Every generation puts its own spin on tradition. Recipes are adapted. Wedding ceremonies evolve. Vacation-photo slide shows become Instagram stories. And the era of traditional value investing, pioneered by Benjamin Graham as the U.S. was emerging from the Great Depression, has quietly undergone a sea change that most investors have yet to notice.
Graham’s version of value has long been considered sacrosanct. His two seminal books, 1934’s Security Analysis and 1949’s The Intelligent Investor, laid the groundwork for a generation…
