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Benjamin Graham on Investing: Enduring Lessons from the Father of Value Investing
“They laid out a road map for investing that I have now been following for 57 years. There’s been no reason to look for another.”
―Warren Buffett, on the writings of Benjamin Graham Legendary investing author and philosopher Benjamin Graham lived through interesting times. Soon after his graduation from Columbia College, the nation entered the First World War. As the stock market fluctuated in wild dips and peaks, the government seized control of the railroad industry, inflation and interest rates rose dramatically, and economic depression loomed on the horizon. During these events―and perhaps inspired by them―Graham began writing articles for The Magazine of Wall Street , putting to paper his earliest ideas on value investing and security analysis. For the first time, these important works have been anthologized into a single volume. Benjamin Graham on Investing is a treasure trove of rare and out-of-print articles that document the early flashes of genius from a man whose ideas and theories would revolutionize investment philosophy and inspire the careers of such luminaries as Warren Buffett, Seth Klarman, Charlie Munger, and countless other top-tier investors. The early works of Benjamin Graham have never been as relevant as they are today. The world’s markets are undergoing changeon a scale not unlike that of Graham’s era. David Darst, one of the world’s most respected experts on asset allocation, provides insightful analyses connecting Graham’s articles to events today. ,i>Benjamin Graham on Investing is a timeless classic that continues to have relevance more than 30 years after the author’s death.
―Warren Buffett, on the writings of Benjamin Graham Legendary investing author and philosopher Benjamin Graham lived through interesting times. Soon after his graduation from Columbia College, the nation entered the First World War. As the stock market fluctuated in wild dips and peaks, the government seized control of the railroad industry, inflation and interest rates rose dramatically, and economic depression loomed on the horizon. During these events―and perhaps inspired by them―Graham began writing articles for The Magazine of Wall Street , putting to paper his earliest ideas on value investing and security analysis. For the first time, these important works have been anthologized into a single volume. Benjamin Graham on Investing is a treasure trove of rare and out-of-print articles that document the early flashes of genius from a man whose ideas and theories would revolutionize investment philosophy and inspire the careers of such luminaries as Warren Buffett, Seth Klarman, Charlie Munger, and countless other top-tier investors. The early works of Benjamin Graham have never been as relevant as they are today. The world’s markets are undergoing changeon a scale not unlike that of Graham’s era. David Darst, one of the world’s most respected experts on asset allocation, provides insightful analyses connecting Graham’s articles to events today. ,i>Benjamin Graham on Investing is a timeless classic that continues to have relevance more than 30 years after the author’s death.
416 pages, Hardcover
First published June 25, 2009
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About the author
Benjamin Graham
80 books1,912 followersBenjamin 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.
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.
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Displaying 1 - 8 of 8 reviews
December 11, 2019
Un buen libro, para los más friquis de Graham y de las finanzas. Aunque discurre a principios del siglo XX, una vez uno logra adaptarse, creo que se puede aprender bastante de la forma lógica con que Graham se aproxima a estudiar empresas y distintos instrumentos sobre las mismas: deuda, convertibles, preferentes y acciones. Repite bastante, pero no se hace tan repetitivo porque ayuda a asentar los conceptos. También es lógico, porque no es un libro como tal, sino una recopilación de artículos que escribió en su juventud (23-28 años) antes de abordar otras empresas.
No es desde luego un primer libro para inversores, sino que hay que haber desarrollado unas buenas muelas, pero llegado ese punto yo sí que lo veo recomendable. Menos pesado de lo que parecería a primera vista.
No es desde luego un primer libro para inversores, sino que hay que haber desarrollado unas buenas muelas, pero llegado ese punto yo sí que lo veo recomendable. Menos pesado de lo que parecería a primera vista.
November 26, 2017
THE THEORY THAT A LOW CURRENT RATE OF PROFIT CAN BE DISREGARDED, PROVIDED THERE IS STRONG ASSURANCE OF STEADY FUTURE INCREASES, HAS THE PECULIAR WEAKNESS THAT IT PROVES TOO MUCH. FOR IT CAN BE USED TO JUSTIFY ANY PRICE, NO MATTER HOW FANTASTIC, MERELY BY LOOKING FAR ENOUGH AHEAD AND MAKING THESE REMOTE PROFITS THE BASIS OF CURRENT INVESTMENT.
Graham lived from 1894 - 1976.
6% and safety is just as possible as 4% and safety - only it requires greater care and discrimination in selecting the investment.
An investment operation is one which, upon thorough analysis promises safety of principal and a satisfactory return.
To regard investment quality as something independent of price is a fundamental and dangerous mistake.
There is such a thing as over-conservatism in capitalism, as well as under-conservatism.
Graham lived from 1894 - 1976.
6% and safety is just as possible as 4% and safety - only it requires greater care and discrimination in selecting the investment.
An investment operation is one which, upon thorough analysis promises safety of principal and a satisfactory return.
To regard investment quality as something independent of price is a fundamental and dangerous mistake.
There is such a thing as over-conservatism in capitalism, as well as under-conservatism.
June 4, 2014
Understanding value investment through Graham's thoughts on real securities.
May 11, 2021
The book is for the most part an enjoyable read. Its interesting to see the development of Graham's unconventional ideas from his articles in the magazine of wall street to security analysis and the intelligent investor. Although some of the articles may be quite boring and have little relevance today, Graham's explanations and rational process of analysis are always worth a read.
January 19, 2026
Computer and Technology was the factors how Muslim World League still exist in the World. There is no God, but Allah SWT. Peace be upon him. Ahlussunnah wal jama'ah.
This entire review has been hidden because of spoilers.
June 24, 2020
It's a compilation of Graham's early writings, since he was 23 to 29 years old. Loved this historical account of him.
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February 16, 2018beautiful book
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February 19, 2018Has some interesting ideas summarized in the foreward by David. The actual articles are fun to read to get an insight on analysis during the days when data was scant.
Displaying 1 - 8 of 8 reviews