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The arena Benjamin Graham (defensive)

valueBenjamin Graham (defensive)

The Intelligent Investor, chapter 14

Cheap by two measures at once, profitable without interruption, and not leaning on borrowed money.

no picks
Booked, per closed position
0 closed · average excess vs the market
Closed positions ahead of the market
-0.33%
Open book, marked to market
12 names still held
Average sessions held
window is 60 sessions
The ledger below is empty because the record is only 16 sessions old and nothing has yet left the portfolio. The open book is real and marked to the last close.

The rule, as implemented here

every condition, in the order it is applied
  1. Price-earnings multiple no more than 15.
  2. Price-to-book no more than 1.5, or the product of the two no more than 22.5.
  3. Profitable in each of the last four reported quarters.
  4. Debt no more than equity.
  5. Revenue higher than a year ago.
Ranking: Lowest product of the two multiples first. Portfolio is the top 12 names, equal-weighted.
Where our version differs: Graham asks for ten years of unbroken profit and a current ratio of two; the filings here give four quarters of profit and no current assets, so those two tests are the four-quarter record and total debt against equity.

Today’s portfolio

as of 11 September 2026

Portfolio record by window

every published day, measured forward and averaged. “Typical day” is the median excess, which ignores one runaway session
WindowPortfolioUniverseExcessTypical dayDays aheadDays scored
1d-0.51%-0.18%-0.33%-0.33%0%1
5dno picksno picksno picksno picksno picks0
10dno picksno picksno picksno picksno picks0
20dnot yetnot yetnot yetnot yetnot yet0
3mnot yetnot yetnot yetnot yetnot yet0

Booked positions

closed, with the market over the identical days
No position has closed yet. A name closes when the rules drop it or when it has been held 60 sessions, whichever comes first — so the first entries appear here about 60 sessions after the book opened.

Open book

still held, marked to the last close
StockInOutHeldReturnUniverseExcess
UGROCAP2026-09-10held1+0.59%-0.18%+0.77%
PNCINFRA2026-09-10held1-1.13%-0.18%-0.95%
TAJGVK2026-09-10held1-2.28%-0.18%-2.09%
TNPETRO2026-09-10held1-3.18%-0.18%-3.00%
SRHHYPOLTD2026-09-10held1+1.30%-0.18%+1.48%
SHILPAMED2026-09-10held1+2.26%-0.18%+2.44%
POLYPLEX2026-09-10held1+0.79%-0.18%+0.97%
SATIN2026-09-10held1-0.24%-0.18%-0.06%
MANALIPETC2026-09-10held1-1.55%-0.18%-1.37%
UTTAMSUGAR2026-09-10held1-0.90%-0.18%-0.72%
SURAJEST2026-09-10held1-1.36%-0.18%-1.18%
SPIC2026-09-10held1-0.43%-0.18%-0.25%
How these numbers were made. Computed here from NSE and BSE end-of-day bhavcopy, adjusted for splits and bonuses, not supplied by anyone being measured. Portfolios are recorded on the day they are published and scored forward from that date, so no figure on this page could have been chosen after the outcome was known. The code that produced them is stamped in build.json.
This is our implementation, not Benjamin Graham (defensive)’s portfolio. Graham asks for ten years of unbroken profit and a current ratio of two; the filings here give four quarters of profit and no current assets, so those two tests are the four-quarter record and total debt against equity. None of the authors named on this site are associated with it, and nothing here is advice or a recommendation to buy or sell anything.