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1. An earnings-to-price yield of twice the triple-A bond yield. The earnings yield is the
reciprocal of the price earnings ratio.
2. A price/earnings ratio down to four-tenths of the highest average P/E ratio the stock reached
in the most recent five years. (Average P/E ratio is the average stock price for a year
divided by the earnings for that year.)
3. A dividend yield of two-thirds of the triple-A bond yield.
4. A stock price down to two-thirds of tangible book value per share.
5. A stock price down to two-thirds of net current asset value — current assets less total debt.
6. Total debt less than tangible book value.
7. Current ratio (current assets divided by current liabilities) of two or more.
8. Total debt equal or less than twice the net quick liquidation value as defined in No. 5.
9. Earnings growth over the most recent ten years of seven percent compounded—a doubling of
earnings in a ten-year period.
10.Stability of growth in earnings—defined as no more than two declines of five percent or more
in year-end earnings over the most recent ten years.
Keywords: Value Investing, Value Investor, Value Investment Rules, Benjamin Graham
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