Is Benjamin Graham Value Investing Not As Applicable in Today's Markets?

What are your thoughts on the following article reviewing Jeremy Grantham's recent letter to investors about the applicability of value investing today?

Dear causaldiamond,

Thank you for your forum post!

Graham himself wrote:

"The underlying principles of sound investment should not alter from decade to decade, but the application of these principles must be adapted to significant changes in the financial mechanisms and climate."
Benjamin Graham, Introduction, The Intelligent Investor

Serenity has addressed Graham's own recommendations on tailoring his quantitative rules for current interest rates, and has always adjusted Graham's qualitative factors for inflation. The above article criticizing Value Investing does not take this into account.

Serenity has previously published an article about such common misconceptions about Value Investing.

Graham first wrote about Value Investing 80 years ago. Buffett's predecessors such as Irving Kahn — and successors such as Seth Klarman — have endorsed Graham's framework just as emphatically.

So could principles that have held true for nearly a century changed dramatically in the last 9 years?

Graham Resources