Benjamin Graham on Investing.

Klein Darst

Physical

In Circulation

“They laid out a road map forinvesting that I have now beenfollowing for 57 years. There’s beenno reason to look for another.”

―Warren Buffett, on thewritings of Benjamin Graham

Legendary investing author and philosopherBenjamin Graham lived throughinteresting times. Soon after his graduationfrom Columbia College, the nation enteredthe First World War. As the stock market fluctuatedin wild dips and peaks, the governmentseized control of the railroad industry, inflationand interest rates rose dramatically, andeconomic depression loomed on the horizon.

During these events―and perhaps inspiredby them―Graham began writing articles forThe Magazine of Wall Street, putting to paperhis earliest ideas on value investing and securityanalysis.

For the first time, these important workshave been anthologized into a single volume.Benjamin Graham on Investing is a treasure troveof rare and out-of-print articles that documentthe early flashes of genius from a manwhose ideas and theories would revolutionizeinvestment philosophy and inspire the careersof such luminaries as Warren Buffett, SethKlarman, Charlie Munger, and countless othertop-tier investors.

The early works of Benjamin Graham havenever 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 respectedexperts on asset allocation, provides insightfulanalyses connecting Graham’s articles toevents today.

,i>Benjamin Graham on Investing is a timelessclassic that continues to have relevance morethan 30 years after the author’s death.

What will you learn from this book

  1. Value Investing Foundation: Graham's principles often revolve around value investing, which involves finding stocks that are undervalued compared to their intrinsic worth.

  2. Margin of Safety: Graham popularized the concept of the margin of safety, emphasizing the importance of buying stocks at prices significantly below their intrinsic value to protect against downside risk.

  3. Fundamental Analysis: Focus on fundamental analysis, examining a company's financial statements, earnings potential, management quality, and competitive position in the market.

  4. Long-Term Perspective: Graham advocated for a long-term investment horizon, believing that short-term market fluctuations often obscure a stock's true value.

  5. Contrarian Approach: Buying when others are fearful and selling when others are greedy is a key idea associated with Graham. This contrarian approach aims to take advantage of market irrationality.

  6. Risk Management: Understanding and managing risk was fundamental to Graham's philosophy. This involved diversification, careful selection of undervalued stocks, and avoiding speculative investments.

  7. Emotional Discipline: Controlling emotions, such as fear and greed, is crucial in making rational investment decisions. Graham emphasized the importance of discipline in sticking to a well-thought-out investment strategy.

  8. Investing vs. Speculating: Graham distinguished between investing, which involves thorough analysis and a margin of safety, and speculating, which relies more on market trends and short-term speculation.

  9. Market Inefficiencies: Graham believed that markets are not always efficient and that careful analysis can uncover opportunities where stock prices diverge from a company's intrinsic value.

  10. Continuous Learning: Graham was an advocate of continuous learning. Investors should constantly improve their understanding of the market, refine their strategies, and adapt to changing conditions.

Language English
ISBN-10 978-0-07-067758-6
No of pages 391
Font Size Medium
Book Publisher Tata Mcgraw-Hill
Published Date 27 Aug 2009

About Author

Author : Klein Darst

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