An Obsolete Fundamental Philosophy
Oyster points out that the philosophy employed by most stock-picking active managers was developed many years ago. He mentions that Benjamin Graham, the father of fundamental analysis, knew that buying good companies at an attractive price could add value over time. Oyster describes Graham as a brilliant visionary and one who remains among the most revered investment minds of all time. The problem with his philosophy, Oyster surmises, is that it’s actually too good. It worked until its impact was diluted by overuse.