Benjamin Graham’s theories on stock analysis have been lauded by value managers, including his disciple Warren Buffett, for nearly 70 years.

His book Security Analysis, co-authored with David Dodd, explained how scrutiny of corporate balance sheets and earnings could give active investors confidence and help them beat the market. But here's a funny thing. When Graham was running money between 1925 and 1956, while pursuing his occasional career as a playwright, he struggled to beat the index.