{"id":"28cecdd2-c7de-4eef-bcb8-eff1f78054f7","shortId":"7Xete4","kind":"skill","title":"intelligent-investor-graham","tagline":"Use Graham value investing for Is this investment or speculation, defensive","description":"# The Intelligent Investor — Skill (Benjamin Graham)\n\n**Knowledge source:** *The Intelligent Investor* by Benjamin Graham, revised edition with commentary by Jason Zweig.\n**Architecture:** Orchestrator + 7 subskills. This file routes the user query; subskills execute the actual Graham workflows.\n\n```text\nintelligent-investor-graham/\n├── SKILL.md\n├── quotes/\n│   ├── market-philosophy-quotes.md\n│   └── value-investing-quotes.md\n└── subskills/\n    ├── m1_investment_vs_speculation/\n    │   ├── module.md\n    │   └── references/case_library.md\n    ├── m2_defensive_stock_screen/\n    │   ├── module.md\n    │   └── references/case_library.md\n    ├── m3_margin_of_safety_pricing/\n    │   ├── module.md\n    │   └── references/case_library.md\n    ├── m4_market_fluctuation_response/\n    │   ├── module.md\n    │   └── references/case_library.md\n    ├── m5_portfolio_policy/\n    │   ├── module.md\n    │   └── references/case_library.md\n    ├── m6_fund_adviser_ipo_review/\n    │   ├── module.md\n    │   └── references/case_library.md\n    └── m7_enterprising_bargain_hunt/\n        ├── module.md\n        └── references/case_library.md\n```\n\n## Skill Purpose\n\nUse this skill to apply Graham's value-investing discipline to practical investor decisions: distinguishing investment from speculation, screening defensive stocks, estimating margin of safety, responding to market swings, setting portfolio policy, evaluating funds or advisers, and searching for enterprising-investor bargains.\n\nThis is not a market-forecasting, momentum-trading, tax-planning, or personalized financial-advice skill. Its job is to force businesslike analysis, conservative arithmetic, and temperament discipline before any action is labeled an investment.\n\n## When to Use This Skill\n\nInvoke this skill when the user asks questions such as:\n\n- \"Is this stock worth buying under Graham's rules?\"\n- \"Is this an investment or speculation?\"\n- \"Does this company pass the defensive investor checklist?\"\n- \"What price gives enough margin of safety?\"\n- \"The stock or market dropped. Should I sell?\"\n- \"How should I split my portfolio between stocks and bonds?\"\n- \"Should I buy this fund, adviser product, IPO, SPAC, or hot growth story?\"\n- \"How would Graham look for bargain stocks?\"\n\n## CITATION RULES\n\nEvery substantive Graham-method claim must cite the original-text quote files when a module produces a final answer.\n\n**Quote files:**\n\n- `quotes/value-investing-quotes.md` — investment definition, margin of safety, Mr. Market, defensive allocation, price discipline, Graham's core principles.\n- `quotes/market-philosophy-quotes.md` — market pendulum, earnings skepticism, IPO warnings, index funds, adviser conflicts, net-current-asset bargains, simplicity, historical humility.\n\n**Citation format:**\n\n> \"Author's exact words here.\"\n>\n> — [*The Intelligent Investor*, cited excerpt](https://github.com/simbajigege/book2skills/blob/main/skills/intelligent-investor-graham/quotes/FILENAME.md#ANCHOR)\n\n**Anchor mapping:**\n\n- `value-investing-quotes.md`: `#buffett-endorses-graham`, `#investment-vs-speculation`, `#margin-of-safety`, `#mr-market`, `#mr-market-servant`, `#defensive-portfolio-split`, `#price-matters-more`, `#graham-core-principles`, `#the-future-value-depends-on-price`, `#no-need-for-extraordinary`\n- `market-philosophy-quotes.md`: `#market-is-a-pendulum`, `#earnings-can-be-manipulated`, `#avoid-ipos`, `#index-funds-best`, `#advisers-misaligned`, `#net-current-asset-bargains`, `#simplicity-beats-cleverness`, `#santayana-warning`\n\n**Rules:**\n\n- Read the routed module's `references/case_library.md` for the relevant quote IDs.\n- Include at least one citation per major section in substantive answers.\n- Use only exact quotes from the quote files. Do not invent quotation text.\n- If no exact quote fits, cite the closest anchor and state that the reasoning is a paraphrased Graham application.\n\n## Workflow Inventory\n\n| Workflow | User question pattern | Inputs | Steps | Output | Independent trigger? | Distinct references? | Triage score | Should be subskill? | Reason |\n|---|---|---|---|---|---|---:|---:|---|---|\n| Investment/speculation classification | \"Is this trade investing?\" | Security, thesis, holding period, analysis, leverage, position sizing | Test analysis, principal safety, adequate return, promotional dependence | Investment/speculation verdict and boundary conditions | Yes | Yes | 4 | Yes | Foundation for every proposed purchase or trade. |\n| Defensive stock screen | \"Does X pass Graham's defensive checklist?\" | 10-year earnings, dividends, balance sheet, price, EPS, book value | Apply seven defensive criteria without soft averaging | Pass/fail table and disqualifiers | Yes | Yes | 4 | Yes | Distinct inputs, rules, and pass/fail artifact. |\n| Margin of safety pricing | \"What price is attractive?\" | Normalized earnings, assets, book value, debt, bond yield, current price | Estimate conservative value, discount, and no-buy zone | Buy zone, watch zone, avoid zone | Yes | Yes | 4 | Yes | Distinct valuation artifact. |\n| Market fluctuation response | \"The stock dropped. Should I sell?\" | Price change, business change, valuation, liquidity needs, leverage | Separate quotation from value; test impairment and forced-selling risk | Hold/add/reduce/sell framework | Yes | Yes | 4 | Yes | Distinct behavioral and sell-discipline workflow. |\n| Portfolio policy | \"How should I allocate?\" | Investor type, income need, effort, risk capacity, yields | Start at 50/50, apply 25/75 guardrails, rebalance | Allocation range and rebalancing rule | Yes | Yes | 4 | Yes | Different input type and output artifact. |\n| Fund/adviser/IPO review | \"Should I buy this fund or IPO?\" | Fees, incentives, operating history, marketing claims, alternatives | Check conflicts, costs, promotion, analyzable facts | Use/avoid verdict and safer default | Yes | Yes | 4 | Yes | Product review workflow with distinct warnings. |\n| Enterprising bargain hunt | \"How would Graham find cheap stocks?\" | Screens, financials, NCAV data, special situation facts, diversification plan | Search low expectations, verify asset backing, diversify | Research list and rejection rules | Yes | Yes | 4 | Yes | Distinct research workflow and reference needs. |\n\n## Routing Rules\n\n| User question type | Must run | Optional run |\n|---|---|---|\n| \"Should I buy stock X?\" | M1 -> M2 -> M3 | M4 if price moved sharply; M7 if user is enterprising |\n| \"Is this investment or speculation?\" | M1 | M6 if promoted product, IPO, fund, or adviser |\n| \"Does this pass Graham's checklist?\" | M2 | M3 |\n| \"What is a Graham buy price?\" | M3 | M2 for defensive qualification |\n| \"The stock fell. Should I sell?\" | M4 | M3 to recalculate margin of safety |\n| \"How should I allocate my portfolio?\" | M5 | M6 for fund implementation |\n| \"Should I use this fund/adviser/IPO/SPAC/hot issue?\" | M6 | M1 |\n| \"Find Graham-style bargains\" | M7 | M3 for valuation discipline; M1 for classification |\n\n## Execution Rules\n\n1. Read only the modules required by the routing table.\n2. Run M1 first whenever the user proposes a purchase, trade, or speculative product.\n3. Run M2 before calling a stock suitable for a defensive investor.\n4. Run M3 before giving any buy-price, cheap/expensive, add, reduce, or margin-of-safety conclusion.\n5. Run M4 for market-move questions; do not treat price movement itself as proof of risk or opportunity.\n6. If required data is missing, state the missing fields and give a provisional analysis rather than fabricating figures.\n7. Do not run every module for a narrow question.\n\n## Multi-Module Output Format\n\n```markdown\n## Graham Analysis — [Security / Decision]\n\n**Question type:** [Buy / sell / allocation / fund / speculation / bargain search]\n**Investor posture:** Defensive / Enterprising / Unknown\n**Required modules used:** M[ ] ...\n\n### 1. Investment vs. Speculation\n- Classification:\n- Reason:\n- Boundary conditions:\n- Citation:\n\n### 2. Graham Tests Applied\n- Defensive checklist result, margin of safety, market fluctuation diagnosis, allocation policy, or product review as routed.\n\n### 3. Verdict\n- Graham result: qualifies / watchlist / avoid / speculative only / hold / reduce / needs data\n- Action discipline:\n- Missing data:\n\n### 4. Citations\n- Closest Graham principle and quote link for each major conclusion.\n```\n\n## Subskill Status\n\n| Subskill | Path | Status |\n|---|---|---|\n| M1 Investment vs Speculation | `subskills/m1_investment_vs_speculation/` | Available |\n| M2 Defensive Stock Screen | `subskills/m2_defensive_stock_screen/` | Available |\n| M3 Margin of Safety Pricing | `subskills/m3_margin_of_safety_pricing/` | Available |\n| M4 Market Fluctuation Response | `subskills/m4_market_fluctuation_response/` | Available |\n| M5 Portfolio Policy | `subskills/m5_portfolio_policy/` | Available |\n| M6 Fund Adviser IPO Review | `subskills/m6_fund_adviser_ipo_review/` | Available |\n| M7 Enterprising Bargain Hunt | `subskills/m7_enterprising_bargain_hunt/` | Available |\n\n## Do Not\n\n- Do not forecast the market or interest rates as the basis for a recommendation.\n- Do not call an action \"investment\" unless analysis, principal safety, and adequate return have all been addressed.\n- Do not excuse overpayment because the company is excellent, popular, or fast growing.\n- Do not average a failed defensive checklist into a soft \"mostly passes\" verdict.\n- Do not recommend leverage, all-in allocations, or panic selling under Graham's name.\n- Do not provide personalized regulated financial advice; frame outputs as educational decision 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'anchor':348,471 'answer':295,449 'appli':112,559,678,1024 'applic':481 'architectur':37 'arithmet':179 'artifact':579,619,696 'ask':201 'asset':328,418,590,756 'attract':587 'author':335 'avail':1080,1086,1093,1099,1104,1111,1117 'averag':565,1166 'avoid':406,611,1047 'avoid-ipo':405 'back':757 'balanc':553 'bargain':102,151,271,329,419,735,870,1001,1114 'basi':1130 'beat':422 'behavior':655 'benjamin':20,28 'best':411 'bond':252,594 'book':557,591 'boundari':526,1018 'buffett':352 'buffett-endorses-graham':351 'busi':631 'businesslik':176 'buy':209,255,605,607,701,785,827,924,996 'buy-pric':923 'call':909,1136 'capac':673 'chang':630,632 'cheap':741 'cheap/expensive':926 'check':713 'checklist':227,548,820,1026,1170 'citat':273,333,443,1020,1059 'cite':282,343,468 'claim':280,711 'classif':502,878,1016 'clever':423 'closest':470,1060 'commentari':33 'compani':222,1157 'conclus':934,1069 'condit':527,1019 'conflict':324,714 'conserv':178,599 'core':312,380 'cost':715 'criteria':562 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'fluctuat':84,621,1032,1096 'forc':175,645 'forced-sel':644 'forecast':158,1122 'format':334,988 'foundat':532 'frame':1199 'framework':649 'fund':94,142,257,322,410,703,812,856,999,1106 'fund/adviser/ipo':697 'fund/adviser/ipo/spac/hot':862 'futur':384 'github.com':346 'github.com/simbajigege/book2skills/blob/main/skills/intelligent-investor-graham/quotes/filename.md#anchor)':345 'give':230,921,966 'graham':4,6,21,29,51,57,113,211,268,278,310,354,379,480,545,739,818,826,868,990,1022,1043,1061,1189 'graham-core-principl':378 'graham-method':277 'graham-styl':867 'grow':1163 'growth':264 'guardrail':680 'histor':331 'histori':709 'hold':509,1050 'hold/add/reduce/sell':648 'hot':263 'humil':332 'hunt':103,736,1115 'id':438 'impair':642 'implement':857 'incent':707 'includ':439 'incom':669 'independ':491 'index':321,409 'index-funds-best':408 'input':488,575,692 'intellig':2,17,25,55,341 'intelligent-investor-graham':1,54 'interest':1126 'invent':460 'inventori':483 'invest':8,12,64,117,124,189,217,299,356,506,803,1013,1076,1139 'investment-vs-specul':355 'investment/speculation':501,523 'investor':3,18,26,56,121,150,226,342,667,916,1003 'invok':195 'ipo':96,260,319,407,705,811,1108 'issu':863 'jason':35 'job':172 'knowledg':22 'label':187 'least':441 'leverag':512,636,1180 'link':1065 'liquid':634 'list':760 'look':269 'low':753 'm':1011 'm1':63,788,806,865,876,893,1075 'm2':69,789,821,830,907,1081 'm3':75,790,822,829,841,872,919,1087 'm4':82,791,840,937,1094 'm5':88,853,1100 'm6':93,807,854,864,1105 'm7':100,796,871,1112 'major':445,1068 'manipul':404 'map':349 'margin':76,131,232,301,360,580,844,931,1028,1088 'margin-of-safeti':359,930 'markdown':989 'market':83,136,157,238,305,315,365,368,396,620,710,940,1031,1095,1124 'market-forecast':156 'market-is-a-pendulum':395 'market-mov':939 'market-philosophy-quotes.md':60,394 'matter':376 'method':279 'misalign':414 'miss':960,963,1056 'modul':291,431,885,979,986,1009 'module.md':67,73,80,86,91,98,104 'momentum':160 'momentum-trad':159 'most':1174 'move':794,941 'movement':947 'mr':304,364,367 'mr-market':363 'mr-market-serv':366 'multi':985 'multi-modul':984 'must':281,779 'name':1191 'narrow':982 'ncav':745 'need':391,635,670,773,1052 'net':326,416 'net-current-asset':325 'net-current-asset-bargain':415 'no-buy':603 'no-need-for-extraordinari':389 'normal':588 'one':442 'oper':708 'opportun':954 'option':781 'orchestr':38 'origin':285 'original-text':284 'output':490,695,987,1200 'overpay':1154 'panic':1186 'paraphras':479 'pass':223,544,817,1175 'pass/fail':566,578 'path':1073 'pattern':487 'pendulum':316,399 'per':444 'period':510 'person':166,1195 'plan':164,751 'polici':90,140,662,1035,1102 'popular':1160 'portfolio':89,139,248,372,661,852,1101 'posit':513 'postur':1004 'practic':120 'price':79,229,308,375,388,555,583,585,597,629,793,828,925,946,1091 'price-matters-mor':374 'princip':517,1142 'principl':313,381,1062 'produc':292 'product':259,728,810,904,1037 'promot':521,716,809 'proof':950 'propos':535,898 'provid':1194 'provision':968 'purchas':536,900 'purpos':107 'qualif':833 'qualifi':1045 'queri':46 'question':202,486,777,942,983,994 'quot':59,287,296,437,453,456,466,1064 'quotat':461,638 'quotes/market-philosophy-quotes.md':314 'quotes/value-investing-quotes.md':298 'rang':683 'rate':1127 'rather':970 'read':428,882 'reason':476,500,1017 'rebal':681 'rebalanc':685 'recalcul':843 'recommend':1133,1179 'reduc':928,1051 'refer':494,772 'references/case_library.md':68,74,81,87,92,99,105,433 'regul':1196 'reject':762 'relev':436 'requir':886,957,1008 'research':759,769 'respond':134 'respons':85,622,1097 'result':1027,1044 'return':520,1146 'review':97,698,729,1038,1109 'revis':30 'risk':647,672,952 'rout':43,430,774,889,1040 'rule':213,274,427,576,686,763,775,880 'run':780,782,892,906,918,936,977 'safer':722 'safeti':78,133,234,303,362,518,582,846,933,1030,1090,1143 'santayana':425 'santayana-warn':424 'score':496 'screen':72,127,541,743,1084 'search':146,752,1002 'section':446 'secur':507,992 'sell':242,628,646,658,839,997,1187 'sell-disciplin':657 'separ':637 'servant':369 'set':138 'seven':560 'sharpli':795 'sheet':554 'simplic':330,421 'simplicity-beats-clev':420 'situat':748 'size':514 'skeptic':318 'skill':19,106,110,170,194,197 'skill-intelligent-investor-graham' 'skill.md':58 'soft':564,1173 'sourc':23 'source-simbajigege' 'spac':261 'special':747 'specul':14,66,126,219,358,805,903,1000,1015,1048,1078 'split':246,373 'start':675 'state':473,961 'status':1071,1074 'step':489 'stock':71,129,207,236,250,272,540,624,742,786,835,911,1083 'stori':265 'style':869 'subskil':40,47,62,499,1070,1072 'subskills/m1_investment_vs_speculation':1079 'subskills/m2_defensive_stock_screen':1085 'subskills/m3_margin_of_safety_pricing':1092 'subskills/m4_market_fluctuation_response':1098 'subskills/m5_portfolio_policy':1103 'subskills/m6_fund_adviser_ipo_review':1110 'subskills/m7_enterprising_bargain_hunt':1116 'substant':276,448 'suitabl':912 'support':1204 'swing':137 'tabl':567,890 'tax':163 'tax-plan':162 'tempera':181 'test':515,641,1023 'text':53,286,462 'the-future-value-depends-on-pric':382 'thesi':508 'topic-agent-skills' 'topic-agentskills' 'topic-anthropic' 'topic-anthropic-claude' 'topic-book2skills' 'topic-growth-investing' 'topic-investing' 'topic-investing-skills' 'topic-skills' 'topic-stock-analysis' 'trade':161,505,538,901 'treat':945 'triag':495 'trigger':492 'type':668,693,778,995 'unknown':1007 'unless':1140 'use':5,108,192,450,860,1010 'use/avoid':719 'user':45,200,485,776,798,897 'valu':7,116,385,558,592,600,640 'valuat':618,633,874 'value-invest':115 'value-investing-quotes.md':61,350 'verdict':524,720,1042,1176 'verifi':755 'vs':65,357,1014,1077 'warn':320,426,733 'watch':609 'watchlist':1046 'whenev':895 'without':563 'word':338 'workflow':52,482,484,660,730,770 'worth':208 'would':267,738 'x':543,787 'year':550 'yes':528,529,531,570,571,573,613,614,616,650,651,653,687,688,690,724,725,727,764,765,767 'yield':595,674 'zone':606,608,610,612 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