SAGE - Simple Advice Governing Equities
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  Name Date        
The Money Masters (82-113)
Graham's investment techniques:		0 - 4
  1. Buy companies in liquidation, where there seems an 80%
      or better chance of making at least a 20% annual return.
  2. Buy one company's stock and simultaneously sell the stock
      of another that it is merging with (risk arbitrage).
  3. Buy a convertible bond or preferred stock, and at the same time
      sell short the common it converts into. (convertible hedge).
  4. Buy control of a company selling for less than it is worth, to
      force realization of the assets.
  5. "Hedged Investing:" being long one security and short another
      that has no relation to the first.
  6. Op #1: Buy stocks for two-thirds or less of their net quick
       assets (working capital minus all debt); or
  7. Op #3: The company should owe less than it is worth, with
       preferred stock counting as debt; and
  8. The "earnings yield" (the reciprocal of the P/E ratio) should
      be twice the revailing AAA bond yield; or
  9. Op #4: The company should owe less than it is worth; and
10. The dividend yield should be no less than two-thirds of the
      AAA bond yield.