5. How Political Access Adds Value

Traveling around the world, I am continually astounded by how many businesspeople know Ben Graham. Not just executives in places like Hong Kong and Dubai, but business students and investing enthusiasts in places like Bangalore, Chengdu, and Jeddah. Giving talks in these regions, I have found that if I put up a slide of Ben Graham, 10% to 20% of the group can identify him by his picture alone. And I suspect it is now only a matter of time before some large real estate developer in the Middle East or China builds two small twin cities and names them Graham and Doddsville.

It’s clear that Graham’s value approach is compatible with the government-infused markets described in the preceding chapter. Not only do the ...

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