{"id":15562,"date":"2021-04-12T03:49:25","date_gmt":"2021-04-11T19:49:25","guid":{"rendered":"https:\/\/www.tejwin.com\/?post_type=insight&#038;p=15562"},"modified":"2023-09-28T21:58:48","modified_gmt":"2023-09-28T13:58:48","slug":"the-investing-strategy-of-benjamin-graham-the-founder-of-securities-analysis","status":"publish","type":"insight","link":"https:\/\/www.tejwin.com\/en\/insight\/the-investing-strategy-of-benjamin-graham-the-founder-of-securities-analysis\/","title":{"rendered":"The investing strategy of Benjamin Graham\u2014the founder of securities analysis"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/\/image-221-1024x682.png\" alt=\"\" class=\"wp-image-15563\" srcset=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/image-221-1024x682.png 1024w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-221-300x200.png 300w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-221-150x100.png 150w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-221-768x512.png 768w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-221.png 1400w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Using Python to fulfill the investing strategy of Benjamin Graham meanwhile backtesting it in the Taiwan stock market.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69f11ffb49ea3\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"ez-toc-cssicon\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69f11ffb49ea3\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.tejwin.com\/en\/insight\/the-investing-strategy-of-benjamin-graham-the-founder-of-securities-analysis\/#Preface_%E2%80%94_who_is_Benjamin_Graham\" >Preface \u2014 who is Benjamin Graham?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.tejwin.com\/en\/insight\/the-investing-strategy-of-benjamin-graham-the-founder-of-securities-analysis\/#Master_Strategy\" >Master Strategy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.tejwin.com\/en\/insight\/the-investing-strategy-of-benjamin-graham-the-founder-of-securities-analysis\/#Using_the_components_of_the_Taiwan_50_index_as_an_example\" >Using the components of the Taiwan 50 index as an example<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.tejwin.com\/en\/insight\/the-investing-strategy-of-benjamin-graham-the-founder-of-securities-analysis\/#Master_strategy_vs_The_Taiwan_50_index\" >Master strategy vs. The Taiwan 50 index<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.tejwin.com\/en\/insight\/the-investing-strategy-of-benjamin-graham-the-founder-of-securities-analysis\/#Conclusion\" >Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.tejwin.com\/en\/insight\/the-investing-strategy-of-benjamin-graham-the-founder-of-securities-analysis\/#Obtain_all-encompassing_data_above_through_TEJ\" >Obtain all-encompassing data above through TEJ!<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Preface_%E2%80%94_who_is_Benjamin_Graham\"><\/span>Preface \u2014 who is Benjamin Graham?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>We will introduce the defensive investing strategy which was created by Benjamin Graham \u2014 master of value investing. Benjamin Graham is the recognized pioneer of securities analysis. His first private fund was founded in 1923, and its performance was very good in its first shot. In 1925, it was liquidated and dissolved due to the disagreement of the partners. In 1926, he established Graham Joint Account, a joint venture, with his friend By the beginning of 1929, the capital scale had grown from $450,000 to $2.5 million (non-new investors). Overnight, Graham\u2019s name became the darling of Wall Street. The owners of many listed companies hoped that Graham could be responsible for their funds, but they all were rejected because Graham believed that the stock market had soared excessively.<\/p>\n\n\n\n<p>In 1934, Graham and David L. Dodd co-authored the book \u201cSecurity Analysis\u201d, which became the first ancestors of securities analysis. Before Graham, securities analysis could not be regarded as a science. This book is still one of the textbooks in teaching securities analysis for universities.<\/p>\n\n\n\n<p>Contemporary well-known fund managers such as Warren Buffett, John Neff, Tom Knapp, et al., are Graham\u2019s students. Therefore, as long as fund managers on Wall Street who used Value Investing, we can say that they are all Graham\u2019s disciples.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"ded7\"><strong>Highlights of this article <\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Master strategy\/ adjusted strategy intro<\/li>\n\n\n\n<li>Adjusted strategy construct &amp; performance display<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Master_Strategy\"><\/span>Master Strategy<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Defensive investment strategy<\/strong><\/h3>\n\n\n\n<p><strong>1. Select the companies whose yearly revenue is more than 100 million, or whose <\/strong>yearly revenue is more than 50 million for public utilities.<br>2. Liquid ratio is higher than 200% and the long-term liabilities do not exceed net current assets.<br>3. Select the companies which have earnings every year over the past 10 years.<br>4. Select the companies that have paid cash dividends every year over the past 20 years.<br>5. Select the companies whose 3-year average EPS has grown at least 1\/3 over the past 10 years.<br>6. Stock price \u00f7 3-year average EPS &lt;15<br>7. Price to book values &lt;1.5<br>8. The portfolio<strong> contains 10\u201313 stocks.<\/strong><\/p>\n\n\n\n<p>\u2b07\ufe0fFor the change in time and location, we adjusted to the above conditions.\u2b07\ufe0f<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Adjusted Strategy<\/strong><\/h3>\n\n\n\n<p><strong>1. Select the companies whose <\/strong><strong>yearly revenue<\/strong><strong> is more than the yearly average revenue of all listed companies.<\/strong><strong><br><\/strong><strong>2. Select the companies that have <\/strong><strong>earnings every year<\/strong><strong> over the past 5 years.<\/strong><strong><br><\/strong><strong>3. Select the companies that have <\/strong><strong>paid cash dividends<\/strong><strong> every year over the past 2 years.<\/strong><strong><br><\/strong><strong>4. <\/strong><strong>Liquid ratio<\/strong><strong> is higher than 200%.<\/strong><strong><br><\/strong><strong>5. <\/strong><strong>Net current assets \u2013 long-term liabilities <\/strong><strong>&gt; 0<\/strong><strong><br><\/strong><strong>6. The absolute value of (<\/strong><strong>recent 3-year average of net income -a recent 5-year average of net income)\/recent 5-year average of net income<\/strong><strong> &gt; 0.33<\/strong><strong><br><\/strong><strong>7. <\/strong><strong>PER1<\/strong><strong>(calculated by the most recent 3-year average of EPS) \u2264 recent 3-year average of PER.<\/strong><strong><br><\/strong><strong>8. PER(calculated by the sum of recent 4-quarter EPS)PBR \u2264 recent 3-year average of PER*PBR.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"9b63\"><span class=\"ez-toc-section\" id=\"Using_the_components_of_the_Taiwan_50_index_as_an_example\"><\/span>Using the components of the Taiwan 50 index as an example<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"1b0f\"><strong>Taiwan 50 index includes\u00a0the top 50 market value listed companies in Taiwan.<\/strong><\/h4>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"6a47\">Construction step<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>1st: import required packages.<\/li>\n\n\n\n<li>2nd: data extraction.<\/li>\n\n\n\n<li>3rd: construct master strategy.<\/li>\n\n\n\n<li>4th: backtesting strategy performance.<\/li>\n\n\n\n<li>5th: master strategy vs. Taiwan 50 index.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Data<\/strong><\/h3>\n\n\n\n<p>Yearly revenue, Earnings, Cash Dividends, Liquid Ratio, Net Current Assets, Long-term Liabilities, average of Net Income, EPS, PBR<\/p>\n<p>To construct the master strategy, we need to select all the variables which the strategy needs, so that we can calculate and combine them into one table for the following backtesting.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>TEJ Database<\/strong><\/h3>\n\n\n\n<p>-IFRS Consolidated Simplified Statements (Cumulative)<\/p>\n\n\n\n<p>-All Industries (TWN\/AIM1A), Listed (OTC) Stock Price Returns (Daily) <\/p>\n\n\n\n<p>-Rate of Return (TWN\/APRCD2),  Listed (OTC) Unadjusted Stock Prices (Yearly) (TWN\/APRCY)<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full caption-align-center\"><img decoding=\"async\" width=\"1012\" height=\"608\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/image-222.png\" alt=\"\" class=\"wp-image-15565\" srcset=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/image-222.png 1012w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-222-300x180.png 300w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-222-150x90.png 150w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-222-768x461.png 768w\" sizes=\"(max-width: 1012px) 100vw, 1012px\" \/><figcaption class=\"wp-element-caption\">master strategy construction<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"7525\"><strong>Backtesting strategy performance<\/strong><\/h3>\n\n\n\n<p id=\"0c37\">We use the score to sort the data and separate the data into five portfolios by quintiles, then we will backtest the performance of five portfolios respectively.<strong>&nbsp;For example, the top 20% of the score will be the first group, and 21% to 40% will become the second group\u2026\u2026<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter caption-align-center\"><img decoding=\"async\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/1mpyRKd7Wd73BgUFzPDsq9w.png\" alt=\"\"\/><figcaption class=\"wp-element-caption\">quintiles<\/figcaption><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"618c\">Explanation of code <\/h4>\n\n\n\n<pre class=\"wp-block-code\"><code>date: Financial report date\nbuy_date: Assume 12\/13 is T, then buy date is T+90.\nsell_date: Sell date is buy_date+365.(holding period 1 year)\npf_H: Storing stock code of each portfolio.\ndata: Extracting yearly return of multi-stocks(pf_H), and the date set between buy_date and sell_date.\nq1_ret: yearly return of multi-stocks(pf_H)\ntw0050: Extracting yearly return of \u53f0\u706350\u6307\u6578(TRI50), and the date set between buy_date and sell_date.<\/code><\/pre>\n\n\n\n<figure class=\"wp-block-image aligncenter caption-align-center\"><img decoding=\"async\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/1xpCQSbz1ac2aChjHqLY0HA.png\" alt=\"\"\/><figcaption class=\"wp-element-caption\">Date\/Buy_date\/Sell_date\/date of yearly return -explanation<\/figcaption><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"3253\">Assume the portfolio is equal-weighted, then we can calculate the weighted average return:<\/h4>\n\n\n\n<blockquote class=\"wp-block-quote has-text-align-center is-layout-flow wp-block-quote-is-layout-flow\">\n<p id=\"bc78\"><em>The number of stock in portfolio: len(pf_H)<br>weight : w = 1\/len(pf_H)<br><\/em>weighted-average return<em>: sum(w*q1_ret)<br>transition fee + tax : (0.1425*2*len(pf_H) + 0.3*1)<\/em><\/p>\n<cite><strong><em>(including transition fee and tax).&nbsp;<\/em><\/strong><\/cite><\/blockquote>\n\n\n\n<figure class=\"wp-block-image aligncenter caption-align-center\"><img decoding=\"async\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/1a1g_IqY_cuL7L6Wrz74Wgw.png\" alt=\"\"\/><figcaption class=\"wp-element-caption\">The return of the five portfolios and the Taiwan 50 index.<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"2670\"><span class=\"ez-toc-section\" id=\"Master_strategy_vs_The_Taiwan_50_index\"><\/span>Master strategy vs. The Taiwan 50 index<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Calculating the cumulative return of the five portfolios and the Taiwan 50 index.<\/strong><\/li>\n<\/ul>\n\n\n\n<p id=\"0e21\">Taiwan 50 index was published after 2002, so we could not get the cumulative return in 2000.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p id=\"5394\">Because the holding period is 1 year, the most recent data is the report of 2020Q4. Therefore, the buy date is 2021\u201303\u201331 and we will hold it till 2022\u201303\u201331.&nbsp;<strong>However, 2022\u201303\u201331 is in the future, so <\/strong>we can\u2019t get the close price at that date now. Therefore, we have to kick out the return calculated in<strong> 2020Q4.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter caption-align-center\"><img decoding=\"async\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/1HIFIwCy2hcGqIFJqfwasEg.png\" alt=\"\"\/><figcaption class=\"wp-element-caption\">the cumulative return of the five portfolios and the Taiwan 50 index.<\/figcaption><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>For data visualization<\/strong><\/li>\n<\/ul>\n\n\n\n<p>we explicitly mark TRI50 and each portfolio\u2019s cumulative return with a different color.<\/p>\n\n\n\n<pre class=\"wp-block-code\"><code>plt.style.use('seaborn')\nplt.figure(figsize=(10,5))\nplt.xticks(rotation = 90)\nplt.title('master invest strategy',fontsize = 20)\ndate = cum_ret&#91;'Date']\nplt.plot(date,cum_ret.p1_return,color ='red',label='p1_return')\nplt.plot(date,cum_ret.p2_return,color ='orange',label='p2_return')\nplt.plot(date,cum_ret.p3_return,color ='blue',label='p3_return')\nplt.plot(date,cum_ret.p4_return,color ='purple',label='p4_return')\nplt.plot(date,cum_ret.p5_return,color ='green',label='p5_return')\nplt.plot(date,cum_ret.twn50_return,color = 'black',label='twn50_return')\nplt.legend(fontsize = 15)<\/code><\/pre>\n\n\n\n<figure class=\"wp-block-image aligncenter caption-align-center\"><img decoding=\"async\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/1ATY0T4RmR2kTantE27V1SA.png\" alt=\"\"\/><figcaption class=\"wp-element-caption\">Master strategy vs. the Taiwan 50 index<\/figcaption><\/figure>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p id=\"5d15\"><strong>The result shows that the cumulative return of the highest score group (P1) is outperformed others, which is nearly 5 times higher than the benchmark \u2014 Taiwan 50 index(black line).<\/strong><\/p>\n<\/blockquote>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Performance\/ statistic indicator <\/strong><\/li>\n<\/ul>\n\n\n\n<p>We further assess TRI50\u2019s and five portfolios\u2019 performance with Internal Rate of Return, Annualized Standard Deviation, sharp ratio, and max drawdown(%).<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter is-resized caption-align-center\"><img decoding=\"async\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/1aeMJ8TtTCFGeHZOepGXLyg.png\" alt=\"\" style=\"width:549px;height:154px\" width=\"549\" height=\"154\"\/><figcaption class=\"wp-element-caption\">Performance\/ statistic indicator<\/figcaption><\/figure>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p id=\"3bb6\">As we went deep into the performance calculations, the result shows that the annual return, Sharpe ratio, and max drop-down of the highest-score group (P1) all beat others, but it also has the highest volatility among others.<\/p>\n<\/blockquote>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>P1 portfolio at 2020Q4 <\/strong><\/li>\n<\/ul>\n\n\n\n<pre class=\"wp-block-code\"><code>stk_ranking = result&#91;result&#91;'\u8ca1\u5831\u5e74\u6708']== '2020-12-01'].sort_values(by='score',ascending=False).reset_index(drop=True)\nfirst_group = round(len(stk_ranking)*(0.2))\nstk_ranking = stk_ranking.loc&#91;0:first_group]&#91;'\u516c\u53f8\u4ee3\u78bc'].tolist()\n# \u56de\u53f0\u7063 50\u6210\u5206\u80a1\u67e5\u8a62 P1\u7d44\u5408\u7684\u540d\u7a31\nstk_info&#91;'stk_num'] = stk_info&#91;'\u6210\u4efd\u80a1'].apply(lambda x: str(x).split(' ')&#91;0])\nstk_info&#91;'stk_cname'] = stk_info&#91;'\u6210\u4efd\u80a1'].apply(lambda x: str(x).split(' ')&#91;1])\nstk_info&#91;'\u6210\u4efd\u80a1']&#91;stk_info&#91;'stk_num'].isin(stk_ranking)].to_list()\n<\/code><\/pre>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full caption-align-center\"><img loading=\"lazy\" decoding=\"async\" width=\"618\" height=\"358\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/\u87a2\u5e55\u64f7\u53d6\u756b\u9762-2023-09-26-153846.png\" alt=\"\" class=\"wp-image-18329\" srcset=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/\u87a2\u5e55\u64f7\u53d6\u756b\u9762-2023-09-26-153846.png 618w, https:\/\/www.tejwin.com\/wp-content\/uploads\/\u87a2\u5e55\u64f7\u53d6\u756b\u9762-2023-09-26-153846-300x174.png 300w, https:\/\/www.tejwin.com\/wp-content\/uploads\/\u87a2\u5e55\u64f7\u53d6\u756b\u9762-2023-09-26-153846-150x87.png 150w\" sizes=\"(max-width: 618px) 100vw, 618px\" \/><figcaption class=\"wp-element-caption\">P1 portfolio at 2020Q4<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"8f93\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In this article, we use Python to fulfill the investing strategy of Benjamin Graham meanwhile backtesting it in the Taiwan stock market and further display the result of the strategy by table and plots. After seeing the result, isn\u2019t it very impressive? According to the results of our backtest,<strong> if we have started to invest in the highest-scoring group since 2000, its cumulative return will exceed 20 times.<\/strong><\/p>\n\n\n\n<p>Via TEJ\u2019s financial database, we can readily get every parameter required for the master strategy. Still, TEJ&#8217;s comprehensive database even contains data that can assist one in assessing the performance of the top 50 enterprises in Taiwan. <\/p>\n\n\n\n<p>To make successful backtesting, we still need to pay attention to things such as the data quality, the length of data, whether there are bugs in your program, whether too many transaction costs are ignored, etc. As long as there is a mistake in these problems, it will distort the backtesting and lose money! Therefore,&nbsp; we have to pay attention to our backtesting results every time.<\/p>\n\n\n\n<p>This study employed TEJ API data and utilized Python to construct various indicators and back-test their performance. For the complete code and details on the database project, please refer to the link below.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"5727\">Source Code<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/github.com\/tejtw\/TEJAPI_Python_Medium_Application\" class=\"ek-link\" target=\"_blank\" rel=\"noopener\">Click here to go Github<\/a><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Obtain_all-encompassing_data_above_through_TEJ\"><\/span><strong>Obtain all-encompassing data above through TEJ!<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>TEJ Quantitative datasets allow decision makers to get access to accurate data in real-time and improve strategy performance:&nbsp;<\/strong><\/p>\n\n\n\n<p><strong>\u2022\u2003Avoid look-ahead bias and reduce inaccurate assumptions&nbsp;<\/strong><\/p>\n\n\n\n<p><strong>\u2022\u2003Finding effective factors that facilitate quantitative modeling&nbsp;<\/strong><\/p>\n\n\n\n<p><strong>Assess to databank&nbsp;<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-tej wp-block-embed-tej\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"jizVsToPmd\"><a href=\"https:\/\/www.tejwin.com\/en\/news\/quantitative-datasets\/\">TQuant LAB (Point-in-time data)<\/a><\/blockquote><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;TQuant LAB (Point-in-time data)&#8221; &#8212; TEJ\" src=\"https:\/\/www.tejwin.com\/en\/news\/quantitative-datasets\/embed\/#?secret=bGajqt3MAN#?secret=jizVsToPmd\" data-secret=\"jizVsToPmd\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Using Python to fulfill the investing strategy of Benjamin Graham meanwhile backtesting it in the Taiwan stock market. Preface \u2014 who is Benjamin Graham? We will introduce the defensive investing strategy which was created by Benjamin Graham \u2014 master of value investing. Benjamin Graham is the recognized pioneer of securities analysis. His first private fund [&hellip;]<\/p>\n","protected":false},"featured_media":5720,"template":"","tags":[2371,2640,3005],"insight-category":[690,50],"class_list":["post-15562","insight","type-insight","status-publish","has-post-thumbnail","hentry","tag-python","tag-tej-api","tag-tejapi-application","insight-category-data-analysis","insight-category-fintech"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight\/15562","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight"}],"about":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/types\/insight"}],"version-history":[{"count":0,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight\/15562\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/media\/5720"}],"wp:attachment":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/media?parent=15562"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/tags?post=15562"},{"taxonomy":"insight-category","embeddable":true,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight-category?post=15562"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}