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Benjamin Graham on Investing: Enduring Lessons from the Father of Value Investing
 
 
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Benjamin Graham on Investing: Enduring Lessons from the Father of Value Investing [Hardcover]

Benjamin Graham (Author), Rodney G. Klein (Author)
4.0 out of 5 stars  See all reviews (5 customer reviews)

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Book Description

June 25, 2009

“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.


Frequently Bought Together

Customers buy this book with The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition) $13.49

Benjamin Graham on Investing: Enduring Lessons from the Father of Value Investing + The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition)


Editorial Reviews

From the Back Cover

Most famous for his investing classic Security Analysis, first published by McGraw-Hill in 1934, Benjamin Graham wrote for The Magazine of Wall Street between 1917 and 1927. It was in these early articles that Graham began fleshing out what would eventually become some of the most influential investment theories in history.

Now, for the first time, Graham’s early writings are available exclusively in a single volume.

Benjamin Graham on Investing is a rare presentation of the legendary investor’s unique analytical style and methods for determining a company’s true value. Writing from the last two years of World War I through the years leading up to the crash of 1929, Graham’s articles are not only indicative of the economic turbulence of the period but also serve as timeless pieces of wisdom for any investor.

Edited and featuring a preface by Rodney G. Klein, a former student of the legendary value investor, and with detailed commentary by asset allocation expert David M. Darst, this collection is a prized volume for any fan of Benjamin Graham.

About the Author

Benjamin Graham was the author of many influential investment books, including the classic Security Analysis, now in its sixth edition. The first proponent of the value school of investing and founder and former president of the Graham-Newman corporation investment fund, Graham taught at Columbia University’s Graduate School of Business from 1927 through 1957.
Rodney G. Klein is a Wall Street historian and former student of Benjamin Graham at UCLA. He founded the Klein Stock Market Museum & Library in Massillon, Ohio.
David M. Darst, CFA, is a managing director of Morgan Stanley. He serves as Chairman of the Asset Allocation Committee and Chief Investment Strategist of the Global Wealth Management Group. Darst was the founding president of the Morgan Stanley Investment Group.

Product Details

  • Hardcover: 400 pages
  • Publisher: McGraw-Hill; 1 edition (June 25, 2009)
  • Language: English
  • ISBN-10: 0071621423
  • ISBN-13: 978-0071621427
  • Product Dimensions: 9.3 x 7.7 x 1.4 inches
  • Shipping Weight: 2 pounds (View shipping rates and policies)
  • Average Customer Review: 4.0 out of 5 stars  See all reviews (5 customer reviews)
  • Amazon Best Sellers Rank: #77,433 in Books (See Top 100 in Books)

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7 of 7 people found the following review helpful:
3.0 out of 5 stars Collectable, October 6, 2009
By 
Mr. Rafi Nelson (Tel Aviv, Israel) - See all my reviews
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This review is from: Benjamin Graham on Investing: Enduring Lessons from the Father of Value Investing (Hardcover)
Couple of good articles from young Graham, but mostly redundant.
I like to collect financial history and would count this as a collectable piece... but do not expect more than that.
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4 of 4 people found the following review helpful:
4.0 out of 5 stars Good compilation of articles - provokes thoughts, August 18, 2009
This review is from: Benjamin Graham on Investing: Enduring Lessons from the Father of Value Investing (Hardcover)
Graham is the value investing ideology the Warren Buffet follows. Buffet worked for Graham for a couple of years. "If you buy shares in a company you are an owner so only buy shares of a company you want to own".

One problem with articles is they are topical at the time but the companies referenced are no longer in business in most cases. So no hot stock tips (and of course the basis of value investing is there is no such thing as a stock tip).

What is interesting is to see the methods he uses. Most of it is common sense. But then again, common sense is not that common.

He placed a high emphasis on the balance sheet and the numbers. Although he does not ignore the fundamentals of what the business does, he does not spend as much time as I do in trying to vision the future. The other factor that seemed weak was the attention to management and entrepreneurial creativity within the companies he analysed.

It was interesting to see that Graham owned majority control of Geico at one point and now Buffet owns it.

If you are going to be an investor, it seems to me following Grahams' ideology is a good idea. Think like an owner - not a speculator.
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2 of 2 people found the following review helpful:
5.0 out of 5 stars great........for the correct reader, June 2, 2010
By 
Lynn S. Hamilton (north canton, ohio USA) - See all my reviews
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This review is from: Benjamin Graham on Investing: Enduring Lessons from the Father of Value Investing (Hardcover)
If you were a joint econ/history major you will love this book. It is super to read about the stock markets our grandparents experienced. Excellent commentary by Klein and Darst. The Graham article on Goodyear's experience in 1920-21 I found particularly interesting. Shows how little has really changed. Obviously if you are looking for current investment ideas, this isnt the book for you.
By way of background: I have been in this business for 33 years.
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