The Rediscovered Benjamin Graham: Selected Writings of the Wall Street Legend

by Benjamin Graham, Janet Lowe

"The sillier the market's behavior, the greater the opportunity for the business-like investor. Follow Graham and you will profit from folly rather than participate in it."-Warren E. Buffett.

"[Graham] is the genius who literally created the framework for investment analysis that leads to successful investing. Like that other genius Edison, Graham created light where there was none." -Bill Ruane, Sequoia Fund.

"It's never the wrong time to invoke the name of Benjamin Graham, value investor par excellence." -Money

"The search for intelligent investing should begin with the remarkable Benjamin Graham's timeless teachings. Read Lowe's book and you'll learn to seek what the original master sought as she helps Graham reclaim his rightful place as the most important and extraordinary investment writer of any generation."-Kenneth Lee, author of Trouncing the Dow.

Known as the "father of value investing," Benjamin Graham was-and is-one of America's most lauded financial thinkers. Billionaire investor Warren Buffett, a former student of Graham, extols him to this day. Brilliant, successful, and ethical, he revolutionized investment philosophy by introducing the concepts of security analysis, fundamental analysis, and value investing-theories that have become timeless essentials of the field. Now, Janet Lowe, author of Benjamin Graham on Value Investing and Warren Buffett Speaks, reintroduces the foundations of Graham's eminence-including his ever-relevant market observations and his assessment of long-term economic problems-by presenting a unique compilation of his writings that contains rare and/or previously unpublished articles, lectures, andinterviews.

Almost twenty-five years after his death, Benjamin Graham continues to have one of the largest and most loyal followings of any investment philosopher of this century. A prolific and popular writer whose trademark was blending original ideas with wit and intelligence, he has guided and inspired Wall Street professionals with his thoughtful ruminations and piercing insights on a host of investment and economic topics. Though bits and pieces of this material are widely quoted even today, the full writings have not always been easy to find-until now.

The result of in-depth research, The Rediscovered Benjamin Graham brings together the very best the investment legend had to offer, including such incisive works as:
* "Inflated Treasuries and Deflated Stocks: Are Corporations Milking Their Owners?"
* "The Ethics of American Capitalism".
* "Proposals for an International Commodity-Reserve Currency".
* "The New Speculation in Common Stocks".
* "Is American Business Worth More Dead Than Alive?".
* "The Simplest Way to Select Bargain Stocks".

A groundbreaking volume that fills an important niche in investment literature, The Rediscovered Benjamin Graham is destined to become as timeless a classic as its distinguished subject.

Jacket Design: Don Welsh

Genres: Finance, Business, Nonfiction, Money, Economics

304 pages, Hardcover

First published April 15, 1999

About the author

Benjamin Graham was a British-born American financial analyst, investor and professor. He is widely known as the "father of value investing", and wrote two of the discipline's founding texts: Security Analysis (1934) with David L. Dodd, and The Intelligent Investor (1949). His investment philosophy stressed independent thinking, emotional detachment, and careful security analysis, emphasizing the importance of distinguishing the price of a stock from the value of its underlying business.
After graduating from Columbia University at age 20, Graham started his career on Wall Street, eventually founding Graham–Newman Corp., a successful mutual fund. He also taught investing for many years at Columbia Business School, where one of his students was Warren Buffett. Graham later taught at UCLA Anderson School of Management at the University of California, Los Angeles.
Graham laid the groundwork for value investing at mutual funds, hedge funds, diversified holding companies, and other investment vehicles. He was the driving force behind the establishment of the profession of security analysis and the Chartered Financial Analyst designation. He also advocated the creation of index funds decades before they were introduced. Throughout his career, Graham had many notable disciples who went on to earn substantial success as investors, including Irving Kahn and Warren Buffett, who described Graham as the second most influential person in his life after his own father. Among other well-known investors influenced by Graham were Charles D. Ellis, Mario Gabelli, Seth A. Klarman, Howard Marks, John Neff and John Marks Templeton.

Reviews

[Cian · Rating 4 out of 5]

Great book on many of Graham's articles and writings. The only criticism I would have is that Lowe has failed to provide any updates in her introduction to the six different parts. For example, today managements are even more likely to act in their own interest where the company is selling for less than liquidation value.

[Aaron T · Rating 5 out of 5]

Great little compilation of some of Graham's interviews and articles. If you enjoy Graham's works this is well worth the time.

[Joel Gray · Rating 3 out of 5]

ONE REASON FOR THE 29 CRASH WAS THAT INDIVIDUALS HAD ALL THEIR MONEY IN STOCKS, SO IF THEY NEED MONEY TO LIVE THEY HAD TO SELL SHARES, REGARDLESS OF PRICE.

The average ROE per time has remained at around the 10-12% level.

[Norbert · Rating 5 out of 5]

Great collection of essays by and interviews with Graham!

[Harshu Vyas · Rating 5 out of 5]

Super underrated. Keep this book a secret.

Ah, what the hell? Who am I kidding? Everyone knows Ben Graham. Whether you can be bothered to advance your knowledge of him is up to you.

[D'em · Rating 4 out of 5]

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