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How Would the Father of Value Investing Deal with Demonetisation? - Views on News from Equitymaster
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The Equitymaster Research Digest

How Would the Father of Value Investing Deal with Demonetisation?
Dec 14, 2016

  • Ben Graham's Formula for Successful Investing
  • An auto stock worth buying?
  • The Fed could hike interest rates tonight
  • The last time I made any market predictions was in the year 1914, when my firm judged me qualified to write their daily market letter based on the fact that I had one month's experience.┬áSince then I have given up making predictions. - Benjamin Graham

What did Ben Graham mean by this? Quite simply, trying to make forecasts, especially economic forecasts, is useless. He was right. No one can predict the future. It is useless to try.

This is why we refrain from making any economic forecasts. However, subscribers push us in this direction sometimes.

A subscriber wrote to us about the long-term impact of demonetisation. He wanted to know our ten-year view on stocks and sectors in the light of demonetisation.

This got me thinking. We are value investors here at Equitymaster. Ben Graham is the father of value investing. So it follows that we should look to him for some guidance in these uncertain times.

Graham knew that economies are complex and dynamic. How one event affects another can't be predicted with certainty.

Here's what I wrote in a special report to Microcap Millionaires subscribers on the day after demonetisation.

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