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Benjamin Graham was a British-born American investor, economist, and professor. He is widely known as the "father of value investing," and wrote two of the founding texts in neoclassical investing: Security Analysis with David Dodd, and The Intelligent Investor . His investment philosophy stressed investor psychology, minimal debt, buy-and-hold investing, fundamental analysis, concentrated diversification, buying within the margin of safety, activist investing, and contrarian mindsets.

After graduating from Columbia University at age 20, he started his career on Wall Street, eventually founding the Graham-Newman Partnership. After hiring his former student and future manager of Berkshire Hathaway, Warren Buffett, he took up teaching positions at his alma mater, and later at Anderson School of Management, and the University of California, Los Angeles.

His work in managerial economics and investing has led to a modern wave of value investing within mutual funds, hedge funds, diversified holding companies, and other investment vehicles. Throughout his career, Graham had many notable disciples who went on to receive substantial success in the world of investment, including Buffett, who described him as the second most influential person in his life after his own father. Other such disciples were William J. Ruane, Irving Kahn and Walter J. Schloss. In addition, Graham's thoughts on investing have influenced the likes of Seth Klarman and Bill Ackman.

✵ 8. máj 1894 – 21. september 1976   •   Ďalšie mená बेंजामिन ग्राहम, 班傑明·葛拉漢
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Benjamin Graham: Citáty v angličtine

“It is no difficult trick to bring a great deal of energy, study, and native ability into Wall Street and to end up with losses instead of profits. These virtues, if channeled in the wrong directions, become indistinguishable from handicaps.”

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Benjamin Graham

Zdroj: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter I, What the Intelligent Investor Can Accomplish, p. 11

“The people of the United States will not tolerate another deep depression that arises not from any lack of natural resources, productive capacity or man and brain power, but solely from imperfections in the functioning of the system of finance capitalism.”

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Benjamin Graham

Part V, Chapter XIX, The Reservoir Plan and Tradition, p. 234 (See also; Karl Marx, Capital)
Storage and Stability (1937)

“All the real money in investment will have to be made—as most of it has been in the past— not out of buying and selling but out of owning and holding securities, receiving interests and dividends therein, and benefiting from their long-term increases in value. Hence stockholder's major energies and wisdom as investors should be directed toward assuring themselves of the best operating results from their corporations. This in turn means assuring themselves of fully honest and competent managements.”

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Benjamin Graham

Zdroj: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter I, What the Intelligent Investor Can Accomplish, p. 17

“Basically, price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal. At other times he will do better if he forgets about the stock market and pays attention to his dividend returns and to the operating results of his companies.”

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Benjamin Graham

Zdroj: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter II, The Investor and Stock-Market Fluctuations, p. 42

“Good managements produce a good average market price, and bad managements produce bad market prices.”

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Benjamin Graham

Zdroj: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter II, The Investor and Stock-Market Fluctuations, p. 44

“It must be fundamentally wrong to reduce production of food and fiber while one-third of our population is still ill fed and ill clothed.”

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Benjamin Graham

Part IV, Chapter XVI, Reservoir Plan Versus Crop Control, p. 195
Storage and Stability (1937)

“Both a priori reasoning and experience teach us that as as these funds grow larger the geometrical rate of growth by compound interest ultimately defeats itself.”

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Benjamin Graham

Part II, Chapter VIII,Ultimate Uses of the Stored Units, p. 103
Storage and Stability (1937)

“The investor's primary interest lies in acquiring and holding suitable securities at suitable prices.”

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Benjamin Graham

Zdroj: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter II, The Investor and Stock-Market Fluctuations, p. 43

“Observation over many years has taught us that the chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.”

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Benjamin Graham kniha The Intelligent Investor

Zdroj: The Intelligent Investor (1973) (Fourth Revised Edition), Chapter 20, "Margin of Safety": The Central Concept, p. 280

“The genuine investor in common stocks does not need a great equipment of brain and knowledge, but he does need some unusual qualities of character”

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Benjamin Graham

Zdroj: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter I, What the Intelligent Investor Can Accomplish, p. 8

“Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices.”

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Benjamin Graham

Part II, Chapter VI, The Question of Price Stability, p. 85
Storage and Stability (1937)

“Many progressive economists insist that gold is now in essentially the same position as silver and that the arguments the simon-pure gold advocates use against the white metal can be directed with equal effect against their own fetish.”

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Benjamin Graham

Zdroj: World Commodities and World Currencies (1944), Chapter IX, Commodities, Gold, Credit as Money, p. 100 (See also Karl Marx, Capital Volume I, p. 89)

“Why should the cotton growers suffer if there is shortage of wheat?”

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Benjamin Graham

Part II, Chapter V, Reservoir System and Commodities, p. 72
Storage and Stability (1937)

“Nothing in finance is more fatuous and harmful, in our opinion, than the firmly established attitude of common stock investors regarding questions of corporate management. That attitude is summed up in the phrase: "If you don't like the management, sell your stock." […] The public owners seem to have abdicated all claim to control over the paid superintendents of their property”

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Benjamin Graham

Zdroj: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter I, What the Intelligent Investor Can Accomplish, p. 18

“The purchase of a bargain issue presupposes that the market's current appraisal is wrong, or at least that the buyer's idea of value is more likely to be right than the market's. In this process the investor sets his judgement against that of the market. To some this may seem arrogant or foolhardy.”

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Zdroj: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter II, The Investor and Stock-Market Fluctuations, p. 38

“The Reservoir plan is an engineering mechanism applied to the field of economics, and in its essence it has nothing to do with democracy or any other political philosophy.”

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Benjamin Graham

Part V, Chapter XIX, The Reservoir Plan and Tradition, p. 232
Storage and Stability (1937)

“It is a fact worth pondering that four centuries ago the evil of "an abundance or surplus" arose from its being kept off the market, while today the evil of surplus lies in its being thrown upon the market.”

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Benjamin Graham

Part I, Chapter II, Government and Surplus Stocks, p. 28
Storage and Stability (1937)

“Instead of passing blithely over into that Promised Land, flowing almost literally with milk and honey, it may be our destiny to wander a full 40 years or more in the wilderness of doubt and divided sentiments.”

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Benjamin Graham

Part I, Chapter I, The Changing Role of Surplus Stocks, p. 4
Storage and Stability (1937)

“The volume of credit depends upon three factors: the desire to borrow, the ability to lend and the desire to lend.”

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Benjamin Graham

Part III, Chapter XIII, The Reservoir Plan and Credit Control, p. 154
Storage and Stability (1937)

“Unusually rapid growth cannot keep up forever; when a company has already registered a brilliant expansion, its very increase in size makes a repetition of its achievement more difficult.”

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Benjamin Graham kniha The Intelligent Investor

Zdroj: The Intelligent Investor (1973) (Fourth Revised Edition), Chapter 7, Portfolio Policy: The Positive Side, p. 75

“The investor has the benefit of the stock market's daily and changing appraisal of his holdings, for whatever that appraisal may be worth, and, second, that the investor is able to increase or decrease his investment at the market's daily figure—if he chooses. Thus the existence of a quoted market gives the investor certain options which he does not have if his security is unquoted. But it does not impose the current quotation on an investor who prefers to take his idea of value from some other source.”

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Benjamin Graham

Zdroj: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter II, The Investor and Stock-Market Fluctuations, p. 41

“Wall Street has a few prudent principles; the trouble is that they are always forgotten when they are most needed.”

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Benjamin Graham kniha The Intelligent Investor

Zdroj: The Intelligent Investor (1973) (Fourth Revised Edition), Chapter 16, Convertible Issues and Warrants, p. 225

“In most cases the favorable price performance will be accompanied by a well-defined improvement in the average earnings, in the dividend, and in the balance-sheet position. Thus in the long run the market test and the ordinary business test of a successful equity commitment tend to be largely identical.”

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Benjamin Graham

Zdroj: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter II, The Investor and Stock-Market Fluctuations, p. 25

“Investment is most intelligent when it is most businesslike.”

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Benjamin Graham kniha The Intelligent Investor

Zdroj: The Intelligent Investor (1973) (Fourth Revised Edition), Chapter 20, "Margin of Safety": The Central Concept, p. 286

“The Reservoir system will function not only as an equalizer of business conditions, but also as a national store to meet further emergencies, such as war and drought, and-most important of all-as the concrete means of developing a steadily higher living standard for all.”

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Benjamin Graham

Part II, Chapter IV, A Plan For Conserving Surplus, p. 50
Storage and Stability (1937)

“Cartels have spread and will spread as long as the world lacks an effective mechanism by which balanced expansion may be achieved without a resulting disruption of prices.”

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Benjamin Graham

Zdroj: World Commodities and World Currencies (1944), Chapter II, The Issue of Cartels, p. 21

“The world has not learned the technique of balanced expansion without the resultant commercial and financial congestion.”

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Benjamin Graham

Zdroj: World Commodities and World Currencies (1944), Chapter I, The Problem of Raw Materials, p. 5

“You are neither right nor wrong because people agree with you.”

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Benjamin Graham

As quoted by Warren Buffett, in an interview in Forbes magazine (1 November 1974)

“Even the most conservative must realize that the recent transformation of surplus from an individual to a national disaster implies a scathing indictment of our capitalist system as it has now developed.”

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Benjamin Graham

Part I, Chapter I, The Changing Role of Surplus Stocks, p. 17
Storage and Stability (1937)

“To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.”

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Benjamin Graham kniha The Intelligent Investor

Zdroj: The Intelligent Investor (1973) (Fourth Revised Edition), Chapter 20, "Margin of Safety": The Central Concept, p. 287

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