Benjamin Graham's value investing approach and the Graham-Dodd tradition have been misrepresented as seeking 'cigar butt' ultra-cheap stocks, when in fact Graham was always closer to seeking good companies at good (not dirt-cheap) prices, as Buffett and Munger emphasize.

causalpending

Speaker

Cliff Asness

Evidence Quote

people will quote him...make it sound like he's the deep value cigar butt destroyed company...And it was never that, it was always closer to what Buffet and Munger talk about.

Source

The Bridge Ep. 11: Expensive Isn't a BubbleiCapital
Created: 8/12/2026, 6:23:51 PM

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