A rigorous application of Benjamin Graham's value-investing criteria to the Helsinki Stock Exchange has identified just two equities that qualify as buyable under the framework.
The analysis, conducted by Finnish financial publication Talouselama, underscores the extreme scarcity of stocks meeting the stringent financial health and valuation thresholds established by Warren Buffett's mentor.
8% year-to-date through the first half of 2026, leaving the conglomerate significantly behind the broader market and the S&P 500.
Graham's methodology, which prioritizes balance-sheet strength, low price-to-earnings multiples, and dividend consistency, is often viewed as a barometer for market-wide valuation excess.
The fact that only two companies on the Nordic bourse currently pass the test suggests that valuations across the broader market remain elevated relative to historical value standards.
This finding comes as Berkshire Hathaway's Class B shares have declined 1.8% year-to-date through the first half of 2026, leaving the conglomerate significantly behind the broader market and the S&P 500.
The scarcity of Graham-compliant stocks reflects a market environment where growth and momentum have largely displaced traditional value metrics.