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

Benjamin Graham · Rodney G. Klein

Ago 2009 · McGraw Hill Professional

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“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.

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Benjamin Graham was the author of manyinfluential investment books, including theclassic Security Analysis, now in its sixth edition.The first proponent of the value schoolof investing and founder and former presidentof the Graham-Newman corporation investmentfund, Graham taught at ColumbiaUniversity’s Graduate School of Business from1927 through 1957.
Rodney G. Klein is aWall Street historian and former student ofBenjamin Graham at UCLA. He founded theKlein Stock Market Museum & Library inMassillon, Ohio.
David M. Darst, CFA, is amanaging director of Morgan Stanley. Heserves as Chairman of the Asset AllocationCommittee and Chief Investment Strategistof the Global Wealth Management Group.Darst was the founding president of theMorgan Stanley Investment Group.