Benjamin Graham taught Warren Buffett his Net Net liquidation value stock strategy. Graham would hunt for stocks that were so cheap that there was more value in the company if they stopped operations and passed out the assets. Net liquidation value was higher than the price of the whole company. Graham learned this from the hard times of the depression years, but the concept still applies to companies today.
Disclaimer: Small cap penny stocks are highly risky and will lose you money. This is not advice or any recommendation to buy, you will lose money.
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