Ben Graham, Index Fund Fan?

Would Benjamin Graham, the man known as “the father of value investing” and a pioneer in security analysis, have liked plain, generic index funds? In a recent column, Jason Zweig, who edited an updated edition of Graham’s classic book The Intelligent Investor, says yes.
Continue reading

The Two Most Important Pages Of Warren Buffett’s 50th Anniversary Shareholder Letter

Warren Buffett’s 50th anniversary letter to Berkshire Hathaway shareholders has now been analyzed by a myriad of pundits who have dissected just about every sentence of it. But, given that Buffett offers plenty of his trademark wisdom and wit in the 15-page communique, what are the most essential parts of the letter for investors? There’s plenty to pick from, but we think these two pages stand out.
Continue reading

How Walter Schloss Became a “Superinvestor”

While not as well known as fellow Columbia University value investors Warren Buffett and Benjamin Graham, Walter Schloss produced one of the best stock investing track records ever. And in a recent piece for Stockopedia, Rupert Hargreaves looks at how he did it.

Continue reading

The Graham Strategy: Value and Safety Make for Big Returns

Every other issue of the Validea Hot List newsletter examines in detail one of John P. Reese’s computerized Guru Strategies. This latest issue looks at the Benjamin Graham-inspired strategy, up 12.4% annualized since its mid-2003 inception vs. 6.6% for the S&P 500. Below is an excerpt from the newsletter, along with several top-scoring stock ideas from the Graham-based investment strategy.

Continue reading

Warren Pieces: Buffett On Professional Investors, And The Path To Hell

A periodic look through the archives of the greatest investor in history

In Berkshire Hathaway’s 1985 Letter to Shareholders, Warren Buffett offered his thoughts on why professional investors create instability in financial markets. Below is an excerpt from the letter.

Continue reading

Great Pages: Ben Graham’s “Mental Weapons”

Can a single page of a book change your investment life? We believe it can. Periodically, we highlight some of the Great Pages that have had a great impact on our investment philosophy. Today, we look at p. 34 from Benjamin Graham’s “The Intelligent Investor” (2005 edition), in which Graham talks about the mindset needed to distinguish oneself from the crowd in investing.

Continue reading

Munger On Buffett, Temperament, And Why He’s Better Than Ben Graham

Charlie Munger isn’t nearly as high-profile as his Berkshire Hathaway partner Warren Buffett, but The Wall Street Journal’s Jason Zweig recently caught up with him for a fascinating interview in which Munger talked about everything from Socrates and Confucius to derivatives and accounting practices to why he doesn’t love Benjamin Graham the way Buffett does. Continue reading