Although it will require greater effort in selection and maintenance, a high-performance portfolio can be achieved while abiding by the commandments of value.
Any appearance of higher risk must be well understood and accounted for in the share price.
Pushing the limit, say Graham and Dodd, is a game for the strong-minded and daring individual.
According to Graham, a growth stock should double its per share earnings in 10 years - that is, increase earnings at a compound annual rate of over 7.1%. To do so, a growth stock's sales should be continually higher than sales in the early years.
The investor who can successfully identify such "growth companies" when their shares are available at reasonable prices is certain to do superlatively well with his capital.