👤 Graham

Benjamin Graham (1894-1976) is widely considered the father of value investing. He promoted disciplined stock selection based on financial strength, earnings quality, and buying at a discount to intrinsic value.

This project applies a practical version of Graham-style screening in a fullscreen terminal UI.

Classical Graham-style rules:

1. Adequate company size
   • Avoid very small companies with fragile access to financing and limited reporting quality.
   • In practice, this is often implemented with minimum revenue or market-cap thresholds.
2. Strong financial condition
   • Balance-sheet resilience is central: healthy liquidity and controlled leverage.
   • Typical checks include current ratio, debt versus current assets, and debt service capacity.
3. Earnings stability
   • Prefer businesses with positive earnings over a long period, avoiding repeated deficits.
   • Stability reduces downside risk and improves confidence in valuation inputs.
4. Long dividend record
   • Graham historically favored companies paying regular dividends for many years (often ~20 years).
   • A long dividend history acts as a discipline signal for management and cash generation.
5. Earnings growth
   • Look for sustained, not one-off, profit growth over multi-year windows.
   • CAGR-like approaches are commonly used to smooth noisy year-to-year moves.
6. Moderate price/earnings ratio
   • Classical references often mention a cap around 15x earnings.
   • The spirit is paying a reasonable multiple, not maximum growth premiums.
7. Moderate price/book ratio
   • Classical references often mention a cap near 1.5x book value.
   • Combined with P/E, this aims to avoid overpaying for low-quality balance sheets.

Reference:

• Benjamin Graham formula
• The Intelligent Investor

⚠️ Disclaimer

• Past performance does not guarantee future results.
• Investing involves risk.
• This application does not provide investment advice.
• Over 20 years, among professional equity investors, more than 90% of funds underperform the market (SPIVA). Stock picking must therefore be approached with great caution.

🎬 Demo

https://github.com/user-attachments/assets/13609476-83ff-4abb-b83a-05ceda12e6ac

🚀 Installation

🧰 Prerequisites

• Python 3.11+
• Internet access (for market data providers and optional LLM calls)

🐧 Ubuntu

sudo apt install pipx
pipx ensurepath
pipx install .
graham

🍎 macOS

brew install pipx
pipx ensurepath
pipx install .
graham

🪟 Windows

py -m pip install --user pipx
py -m pipx ensurepath
pipx install .
graham

🔁 Alternative (pip)

python -m pip install .
graham

💻 Usage

• graham launches the fullscreen TUI.
• graham --help shows a minimal CLI help.

The app uses one input box at the bottom:

• slash commands (/help, /scan, ...)
• free prompt mode (if a ticker is selected, it behaves like /explain <ticker> "...")

Market data provider (optional):

• default: yfinance
• alternative: defeatbeta-api with GRAHAM_MARKET_DATA_PROVIDER=defeatbeta
• if defeatbeta-api is unavailable or incomplete, the app falls back to yfinance automatically

✅ Features

• Stock screener with ranking, details, and live output log.
• Graham-style scoring with intrinsic value (V) and margin of safety (MoS).
• Dynamic universes and index loaders (/universe, /indices) with persisted defaults.
• Real-time price refresh with sortable table (score, price, as_of, MoS, P/E, ...).
• Rich command UX: autocompletion, prompt history, keyboard shortcuts, quick ticker/company search.
• Economic moat analysis via /moat TICKER with model-aware prompts and Markdown-rendered output.
• Optional LLM workflows for /explain and /moat with deterministic fallback when unavailable.
• Multi-language display support (/lang) persisted in ~/.graham/config.json.
• Export scan results to csv or json.

📊 Product Flow

Pipeline:

1. Load a universe from universes/*.txt
2. Compute fundamentals once
3. Refresh prices every X seconds
4. Recompute Margin of Safety (MoS)
5. Rank by:
   • score descending
   • MoS descending
   • P/E ascending

Ranking columns:

• rank | ticker | company | score | rating | price | as_of | V | MoS | P/E | P/B | dividend

Score formula:

• PASS / scored_criteria
• N/A criteria are excluded from the denominator

🧠 Graham Logic

7 implemented criteria:

1. S&P earnings/dividend rating >= B
   • Not available in yfinance -> N/A
   • Ignored in score if N/A
2. Total debt / current assets < 1.10
3. Current ratio > 1.50
4. Positive EPS growth over ~5 years with no deficit (best effort if data is partial)
5. P/E <= 9.0
6. P/B < 1.20
7. Dividends required by default (dividendRate > 0)

This app intentionally uses stricter default thresholds for criteria 5 and 6 (P/E <= 9.0, P/B < 1.20) to stay conservative.

Intrinsic value formula:

• V = EPS * (8.5 + 2g) * 4.4 / Y
• Y configurable (default 4.4)
• g = EPS CAGR if available, otherwise 0
• MoS = (V - price) / price

Important: the Graham formula should be used with caution in modern markets. Accounting standards, sector composition, intangible assets, and interest-rate regimes have changed significantly since the original framework.

Robustness policy:

• Missing data => show N/A with an explanatory note.
• Never crash by design (errors are captured and logged when possible).

🧭 Slash Commands

• /help
• /keys
• /universes
• /indices [name] (examples: sp500, msci_world, msci_emerging, dax40, nikkei225, csi300)
• /languages
• /lang [language-code]
• /model [none|model-name]
• /universe [sample|world|usa|emerging_markets|china|india|germany|europe|france|japan|custom:path]
• /default-universe [name|custom:path]
• /scan [--top N] [--min-score N] [--refresh SECONDS]
• /screen TICKERS_CSV
• /explain [TICKER] [optional question]
• /moat TICKER
• /rating GREEN ORANGE
• /export [csv|json]

✨ Autocompletion

Context-aware autocompletion in the input overlay:

• / -> command list
• /lang -> common language codes (en, fr, es, de, ...)
• /model -> none + model examples
• /universe -> available universes + custom:path
• /default-universe -> available presets
• /export -> csv/json
• /scan -> --top, --min-score, --refresh
• /moat -> current universe tickers

Keyboard:

• F1 show keyboard shortcuts
• ↑ ↓ move in suggestions (or prompt history when no suggestion list is visible)
• TAB complete
• ENTER accept
• Ctrl+L clear output log panel
• Ctrl+R search/filter by ticker or company in the top ranking table

Mouse:

• click a block in the output log to copy it
• click the details/criteria panel to copy the full details block
• on Linux, install wl-copy (Wayland) or xclip/xsel for reliable Ctrl+V paste

🤖 Optional LLM

Default model: none

• none means no LLM API call
• if a model is set, /explain and /moat can call litellm
• /moat asks the model to answer in the language currently configured with /lang
• if LLM call fails, the app logs the error and falls back to a deterministic template
• /model accepts any valid provider model ID; the built-in suggestion list contains verified official IDs.
• for maximum compatibility, you can set explicit IDs like provider/model (example: openai/gpt-5, anthropic/claude-sonnet-4-5, gemini/gemini-2.5-pro)
• Your selected model is persisted in ~/.graham/config.json.

Environment variables (depending on provider):

• OPENAI_API_KEY
• ANTHROPIC_API_KEY
• GEMINI_API_KEY or GOOGLE_API_KEY

Examples:

/model gpt-5.2
/model claude-opus-4-5
/model gemini-3-pro-preview

Configure API keys in your shell before launching graham:

export OPENAI_API_KEY="sk-..."
export ANTHROPIC_API_KEY="..."
export GEMINI_API_KEY="..."
graham

🌍 Display Language

• Default display language is English (en).
• List supported language codes:

/languages

• Change language at runtime with:

/lang fr

• Translation uses deep-translator (Google Translate backend), not LLMs.
• If translation fails for any reason, the app keeps English text (safe fallback).
• Your chosen language is persisted in ~/.graham/config.json.

🎯 Score Rating

• The ranking now includes a visual rating badge:
  • 🟢 if score is above the green threshold
  • 🟠 if score is between orange and green thresholds
  • 🔴 otherwise
• Configure thresholds at runtime:

/rating 0.80 0.60

You can also pass percentages:

/rating 80 60

🌐 Universe Presets

Available universe files now include:

• sample
• world
• usa
• emerging_markets
• china
• india
• germany
• europe
• france
• japan

Set and persist your default universe:

/default-universe world

Your latest selected universe is saved in ~/.graham/config.json and automatically reused on next launch.

List all universes with metadata:

/universes

Load a supported index and fetch constituents via yfinance:

/indices sp500

🗂️ Project Structure

graham/
  main.py
  tui.py
  graham.py
  commands.py
  llm.py
universes/
  sample.txt
tests/
  test_graham.py

🧪 Tests

pytest

🚀 Releases

Release process (GitHub + PyPI): see RELEASING.md.