Net current asset value
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Graham suggests buying a well-diversified portfolio of stocks considered cheap because their Net Current Asset Value exceeds their Market Capitalization.
Total Current Assets - Total Liabilities = Net Current Asset Value (NCAV)
Number of Shares Outstanding × Current Price per share = Market Capitalization (MC)
If: NCAV > MC then the stock is considered cheap.
United States stock market returns
According to "Ben Graham's NCAV (Net Current Asset Value) Technique in the 21st Century" this strategy produced an annualized geometric return of 24.7% from 2003 to 2010 that was unexplainable by either the capital asset pricing model or the Fama-French-Carhart model. "Ben Graham's Net Current Asset Values: A Performance Update" also found that the strategy outperformed the benchmark. This study determined that this strategy produced a return of 33.7% compared to 12.1% for the benchmark between 1971-1983.
International stock market returns
According to "The Performance of Japanese Common Stocks in Relation to Their Current Asset Values" this strategy produced a return of 19.7% compared to 16.6% for the relevant benchmark between 1975-1988. Additionally, according to "Testing Benjamin Graham's Net Current Asset Value Strategy in London" the strategy produced a mean annualized return of 31.1% compared to 20.5% for the relevant benchmark between 1980-2005. 
- Graham, Benjamin (2008). Security Analysis (6 ed.). McGraw-Hill Education. ISBN 978-0071592536.
- Dudzinski, Jonathan; Kunkel, Robert (Spring 2014). "Ben Graham's NCAV (Net Current Asset Value) Technique in the 21st Century". The Journal of Investing. 23 (1): 17–23. doi:10.3905/joi.2014.23.1.017.
- Oppenheimer, H.R. (1986). "Ben Graham's Net Current Asset Values: A Performance Update". Financial Analysts Journal. 42 (6): 40–47. doi:10.2469/faj.v42.n6.40.
- Bildersee, John; Cheh, John; Ajay, Zutshi (September 1993). "The Performance of Japanese Common Stocks in Relation to Their Net Current Asset Values". Japan and the World Economy. 5 (3): 197–215. doi:10.1016/0922-1425(93)90011-R.
- Xiao, Y.; Arnold, G.C. (Winter 2008). "Testing Benjamin Graham's Net Current Asset Value Strategy in London". Journal of Investing. 17 (4): 11–19. doi:10.3905/JOI.2008.17.4.011.