Benjamim Graham Has Changed His Formula. Time You Did As Well

...

In general, no. I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities. This was a rewarding activity, say, 40 years ago, when our textbook 'Graham and Dodd' was first published; but the situation has changed a great deal since then.

....

Graham discarded the formulas he presented in the previous edition and replaced them with new ones, declaring, in a sense, 'that those do not work any more, or they do not work as well as they used to; these are the formulas that seem to work better now

....

If you are still picking stocks using a discount-to-hard-book-value model or relying on dividend models to tell you when the stock market is over or under-valued, it is unlikely you have enjoyed even average investment returns

https://money.cnn.com/2015/04/03/investing/stocks-market-investing/index.html