In 1946, Dr. Wilson Payne, Dean of the Investment Department at Babson College, and Benjamin Graham, professor of Advanced Security Analysis at Columbia University and investment advisor with the Graham-Newman Corporation, collaborated to devise formulas that would estimate a fair value range for stocks based on Mr. Graham’s guidelines. The fair value range indicated the high and low price range for the next 12 to 24 months for each stock. The formulas were based on the 10 year histories of price, sales, cash flow, earnings, dividends, and book value per share for each company.

In 1969, Dr. Wilson Payne and J. Royden Ward, Director of Research at Econometrics Research and Management in Boston, teamed up to develop computerized models that would utilize the formulas that Dr. Payne and Ben Graham devised to estimate a fair value range for stocks 23 years earlier. Even though the models were based on tried and true methods, they were back-tested extensively to check their validity in the difficult stock markets of the 1960’s. It immediately became obvious that the formulas performed superbly during the ’60’s and therefore could be relied upon – although nothing in the stock market is a sure bet – by long-term value investors in the future. In addition to the fair value models, Dr. Payne and J. Royden Ward added Benjamin Graham’s guidelines for standards of quality, standards of quantity, and standards of earnings growth to their analysis model. The resulting product was purchased by J. Royden Ward and made available to institutional investors during the next 30 years with great success.

The models, based on the value approach taught by Benjamin Graham, are now offered to serious investors in The Benjamin Graham Value Report.

The advice presented in The Benjamin Graham Value Report by J. Royden Ward is intended to assist investors to secure stable, long-term wealth.