Well all of them would deem management insufficient Im afraid, buisnissmodel inaduquate, and history disastrous so all of them would drop it faster than an amber glowing rock. :-), but more importantly Graham have no such firm rules as you imply. He differ between investors in 2 major groups, i.e the carefully or the adventourous investors and have a set of Holy Graal rulesets for both types where boundaries are far from rigid. His decendants on that throne evolved the ideas considerably. ..