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Benjamin Graham was an American economist, investor, and professor who is widely regarded as the "father of value investing" and one of the most influential figures in the history of finance. Here's who he was:
Benjamin Graham was born in 1894 in London and immigrated to the United States as a child. After graduating from Columbia University, he began his career on Wall Street in 1914 and eventually founded the investment partnership Graham-Newman Corporation. Graham developed the foundational principles of value investing during the 1920s and 1930s, emphasizing the importance of buying securities for less than their intrinsic value and maintaining a "margin of safety." His approach focused on rigorous financial analysis, emotional discipline, and protecting capital from permanent loss.
Graham is known for revolutionizing investment analysis by introducing systematic methods for evaluating securities based on their fundamental characteristics rather than market sentiment or speculation. He distinguished between "investment" and "speculation," arguing that true investing required thorough analysis, adequate safety margins, and satisfactory returns. His concepts of "Mr. Market" and intrinsic value became cornerstones of modern investment theory.
Beyond his investment success, Graham became legendary as a teacher at Columbia Business School from 1928 to 1957, where he influenced generations of investors including Warren Buffett, who called him "the most important figure in my business life." His academic work combined practical Wall Street experience with rigorous analytical frameworks, making sophisticated investment concepts accessible to both professionals and individual investors. Graham's influence extends far beyond his own investment returns to the entire discipline of security analysis.
Benjamin Graham's Best Quotes
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"The intelligent investor is a realist who sells to optimists and buys from pessimists."
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"Price is what you pay; value is what you get."
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"In the short run, the market is a voting machine, but in the long run, it is a weighing machine."
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"The margin of safety is always dependent on the price paid. It will be large at one price, small at some higher price, very small at some still higher price."
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"The investor's chief problem - and even his worst enemy - is likely to be himself."
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"You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right."
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"The essence of investment management is the management of risks, not the management of returns."
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"An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return."
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"Those who do not remember the past are condemned to repeat it."
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"The stock market is filled with individuals who know the price of everything, but the value of nothing."
作品
Security Analysis
Co-authored with David Dodd, this comprehensive textbook established the foundation for modern security analysis and value investing. The book introduced systematic methods for evaluating stocks and bonds, emphasizing fundamental analysis over market speculation. It covers financial statement analysis, valuation techniques, and risk assessment methods that remain relevant today. The work became the definitive guide for professional analysts and serious investors, with updated editions continuing to influence investment education.
The Intelligent Investor
Graham's masterpiece for individual investors, this book distills his investment philosophy into practical guidance for non-professional investors. The book introduces the concept of "Mr. Market," explains the difference between investing and speculation, and provides frameworks for building sensible investment portfolios. Warren Buffett called it "by far the best book on investing ever written," and it remains essential reading for anyone serious about investing.
Storage and Stability: A Modern Ever-Normal Granary
Graham's exploration of commodity economics and storage systems was written during the Great Depression. This work examines how buffer stocks could stabilize commodity prices and economic cycles. While less known than his investment books, it demonstrates Graham's broader economic thinking and his interest in systemic solutions to economic instability.
World Commodities and World Currency
Graham's proposal for international monetary reform is based on commodity reserves rather than gold or fiat currency. The book presents a sophisticated analysis of monetary systems and argues for a more stable international financial framework. This work influenced later discussions about international monetary policy and demonstrates Graham's economic expertise beyond security analysis.