MARKETSBRIEFSIGNALSREGIMEWATCHSTATESLIVERESEARCHEVENTSRATESTRADESCANLEADERSVALUEFORECASTBACKTESTLABARCFUNDSBUSINESSGULF
GRAHAM / BUFFETTTIER
✕DEMO DATA · NOT TRADEABLEMARKET
Graham Classic · 0/0 pass · 0 below Graham
Graham № = √(22.5 × EPS × BVPS). A ceiling price, not a buy signal. MOS = room to absorb being wrong about the inputs. This screen finds the room. It says nothing about timing, management, or the macro cycle.
LOADING DATA...
THE WATCH · GRAHAM'S SHORTLIST
RULES, NOT OPINIONS
Banking
7.9 AVG P/E
T1 PASS 3
CHEAPEST HONEST SECTOR
Energy
11.1 AVG P/E
T1 PASS 1
Materials
11.9 AVG P/E
T1 PASS 1
Utilities
16.7 AVG P/E
T1 PASS 1
Chemicals
36.3 AVG P/E
T1 PASS 0
Real Estate
19.0 AVG P/E
T1 PASS 0
Consumer
21.4 AVG P/E
T1 PASS 0
Telecom
31.2 AVG P/E
T1 PASS 0
Transport
30.1 AVG P/E
T1 PASS 0
Tourism
23.8 AVG P/E
T1 PASS 0
RATCHRatchaburiF-SCOREUNDRAFTEDSIMULATED
MOS+50%
P/E8.5 8.3
F5/9
Z1.0
DIV20Y
COMPOSITE73
Margin of safety +50% — price sits below the Graham Number.
Passes 7 of 7 defensive tests.
20 years of uninterrupted dividends.
PTTPTTMAGICSIMULATED
MOS+32%
P/E11.1 18.7
F5/9
Z1.1
DIV4Y
COMPOSITE64
Margin of safety +32% — price sits below the Graham Number.
Passes 7 of 7 defensive tests.

Graham never asked you to predict. He asked you to demand evidence, then wait.

A shortlist by fixed rules · re-ranked as filings change · not a recommendation.

MONEYBALL · QUALITY VS ATTENTION
ATTENTION · VOLUME PROXY
THE UNDRAFTEDPRICED INTHE CROWD'S DARLINGSIGNORED FOR A REASONQUALITY ↑ATTENTIONTHE CROWD LOOKS HERE →BBLRATCH
THE UNDRAFTED · HIGH QUALITY · LOW ATTENTION
RATCH733%F-SCORE
BBL7030%F-SCORE

The bargains are where the crowd is not looking — Graham called them the unpopular large companies.

A quadrant is a place to start reading, not a reason to act.

THE PROOF · DOES THE DISCIPLINE SHOW?
53 TRADING DAYS · EQUAL-WEIGHT · SIMULATED FUNDAMENTALS SELECT THE COHORT
11310096COHORT 111.2SET 111.12026-03-202026-06-12

In this 53-day window, the Graham cohort and the index are effectively even — 0.07 points apart. Too short to settle anything; the examination and the ledger keep the score.

THE EXAMINATIONCONTRIBUTION TO THE SPREAD · MEMBER BY MEMBER
RETURNCONTRIB · PP
SCC
+29.7%+3.09
KBANK
+14.4%+0.55
BBL
+9.1%-0.33
PTT
+5.9%-0.87
RATCH
+5.3%-0.98
SCB
+2.8%-1.39

A system you cannot examine is a belief. This one shows its work.

THE LITERATUREPUBLISHED RESEARCH · NOT OUR BACKTEST
Graham-Newman Corp — Buffett, "The Superinvestors of Graham-and-Doddsville" (1984)1936–1956
~20%/yr vs ~12.2% for the market
Graham's own partnership compounded at roughly 20% a year over two decades while the market returned about 12.2%.
Oppenheimer, Financial Analysts Journal — NCAV (net-net) portfolios1970–1983
~29%/yr mean return
Portfolios of stocks bought below net current asset value earned a mean return of roughly 29% a year.
Piotroski, Journal of Accounting Research (2000)1976–1996
+7.5%/yr market-adjusted
Within cheap (high book-to-market) stocks, high F-Score names beat the market by about 7.5% a year.
Fama–French HML value premium1927–2020s
~4–5%/yr average premium, with long droughts
Value stocks have averaged a 4–5% yearly premium over growth across nearly a century — with long droughts along the way.

Long-run evidence for the discipline — including its droughts.

THE FORWARD LEDGERRECEIPTS · DAY 1

Starting 2026-06-17, this desk records its own cohort snapshot after each close. No backfilling, no deletions. The receipts accumulate here.

2026-06-176 MEMBERSPTT · KBANK · SCB +3

Trust is not asked for. It is accrued daily.