When he was blindsided by the crash of 1929, he subjected his thinking to withering scrutiny. Keynes concluded that there was something wrong with one of his key theoretical assumptions. Stock prices do not always reflect the true value of companies, so an investor should study a company thoroughly and really understand its business, capital, and management when deciding whether it had sufficient underlying value to make an investment for the long term worthwhile. In the United States, about the same time, this approach was developed by Benjamin Graham, who called it “value investing.” It
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