This paper examines if Benjamin Graham’s 10 stock selection criteria can be used to generate returns that are significantly greater than the returns of the modern U.S. stock market. In order to assess performance, 15 portfolios are generated using certain combinations of Graham’s criteria. Data is selected from all U.S. stock exchanges between the years of 2006 and 2010, and portfolios are held for two-year periods. Ordinary least squares regressions are performed using a risk adjustment model derived from the capital asset pricing model (CAPM). The study finds that of the 15 Ben Graham portfolios created, only five significantly outperform the market. The significant portfolios are distributed across different years and combinations of criteria, indicating that no set of criteria performs better than the rest. The results suggest that Graham’s selection criteria no longer yield excess risk-adjusted returns in the current U.S. market. It is worth noting that despite only five portfolios producing significant positive returns, 14 portfolios performed higher than the market on a risk-adjusted basis. This finding demonstrates that perhaps untested combinations of criteria, studied over a larger period of time, could produce contrary results.