What Has Worked in Investing is an attempt to share with you our knowledge of
historically successful investment characteristics and approaches. Included in this booklet
are descriptions of over 50 studies, approximately half of which relate to non-U.S. stocks.
Our choice of studies has not been selective; we merely included most of the major studies
we have seen throughout the years. Interestingly, geography had no influence on the basic
conclusion that stocks possessing the characteristics described in this booklet provided the
best returns over long periods of time. While this conclusion comes as no surprise to us, it
does provide empirical evidence that Benjamin Graham’s principles of investing, first
described in 1934 in his book, Security Analysis, continue to serve investors well. A
knowledge of the recurring and often interrelated patterns of investment success over long
periods has not only enhanced our investment process but has also provided long-term
perspective and, occasionally, patience and perseverance. We hope this knowledge will also
serve you well.