Benjamin Graham’s Net-Net Stock Strategy

I’ll admit I approached this skeptical. Net-net investing sounds like a relic—something that worked in Graham’s era but got arbitraged away. Bleker’s audiobook dismantled that assumption in the first two hours. The real revelation? His breakdown of *why* net-nets still exist today: behavioral biases (institutions can’t own them, retail investors ignore them) and structural inefficiencies (illiquidity, ugly balance sheets). McCoy’s narration is a masterclass in making dry financial analysis engaging—he slows for the critical ‘ah-ha’ moments (like the 1930s case study where net-nets outperformed by 300%) and speeds through boilerplate definitions. My only gripe? The audiobook’s pacing stumbles in Chapter 7, where Bleker’s screen-by-screen walkthrough of modern net-net candidates feels better suited to a PDF companion. And while McCoy’s tone is perfect for the analytical sections, his delivery of Bleker’s occasional wry asides (‘Yes, you *will* own some terrible businesses’) could use more playful inflection. Where this shines is in its refusal to sugarcoat the strategy’s drawbacks. Bleker dedicates an entire chapter to the ‘dark side’ of net-nets—volatility, the ‘melting ice cube’ risk of declining assets, and the soul-crushing patience required. The production team smartly isolates these warnings with subtle audio cues (a slight pause, a lower pitch), ensuring they land. If you’re looking for get-rich-quick hype, skip this. But if you want a battle-tested, *actionable* framework for buying dollar bills at 50 cents—complete with spreadsheet templates and tax-loss harvesting tricks—this is the rare audiobook that justifies its 10-hour runtime. Just keep a notepad handy; you’ll be pausing to scribble stock symbols.