Been diving deep into value investing lately and Graham's philosophy keeps coming up. You know, Benjamin Graham basically wrote the playbook for finding undervalued stocks back in the 1920s-1940s, and his influence on guys like Buffett is still massive today.

One thing Graham was obsessed with was finding 'net-nets' - stocks trading below their net current asset value. Sounds simple but it's actually rare as hell in today's market with all the inflated valuations. But I managed to spot a few names that fit the bill.

First one is Richardson Electronics (RELL). They supply power grid and microwave parts, positioned nicely for the grid modernization push as transportation goes electric. Here's what caught my eye: as of September 2023, they had $163.3 million in current assets versus only $33.2 million in current liabilities. Zero debt. Revenue took a hit (down 22% year-over-year) from semiconductor and wind turbine sales declining, but they still generated $1.5 million in operating income. The real kicker? They've got a $148.1 million backlog and expect the wind business to bounce back. If the US semiconductor factory buildout happens as expected, this could be a sleeper.

Then there's Amdocs (DOX). They're basically the backbone software for telecom companies. By end of Q3, current assets hit $1.73 billion against $1.35 billion in current liabilities. Minimal short-term debt ($0) and only $646.7 million long-term. Jefferies came out in December recommending buys on weakness, citing temporary headwinds. They see this as the only vendor with real staying power in the space. Price target of $105 suggests nearly 20% upside from where it was trading.

Last pick is T. Rowe Price (TROW). Massive asset manager sitting pretty as stocks and bonds rally. $3.3 billion in current assets, $1.9 million in current liabilities. Debt is minimal - just $69.5 million short-term and $26.6 million long-term. Their assets under management jumped to $391 million (up from $364 million in October). Revenue climbed 5.2% year-over-year to $1.67 billion, net income soared 18% to $453 million. Trading at a forward P/E of just 15.5, which is pretty attractive.

The common thread? All three have balance sheets that would make Benjamin Graham smile - strong current assets, low debt, and trading below what their fundamentals suggest they're worth. In a market obsessed with growth at any price, finding stocks with this kind of financial cushion still matters.