Graham Defensive Dividend Value 10

Grizzly Graham’s thesis

With the S&P 500 closing above 7,800 for the first time and breadth narrow (only 40% of stocks up over 21 sessions), Mr. Market is paying record prices for growth while leaving cash-generative, dividend-paying blue chips behind. This basket buys entrenched franchises in payments, pharma, healthcare, and tobacco at moderate multiples with strong balance sheets and long dividend records — classic Graham defensive criteria. The margin of safety comes from earnings power and yield, not narrative.