So if you drew a horizontal line and call that fair
value like Ben Graham said, and then you draw a wavy line around that horizontal line and call that stock prices, the market is pitching us opportunities all the time between stocks that are way below fair
value and way above fair
value, the reason
investors don't beat the market has nothing to do with the market is not throwing us pitches in that it's not still emotional, they are behavioral problem, there's agency problems, there is a lot of other issues going on but it's not because we're not getting really great pictures all the time.
Investors who identify as a «
Ben Graham defensive
investor» and adhere to his belief in the long - term benefits of
value investing will find much to
like in the Fundamental Index strategy.