Net-net investing is a high performance deep-value strategy that works best for smaller portfolios. It bets on inefficient pricing in markets for tiny, undercovered companies that most institutions are barred from owning. It was popularized by Benjamin Graham, known as the father of value investing, and focuses on one single premise: a company should never trade below its liquidation value as if it were to go bankrupt tomorrow. Notably, there are some exceptions: if there’s a massive cash burn, as is common in biotech and resource exploration companies, or if there is such substantial dilution