> its a comedy in the sense that market prices currently have no relationship to fundamentals from a Graham perspective
You missed the whole point of Security Analysis and Intelligent Investor(another Graham book). The market is irrational from time to time, so you patiently wait on the side when prices are overvalued and invest in fundamentally good companies when prices are undervalued.
Not missed on a large enough scale. Prices used to fluctuate and occasionally be below the fundamental value. That never happens anymore, supply and demand issues. Given that fundamental value never exceeds price, if I were investing instead of speculating/gambling I'd never buy in. And if you're speculating/gambling, the fundamental value of a company is irrelevant. Or rephrased the above is the comedy I'm referring to.
You missed the whole point of Security Analysis and Intelligent Investor(another Graham book). The market is irrational from time to time, so you patiently wait on the side when prices are overvalued and invest in fundamentally good companies when prices are undervalued.