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Article Archive: Graham

Jason Zweig at Ivey
05/25/24   Graham
"Mr. Zweig discussed the topic, 'The Intelligent Investor: 75 Years Young. What Can We Learn from Graham that Still Matters?'." [Video]

Enough: Graham's Lesson
03/12/23   Graham
"Graham had enough money. What he didn't have enough of was time. So he refused to invest more of his most valuable asset in the pursuit of riches."

Ben Graham as a quant
09/12/21   Graham
"Imagine - there seems to be practically a foolproof way of getting good results out of common stock investment with a minimum of work. It seems too good to be true. But all I can tell you after 60 years of experience, it seems to stand up under any of the tests I could make up."

Net-net review
01/30/21   Graham
"We therefore conclude that when viewed from the perspective of a practitioner, the empirical evidence analysed is insufficient to support the view that investing in securities trading below their NCAV provides a reliable source of material outperformance."

Lessons from Benjamin Graham
07/16/18   Graham
"In June 2003, HarperCollins Publishers asked if I would be interested in updating Benjamin Graham's classic The Intelligent Investor. After determining that the proposal was not somebody's idea of a practical joke, I agreed to take on the project. And as I worked on revising the book, I was reminded, once again, what a genius Graham was."

Lessons from Benjamin Graham
07/10/16   Graham
"Much as Mark Twain said about the weather, Graham understood that people would read the ideas in his books but that nobody would do anything about them."

Benjamin Graham and index funds
04/11/15   Graham
"Benjamin Graham also believed in index funds, as his own statements show."

Net Nets in London
11/15/14   Graham
"Firms with an NCAV/MV greater than 1.5 display significantly positive market-adjusted returns (annualized return up to 19.7% per year) over five holding years."

12 things I've learned from Graham
10/05/13   Graham
"Everyone makes errors and mistakes and so having insurance against those mistakes is wise. With a margin of safety you can be somewhat wrong and still make a profit. And when you are right you will make even more profit than you thought. Finding a margin of safety is not a common event so you must be patient. The temptation to 'do something' while you wait is to hard for most people to resist. The best investors are those who have a temperament which is calm and rational. Excitement and expenses are the investor's enemy."

Ben Graham did not give up on value investing
08/25/13   Graham
"So, no, Ben Graham did not give up on value investing. One could easily say that he was arguing for value indexing."

How Benjamin Graham revolutionized activism
05/19/13   Graham
"Like much of Graham's investment wisdom, his writings regarding shareholder activism remain relevant in our time. They are especially pertinent, given recent high-profile disputes between activist shareholders and well-known public companies."

Legacy of Benjamin Graham
02/04/13   Graham
"Legacy of Benjamin Graham: The Original Adjunct Professor."

Examining Benjamin Graham's record
01/12/13   Graham
"The evidence suggests that Graham's simplified approach to value investment continues to outperform the market."

Graham's Net Net in London
09/02/12   Graham
"In this paper we focus on the early value metric devised and employed by Benjamin Graham - net current asset value to market value (NCAV/MV) - to see if it is still useful in the modern context. Examining stocks listed on the London Stock Exchange for the period 1981 to 2005 we observe that those with an NCAV/MV greater than 1.5 display significantly positive market-adjusted returns (annualized return up to 19.7% per year) over five holding years."

Charting a map for investors
08/09/12   Graham
"The notion that the prices of stocks and bonds bear a sane relationship to their underlying value is not, at present, in high regard. Wall Street is widely said to be a betting parlor, if not an adjunct of the underworld. Its repute was even worse when Benjamin Graham published 'Security Analysis,' an investment manual that urged investors to calmly dissect securities and then plunge into issues trading at a sizable discount to intrinsic value. Stocks at a discount, Graham wrote, offered a 'margin of safety' - a cushion that would protect the investor from loss and, in time, assure him of a reasonable gain."

What was the very first hedge fund?
05/01/12   Graham
"The legendary economist and investor Benjamin Graham is widely known as the father of value investing. He may also be the father of the hedge-fund industry. While most historians and industry professionals credit Alfred Winslow Jones with launching the first hedge fund in 1949, some people, including Graham's protege, Warren Buffett, disagree."

What would Graham say about Goldman?
03/20/12   Graham
"We were reminded, since the Greg Smith/Goldman Sachs brouhaha has still not died down, that Benjamin Graham had quite a bit to say about conflicts of interest in Chapter 21 of the 1940 edition of his great book Security Analysis."

What Graham thought of IBM
11/14/11   Graham
"The word that Warren Buffett has bought 5.4% of International Business Machines came as a surprise to most of his followers, as Buffett has long scorned investments in technology. Buffett's mentor, the great value investor Benjamin Graham, had a long history with IBM."

Four Stocks Ben Graham Might Pick
11/15/10   Graham
"My Graham-inspired picks sell for less than book value (corporate net worth per share) and less than 12 times earnings. They also have debt less than 50 percent of stockholders' equity."

The Papers of Benjamin Graham
11/01/10   Graham
"These papers are not part of either Intelligent Investor nor Security Analysis. The papers range from 1930 to 1974, basically Ben Graham's entire professional life."

Benjamin Graham's S.F. speach
06/01/10   Graham
"Here is the original typewritten text of a speech Benjamin Graham gave in San Francisco one week before John F. Kennedy was assassinated. In this brilliant presentation, Graham explores how an investor should go about determining whether the market is overvalued, how to tell what asset allocation is right for you, and how to pick stocks wisely. This speech is a rare opportunity to see the workings of Graham's mind in the raw."

Japanese liquidation value
02/05/10   Graham
"The fundamental problem in 1932 America, according to Graham, was that investors weren't paying attention to the assets owned by the company, instead focussing exclusively on 'earning power'"

Stocks Ben Graham might buy
11/10/09   Graham
"What I call Graham stocks have a share price that's less than book value (corporate net worth) and less than 12 times earnings, as well as debt less than 50 percent of stockholders' equity."

How the small investor can beat the market
06/04/09   Graham
"I think that sometimes as value investors we spend too much time trying to emulate our idols, rather than take advantage of the opportunities that are available to us because of our small size. Greenblatt and Pzena's article affirms the idea that small investors do have an advantage, mainly in the area of net-nets where most securities are small, under followed, and often mispriced."

Take Benjamin Graham's advice
05/23/09   Graham
"It is sometimes said that to be an intelligent investor, you must be unemotional. That isn't true; instead, you should be inversely emotional. Even after recent turbulence, the Dow Jones Industrial Average is up roughly 30% since its low in March. It is natural for you to feel happy or relieved about that. But Benjamin Graham believed, instead, that you should train yourself to feel worried about such events."

Three timeless principles
02/23/09   Graham
"Warren Buffett is widely considered to be one of the greatest investors of all time, but if you were to ask him who he thinks is the greatest investor, he would probably mention one man: his teacher Benjamin Graham. Graham was an investor and investing mentor who is generally considered to be the father of security analysis and value investing."

The Graham & Dodders
02/23/09   Graham
"Here are four well-known investors schooled in Graham and Dodd stock analysis. They're all carrying on the value tradition made famous by Buffett, the Oracle of Omaha and the richest man in the world."

Upside of the down dow
11/12/08   Graham
"The investor who permits himself to be stampeded or unduly worried by unjustified market declines in his holdings is perversely transforming his basic advantage into a basic disadvantage. That man would be better off if his stocks had no market quotation at all, for he would then be spared the mental anguish caused him by other persons' mistakes of judgment."

Stocks below net current asset value
11/02/08   Graham
"One of Graham's investment fund strategies, as explained in his best-selling book The Intelligent Investor, was to buy stocks that are valued at a discount to their net current asset value. Graham called such stocks "bargain issues." In other words, Graham would look for stocks whose current assets less total liabilities was worth more than what the stock was trading at. This meant that any plant, property and equipment, goodwill and long-term investments were free."

Ben Graham then and now
11/02/08   Graham
"In mid-1932, almost precisely at the bottom of the Great Crash, Benjamin Graham turned up as a freelance writer in the pages of FORBES. He was later to be known as the father of value investing and as a mentor to Warren Buffett. But at the time he was the manager of a fairly obscure hedge fund. That fund, which combined long and short positions but was mostly long, was hurting. It had tumbled 70% from its 1929 high. (The Dow was down 87%.) Stocks had got too cheap, Graham pleaded. The fact that profits were vanishing almost didn't matter. You could buy companies for less than their net liquidating value. You got the goodwill and the factories for nothing."

Cheap Japanese markets
11/02/08   Graham
"The Japanese market has been hit so hard this fall that some of its corporate titans are trading at prices that value guru Benjamin Graham would find to be bargains."

Prepare to have a nose for a bargain
07/18/08   Graham
"Stocks should be bought like groceries and not like perfume. A few days ago, I was reminded of this advice from Ben Graham, the father of value investing, by David Shapiro, the manager of the value-orientated Collins Stewart UK Focus Fund. And with the FTSE 100 index falling 250 points between last Friday and this Wednesday . wiping more than 50bn off the value of the UK.s top companies . the equity market certainly seems more like Aldi or Lidl than an eau de toilette counter at Harrods. In fact, the scent wafting from most dealing desks has smelled suspiciously like Whiff of Fear."

Graham's metrics still apply
04/04/08   Graham
"Benjamin Graham, the father of modern security analysis, was a professor at Columbia University, taught Warren Buffett and wrote the most famous -- and arguably the best -- book on investing, The Intelligent Investor, first published in 1949. In a chapter on stock selection for defensive investors, he said they should look for large, dividend-paying companies with little debt and a consistent record of profitability, whose shares trade at low multiples to earnings and book value. We applied Graham's criteria to the Canadian market, using the FP Corporate Analyzer program to identify companies Graham would likely find attractive."

My Hero, Benjamin Grossbaum
11/22/07   Graham
"I am a frankly worshipful admirer of Graham's. I love him for his heart as much as for his head. Between 1929 and 1932, his investment partnership lost 70% of its value. Not until 1936 did it recoup all it relinquished since the Crash. Yet Graham persevered and, along with his partner, Jerry Newman, went on to achieve a brilliant long-term investment record - not excluding those three disastrous years. We have all heard the platitude, "The first rule of investing is not to lose money and the second rule is not to forget the first." Very helpful. Well, Graham shows that a debilitating loss is no reason to give up. . . . Never quit."

Buffett's billions came from one book
09/30/07   Graham
"Who was David LeFevre Dodd? He was an economist, financial analyst and finance professor for four decades at Columbia University, where he co-wrote a classic book, "Security Analysis," with colleague Benjamin Graham that laid out the case for value investing, a strategy that Warren Buffett later adopted and made billions from."

What most don't know about P/E ratios
08/14/07   Graham
"Today, the Graham-Dodd approach produces a very different picture from the one that Wall Street has been offering. Based on average profits over the past 10 years, the P/E ratio has been hovering around 27 recently. That's higher than it has been at any other point during the past 130 years, except for the great bubbles of the 1920s and the 1990s. The stock run-up of the 1990s was so big, in other words, that the market may still not have fully worked it off."

Make Benjamin Graham proud
06/02/07   Graham
"Today we'll get some help from Bob Tattersall, executive vice-president of Howson Tattersall Investment Counsel, and Benjamin Graham, the dean of value investing. Mr. Tattersall suggests a value screen based on what Mr. Graham calls net current asset value. Mr. Graham defined this screen as working capital minus all obligations, including preferred stock."

Nine stocks for private equity
02/12/07   Graham
"This is the peril of market timing, something the buy-and-hold brigade will smugly smirk about as they attempt to get rich slow. The lesson might be, however, to buy cheap rather than buy expensive. This is of course obvious and often considered little short of facetious advice. However, it doesn't need to be. Benjamin Graham, the granddaddy of investment gurus, had a plan to do just that. It boiled down to buying low price-earnings stocks with dividends and a solid business core. This proved to be the foundation for value investment, which is as strong an investment methodology today as it was in the 1950s."

A test of Graham's stock selection criteria
12/27/05   Graham
"The applicability of certain combinations of Benjamin Graham's stock selection criteria were tested on the Industrial securities market in South Africa. Evidence that making use of Graham's stock selection criteria to determine a portfolio, would provide one which yielded abnormal positive returns would suggest, at least, that pockets of inefficiency existed in the overall efficient market, as represented by the industrial shares traded on the JSE."

Who was Benjamin Graham, and why should I care?
12/25/05   Graham
"Insights into - and from - the greatest investment thinker of all time."

Graham on fixed income
12/24/05   Graham
"investors are led to believe that the very name 'bond' must carry some espcial assurance against loss. This attitude is basically unsound, and on frequent occasions is responsible for serious mistakes and loss."

Ben Graham might like LandAmerica and 4 others
08/11/05   Graham
"Benjamin Graham -- professor, hedge fund manager, author and bon vivant -- is widely considered the father of value investing. Graham died in 1976. Were he alive today, I think he might like such stocks as LandAmerica Financial Group Inc. (LFG) and National Western Life Insurance Co. (NWLIA)."

Benjamin Graham on value investing
01/05/05   Graham
"In 1968, the stock market was floundering badly and Omaha investor Warren Buffett was baffled and worried because he could not find worthy securities to buy. Over the 12 years that it operated, the Buffett Partnership had compounded funds at an average annual rate of 29.5 percent and he wanted to maintain the returns that his investors had come to expect. "The market wasn't very good," said Walter Schloss, a New York money manager and a longtime friend of Buffett's, "and Warren said let's go out and see Ben and ask him what he would do"

Too many let 'fruitcake' market dictate investments
10/27/04   Graham
"But when it comes to their financial lives, millions of people let the stock market tell them how to feel and what to do, despite the obvious fact that, from time to time it can get nuttier that a fruitcake."

Commandments for the individual investor
03/13/04   Graham
"In greatly simplified terms, here are the 14 points Graham most consistently delivered in his writing and speaking."

Play it safe the Ben Graham way
02/10/04   Graham
"The logic behind Graham's rule is twofold, involving safety and value. In the event of bankruptcy, current assets will be converted to cash at close to their carrying value, so by paying less than two-thirds of net current asset value, you're likely to get most of your initial investment back after paying off all the liabilities."

Honoring Benjamin Graham
11/27/03   Graham
"We celebrate Benjamin Graham's 100th birthday--and the 60th anniversary of the publication of Security Analysis--by examining his investment philosophy. For this purpose, we rely heavily on The Intelligent Investor, which he considered more useful than Security Analysis to a young security analyst."

Smart money
10/03/03   Graham
"In a series of results that suggest Benjamin Graham was right all along, researchers have found that over the long term cheap stocks do better than expensive stocks. Companies with low stock prices relative to their earnings outperform stocks with high price-to-earnings (P/E) ratios; companies with low stock prices relative to the accounting value of their assets outperform stocks with high 'price-to-book' ratios; and stocks with high dividend yields outperform stocks with low dividend yields."

Get rich slowly
07/17/03   Graham
"The Intelligent Investor (1949), by financial giant Benjamin Graham, is more relevant than ever, in a new edition updated with analysis by Jason Zweig"

Margin of safety in the asset-class era
07/02/03   Graham
"No concept is more associated with Graham than the "margin of safety": that extra cushion of value which minimizes the probability of underperforming the default option of the prudent, risk-averse investor-the high-grade corporate bond."

What would Graham buy now?
06/16/03   Graham
"Benjamin Graham would understand how investors feel today. He was the victim of an earlier bubble. After producing stellar investment returns in the 1920s, Graham's portfolio lost 70 percent of its value in the three-year market slump that followed the crash of 1929."

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