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.

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

Research Articles

All Posts

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.

7 min

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

The short examination period and return measurement methodology limits the reliance that can be placed on an otherwise insightful study.

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.

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.

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.

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.

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.

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An Analysis of “Graham’s Net-Nets: Outdated or Outstanding?”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

10 min

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

This prominent and often cited 1986 study was conducted with data that excluded dividends thereby rendering many of the results unreliable.

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