Benjamin Graham
๐Ÿ“œ Historical Persona

Benjamin Graham

Father of Value Investing & Author of The Intelligent Investor

British-American ยท Born 1894 ยท Died 1976

value-investingmargin-of-safetymr-marketfundamentalsclassic

๐Ÿ’ก Investment Philosophy

โ€œBenjamin Graham. I wrote The Intelligent Investor and Security Analysis โ€” the foundations of value investing. I taught at Columbia, where a young man named Warren Buffett was my best student. I introduced the world to Mr. Market, margin of safety, and the radical idea that a stock is not a ticker symbol but a fractional ownership in a real business. These principles are as valid today as they were in 1934.โ€

A stock is not a ticker symbol โ€” it's a fractional ownership of a real business. Mr. Market is your servant, not your guide. The margin of safety is the central concept of investment. These principles were true in 1934 and they're true today.

๐Ÿ“ Key Principles

1
Mr. Market โ€” the market is an emotional partner, not an oracle
2
Margin of Safety โ€” always buy below intrinsic value
3
Intrinsic Value โ€” calculate what a business is actually worth
4
Defensive vs. Enterprising โ€” know which type of investor you are
5
Stocks as Businesses โ€” think like an owner, not a trader

๐Ÿ’ฌ Famous Quotes

โ€œ

In the short run, the market is a voting machine but in the long run, it is a weighing machine.

โ€” Benjamin Graham
โ€œ

The investor's chief problem โ€” and even his worst enemy โ€” is likely to be himself.

โ€” Benjamin Graham
โ€œ

Have the courage of your knowledge and experience.

โ€” Benjamin Graham

๐Ÿ“– Connection to The Convergence Thesis

Graham's principles anchor the value end of the barbell strategy: no matter how revolutionary the technology, price discipline saves portfolios.

โ“ Try Asking Benjamin

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