Value Investing

Biological Parallel

Vultures don't hunt—they exploit mispricing in the energy economy. A fresh carcass represents massive calories that predators undervalue post-kill (satiation reduces marginal value). Vultures assess intrinsic nutritional value independent of current 'market price' (predator interest) and capitalize when perception lags reality. Graham and Dodd's value investing applies identical logic: buy assets trading below intrinsic value because the market temporarily misprices them, then wait for perception to correct to reality.