Will, Thanks for an interesting article. As you have seen, I have reposted on Twitter. It is not realistic to expect to find 'net nets' like Ben Graham did in the first half of the 20th century. The edge for value investors in that era was Information Arbitrage which is now gone. How many people had access to Moody's then ?

Even the 20 year cycle that Jeremy Grantham writes about is just an estimate.

The good news for value investors who manage their own money is that we can still find reasonably priced companies which we are comfortable to hold even through a long trough in share prices as they pay dividends to sustain us.