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Benjamin Graham

Professor, Investor, Author of "The Intelligent Investor"

Since 1962•47 mentions•1 quotes

Buffett's mentor and the father of value investing. Graham taught Buffett at Columbia Business School and later hired him at Graham-Newman Partnership. Buffett credits Graham with teaching him the fundamental principles of investing: margin of safety,Mr. Market, and the difference between price and value.

Buffett on Benjamin

“Benjamin Graham taught us that the market is a mechanism for transferring wealth from the active to the patient — it offers prices daily, but only requires you to act when you want to buy or sell.”

1962

Letters Mentioning Graham

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1970
The Final Year - 1970
1970 marked the final year of the Buffett Partnership. Buffett completed the wind-down process, returning capital to partners and directing them toward Berkshire Hathaway.
1969
The Year of Change - 1969
1969 was a pivotal year. With the partnership reaching its end, Buffett addressed partners about the planned dissolution and the future direction of their investments.
1968
The Year of the Auction - 1968
1968 saw continued market enthusiasm. Buffett discussed the partnership's exceptional performance and the challenges of finding undervalued securities in an increasingly expensive market.
1965
The Berkshire Hathaway Takeover - 1965
The partnership took effective control of Berkshire Hathaway. Buffett described the textile business's decline and its poor capital allocation. This was the year he began transitioning from Graham's cigar-butt approach to buying quality businesses.
1964
The Year of Discipline - 1964
Buffett wrote about the importance of discipline in selling - specifically, when he sold Disney and American Express (too early and too late respectively). He also announced his decision to take control of Berkshire Hathaway.
1963
The Year of Unisuper and American Express - 1963
Buffett discussed his investment in American Express following the Salad Oil scandal, which he saw as a temporary setback rather than a structural problem. He also introduced the Unisuper trade - a complex arbitrage of significant magnitude.