Benjamin Graham Value Investing
About Benjamin Graham Value Investing
Benjamin Graham published Security Analysis in 1934, laying the foundation for value investing. Graham argued that investors should buy stocks trading below their intrinsic value, providing a margin of safety. His 1949 book The Intelligent Investor became the bible of value investing. Warren Buffett was Grahams student at Columbia and later worked at Grahams firm. Grahans approach emphasized financial statements, balance sheets, and earnings power. He distinguished between investment and speculation based on the margin of safety. Graham lost heavily in the 1929 crash, which informed his conservative approach. His cigar butt strategy of buying extremely cheap stocks influenced generations of value investors.
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