For all it's strengths, this book as well as "Securities Analysis" have a common weakness which is that the ways that Graham found 'value' investments are much more difficult to find today. Value investing has been around for half a century now and has recently been making a comeback because of the bursting of the tech bubble. As Graham also states, the more prevalent a certain approach to investing becomes, the more diluted its earnings potential becomes. Opportunities such as 'net-nets' (stocks whose market value fall below their book value) are extremely rare to find today. It is up to the reader to discern how he/she can take advantage and apply his ideas to the market today. (Which the best books usually do)
