The other lens. Stock Analysis prices growth — P/E, DCF and ROE all ask what a business will become. This page refuses to pay for growth at all, and asks the Graham and Klarman question instead: what is it worth if nothing goes right?
The two models disagree on purpose, and the gap between them is the information. If a company looks cheap on the growth model, come here to stress-test it against liquidation value. If it looks expensive here but cheap there, you are being paid for growth — decide consciously whether you want to be. Open Stock Analysis →
Auto-filled from the same live feed as Stock Analysis. Every figure stays editable — if a number looks wrong, it probably is, and yours beats the feed's.
Klarman refuses a single valuation. He triangulates: what it liquidates for, what it earns today with no growth credit, and what an acquirer would pay. Anchors that come back negative are dropped rather than fudged.
| Anchor | Weight | Per share |
|---|---|---|
| Net-net (NCAV)FLOOR | 15% | — |
| Tangible book value | 20% | — |
| Earnings power (EPV)NO GROWTH | 35% | — |
| Private-market value | 30% | — |
Reading it. ≥45% deep value · 25–45% adequate · 10–25% thin, do not size up · below 10% there is no safety and this is a speculation, not an investment.
Valuation without sizing is half the job. Weight is driven by the margin of safety and by how badly it could go wrong — never by conviction alone.
| Tranche | Trigger | Weight |
|---|
Why tranches. Averaging down only works if the first buy was sized to allow it. Commit everything at tranche one and a further fall becomes a reason to panic instead of an opportunity — same stock, same price, opposite behaviour, decided entirely by sizing.
The indicators find candidates. This stops you doing something stupid with them. Every unchecked box is a reason the position should be smaller — or absent.
Nothing checked yet.
Educational model output. This calculator applies your assumptions to figures you enter or accept from the feed; it does not verify them. Liquidation and earnings-power models are highly sensitive to the discount rate and to whether the earnings figure you use is genuinely mid-cycle. Nothing here is investment advice or a recommendation on any security.
The same logic as this page, as a TradingView script: LL Deep Value Screen plots net-net and margin-of-safety tests across a watchlist.
