NEW YORK (TheStreet) -- I often wonder what the old master Ben Graham, whom many of us consider to be the father of value investing, would think about today's markets. Things have changed quite a bit since his death in 1976, not the least of which is the never-ending supply of information available to investors.
Things were quite different during Graham's time, but I suspect that his overall investment philosophy might not be all that different if he was still alive and investing in these markets.
He'd probably be shunning the likes of Amazon (AMZN), Twitter (TWTR) and Facebook (FB) simply because none of these stocks provide the margin of safety, nor do they have the consistent and profitable operating histories Graham would require.
Graham also drew a great distinction between investing and speculating, and I suspect he'd put the aforementioned stocks into the speculation category, at least until they demonstrated that they are here to stay, and can generate solid, growing bottom lines.
Some now put Graham's investment techniques in the "dinosaur" bucket; no longer relevant in modern times. If you are in that camp, I strong suggest that you read Graham's classic "The Intelligent Investor." Although written in a different era (the last original edition was in 1973, and a version published in 2006, which includes commentary by Jason Zweig, is a fantastic read), the book stands as a testament to the belief that some investment principles never lose their relevance.
I still utilize some of Graham's techniques, including, a search based on stock selection for the "Defensive Investor":