{"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 stock screens, margin of safety, Mr. Market, allocation, funds, IPOs.","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 | Subskill |\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 | M1 |\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 | M2 |\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 | M3 |\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 | M4 |\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 | M5 |\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 | M6 |\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 | M7 |\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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