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r/valueinvesting
有人在美国股市中使用 net-nets / 烟蒂股策略吗？如果有，是什么市值的？
投资者摘要中性
作者询问格雷厄姆 net-net/烟蒂股投资在美股小资金账户中是否依然可行，以及应关注何种市值范围。
看多要点
- 小资金规模在流动性差的 net-net 市场中具有优势。
- 经典的格雷厄姆 net-net 策略在 2026 年可能依然提供可行的机会。
看空要点
- net-net 策略在资金规模超过几十万美元后难以扩展。
- 如今交易价格低于 2/3 NCAV 的真正美国 net-net 股票可能极其罕见。
价值 / 回购
帖子正文
I want to know if classic Graham net-net / cigar butt investing is still doable in US stocks in 2026, from people who've actually done it with real money rather than backtested it. My account is under 100k, so the usual net-net liquidity problem isn't a problem for me. I know it doesn't scale past a few hundred k. For a small account this looks like one of the few spots where being small is an edge instead of a handicap, I believe.
What I'm trying to learn from people who've done it:
\- How did it actually go?
\- What market cap range were you in? Sub-50M? Nano-cap / OTC?
\- How many true US net-nets (trading under 2/3 NCAV) can you even find at any given time these days?
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