NXTC - A Stock-Picker's Guide To Benjamin Graham's Screening Rules

This article is the first in a series about screens designed by famous investors. For an overview of the subject, see my previous article, Can Screening for Stocks Still Generate Alpha?

Benjamin Graham, who has often been called the father of value investing, published The Intelligent Investor in 1949 and revised it several times, most recently in 1972. In that last and fourth edition, published in 1973, he included three different sets of guidelines, which could be called "checklists" or "screens." The first was for the "defensive investor," and it's the most famous. The second

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