Aplicação das estratégias de Benjamin Graham no mercado acionário brasileiro

Abstract

Exploring the strategies used by successful investors in the stock market can provide essential guidance on how to prepare to trade in this market. This work aims to evaluate whether the theories addressed by Benjamin Graham in his book "The Intelligent Investor", can be used as investment strategies in the Brazilian stock exchange, with the aim of providing the beginning investor with a positive return and superior to the index market share. Using only financial information that is available to all investors, this study demonstrates that Graham's strategy is considered efficient and easy to apply. For the study, a theoretical portfolio of shares was drawn up, selecting companies that were part of the Ibovespa index in 2010, afterwards some criteria were established for the selection of their shares. Through an analysis of the financial indicators of the companies during a period established between 2010 and 2015, an investment in the theoretical portfolio was simulated from the first business day of 2016, extending until the last business day of 2019, noting that the return obtained through the theoretical portfolio it was 104.56% higher than the main index of the Brazilian stock exchange, Ibovespa. Although elaborated several decades ago, the fundamentalist theory proposed by Benjamin Graham in the selection of assets is still efficient and applicable in the Brazilian stock market.