Benjamin Graham, Warren Buffett, Charlie Munger, the Intelligent Investor, and the entire culture and mindset around value-investing has been a DESTROYER of wealth and a killer of opportunities for decades.
I am mostly an index guy, but I read about value investing, read the Intelligent Investor from cover to cover, and have been directing my own investments for 12 years or so.
I had a subscription to FASTGRAPHS and have used it from time to time, and analyzed different stocks, some of the stocks having great free cash flow, economic moats, and great stewardship.
I've noticed that value investing stock picks usually fare poorly, and have watched with amusement as "patient" investors get left in the dust when they find their "value" stock and get outperformed by everything in existence.
Value Investing is a horrible, horrible thing.
Because it has caused people to NOT become rich, NOT achieve their dreams, NOT retire early.
Value Investing is a false hope in the 21st century.
It no longer works.
The myths of its success still are repeated, but as more and more years pass, it becomes evident that those who have stuck with Value Investing have missed thier opportunity to build wealth.
Sure, many people would say that "they just aren't doing it right," but even the masters of value investing have done HORRIBLE.
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Just look how poor Berkshire has done:
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If someone had 50K 15 years ago and just put it in the NASDAQ, they would now have $713,000.00.
The same amount in Berkshire would be about 300K.
I know what you're thinking (how about 20 years ago, so we can take the great recession 2008-2009 into consideration).
Since May 21, 2006!
**50K in the NASDAQ (through QQQ) would be $1,066,782.00.**
**50K in Berkshire would only be 393K.**
Buffett and Berkshire are awful TBH. They have been getting trounced by indexes for decades, proving all of Buffett's words of advice and techniques are nonsense in the 21st century.
People hate to admit that they were wrong, and the sunk cost fallacy is with it.
But Value Investing has been outperformed so substantially, that is has been exposed as a terrible, impoverishing lie for decades now.