Has Worked in Investing (Tweedy, Browne) – Examining Net Nets

Gaurang Merani

5 min

What Has Worked in Investing (Tweedy, Browne) – Examining Net Nets

The “Average Return” reported in the study overstates the actual returns achievable by an investor.

Gaurang Merani

11 min

Analyzing Deep Value in the Eurozone

While initial results regarding NCAV/MV portfolios were promising, robustness tests revealed an inconsistency which could not be explained.

An Analysis of “Testing Benjamin Graham’s Net Current Asset Value Strategy in London”

Gaurang Merani

9 min

An Analysis of “Testing Benjamin Graham’s Net Current Asset Value Strategy in London”

Even seemingly robust academic research can be limited in its application when viewed through the lens of a practitioner.

An Analysis of “Graham’s Net-Nets: Outdated or Outstanding?”

Gaurang Merani

5 min

An Analysis of “Graham’s Net-Nets: Outdated or Outstanding?”

Our analysis reveals that in all probability the reported returns were overstated and therefore unreliable.

An Analysis of “Benjamin Graham’s Net Current Asset Values: A Performance Update”

Gaurang Merani

10 min

An Analysis of “Benjamin Graham’s Net Current Asset Values: A Performance Update”

The study suffered from a number of material flaws; it is highly improbable that the reported returns could have been achieved in practice.

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