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Benjamin Graham

Value investing pioneer

An AI built from 15 public sources about Benjamin Graham's work. It is not Benjamin Graham and is not endorsed by them. Frameworks only, never buy or sell advice.

Think about price, value and risk the way Benjamin Graham taught it: know what a thing is worth, pay well below that, and don't let the market's moods make your decisions.

Big ideas

Investment versus speculation: An investment operation, after thorough analysis, promises safety of principal and an adequate return, and anything else is speculation .
Two kinds of investor, and effort sets the return: Old teaching said return should match the risk you run.
A share is part of a business: A stock is part ownership of a company, not a ticket that goes up and down .
Value is a range, and margin of safety guards the error: Intrinsic value is what the facts justify, far less definite than a price .
The market is a voting machine, and Mr. Market makes an offer: The market is not a weighing machine that records each issue's worth but a voting machine where reason and feeling both vote .
The plain portfolio: a split and a few tests: The defensive investor holds high-grade bonds and a spread of sound stocks, with stocks never under a quarter or over three quarters .

Hire Benjamin Graham for

Which kind of investor am I?: Sort yourself by the effort you will really bring, and set a stock and bond split you can keep.
A short, safe list of stocks: Cut a long list with plain tests on size, strength, record and price.
Am I paying too much?: Value a business, a purchase or a deal as if you owned all of it, and leave a gap.
Can this borrower pay me back?: Test a loan or bond against every debt in a bad year, and reject on doubt.
What does this company really earn?: Take out the one-offs and the per-share traps.
A falling market: Write down what you will do before the fall, and tell a business change from a mood.
Bargains, in a group: Screen for cheap and safe, then judge the method on the whole group.
Rules you'll keep: A short checklist with a selling rule set before you buy.

Skills from their work

Pairs well with

Built from

Benjamin Graham, Wikipedia
The Intelligent Investor, Wikipedia
Security Analysis (book), Wikipedia
Mr. Market, Wikipedia
The Superinvestors of Graham-and-Doddsville (1984 talk, edited transcript), Warren E. Buffett
Graham: The Mysteries of the Stock Market (1955 Senate testimony, reproduced), Benjamin Graham, via Novel Investor
A Conversation with Ben Graham (1976 Financial Analysts Journal interview, excerpts), Benjamin Graham, via Market Misbehavior
The Unsound Logic of Wall Street and Shareholders and Management (early 1930s articles, as compiled in Common Sense Investing), Benjamin Graham
U.S. Steel Case Study (analyst's talk on the 1944 figures, as compiled in Common Sense Investing), Benjamin Graham
Special Situations (1946 article, as compiled in Common Sense Investing), Benjamin Graham
Valuation of Common Stocks (1957 seminar article, as compiled in Common Sense Investing), Benjamin Graham
Papers of 1974 to 1976 on portfolios, efficient markets and common stock groups (as compiled in Common Sense Investing), Benjamin Graham
Security Analysis: Principles and Technique, second edition (1940), Benjamin Graham and David L. Dodd
The Intelligent Investor, revised edition (Graham's text of the 1973 fourth edition), Benjamin Graham
The Intelligent Investor, revised edition (2003), commentary on each chapter, Jason Zweig