First let's start with the graph of y = x:
Then, let's apply the "absolute value" operator: y = |x|
Then, we have an horizontal translation of 2 units to the left: y = |x + 2|:
Then, a vertical stretch by a factor of 1/2: y = (1/2)|x + 2|:
Finally, a vertical translation of 1 unit down: y = (1/2)|x + 2| - 1: