DOCSLIB.ORG

Our Trip to Omaha

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Our Trip to Omaha Our Trip to Omaha Javier Pérez and Antonio López Equity Managers - March AM MONTHLY STRATEGY REPORT June 2015 Monthly Strategy Report. June 2015 Our Trip to Omaha. “This month we will be presenting an article on the trip that two March AM fund managers made to the Mecca of their investment philosophy: a meeting organised by the world’s most famous investor, Warren Buffet, who manages one of the most profitable companies in history. In addition to discussing the adventures of their trip and the brilliant presentation by the organisers, the article also comes to the conclusion that value is a strong investment philosophy. The article concludes with a series of quotes of the great wisdom that comes from years of experience”. Saturday, 1 May 2015. 4:30 AM. We’re in Omaha, Nebraska. A glance at the map shows that Nebraska is the state that is practically in the centre of the US. With half a million inhabitants-- an average population by European standards, but very low for the US-- Omaha is a prosperous city thanks in large part to agriculture and livestock. Curiously, everyone with whom we spoke, even taxi drivers (who always tend to be the most pessimistic) told us that life there is reasonably good (in spite of the extreme weather), that the economic ups and downs of the rest of the country are not that noticeable, and that on a practical level, the cost of living is 50% less than in Chicago (the closest big city) but only 25% lower in terms of salaries. It’s 4:30 AM and we are in a hotel 20 km outside of Omaha. We woke up early, desperate to find a way to get downtown to the CenturyLink Convention Center where the doors would not open until 7:30 AM. There was no sign of the ride we booked to get to this city deep in the American heartland after 15 hours in the air on three flights, each one shorter than the last (Madrid-New York-Detroit). Our goal was to make it to what is known as “Woodstock for capitalists”: the annual shareholders’ meeting of Berkshire Hathaway. This year we, together with 40,000 souls from around the globe (some Spaniards, but with a surprising showing of Asians as well, in spite of the fact we are sure they don’t know English), are the lucky ones. After miraculously finding a cab at our hotel, we made it to the queue at five in the morning. We stoically waited for the convention centre doors to open so that we could hear the lessons imparted by two elder sages (84 and 91 respectively): the living legends of investment, Warren Buffet and Charlie Munger. This is the 50th anniversary of the creation of the most successful financial partnership of all time, and an empirical demonstration that management based on a philosophy of value, according to which by buying solid companies, good businesses with respected managers at reasonable prices, value (and plenty of it) is created for shareholders in the medium and long term. As value-based investors, attending this meeting makes us look, on one hand, like groupies going to a meeting of a mythical figures worthy of all admiration and, on the other hand, like professional investors going to a retreat to commune with the rest of the community partaking of the chalice of “value.” We were going to one of those “philosophical” get-togethers that investors need to attend at least once in their lives if they are believers in the philosophy emanating from Columbia University and its incunables: “Security Analysis” by Benjamin Graham & David Dodd (1934) and “The Intelligent Investor” by Benjamin Graham (1949). This retreat would give us a chance to get back to the basics of our investment philosophy and forget the “monetary noise” generated by Draghi and Yellen’s QE- bloated markets. Suddenly as soon as the event began, after 15 hours of planes and queues, and four hours of waiting outside in the cold, our misgivings as to what we were doing there dissipated. Putting these doubts aside, we understood why this simple “annual meeting” of a publicly traded company could generate this level of attendance and expectation around the world. Not only were our expectations met, but after around eight hours of the meeting with a mere one hour break to eat, we realised they had been amply surpassed. Monthly Strategy Report. June 2015 During those eight hours a level of transparency was on display. For five minutes Warren and Charlie discussed Berkshire’s year, qualifying it as “pretty good”; 30 minutes were spent on a video that made the whole trip worthwhile, and the rest (7.5 hours) were dedicated to Q & A. Special mention should be made of the video. Accustomed as we are to the circumspection of European investors, it’s hard to explain just how fun it is to see a scene where, for example, Buffet pretends to box Mayweather, protecting his teeth with nothing but a handful of candies without chewing them, after having warmed up by doing bench-presses (or more accurately by having two employees pull up his bar at each end) or where Charlie is the new billionaire flirting with Nicolette Sheridan (the actress from the series Desperate Housewives) to the envy of the rest of the neighbourhood, or when the two make off with her See’s Candies business, supposedly buying it from the stars of Breaking Bad. Truly second to none. After watching the video, a 7.5 hour Q&A session began, raising all types of issues. Warren, with his usual sense of humour answered first, both extensively and in detail, and then ceded the floor to his partner with a simple “Charlie...” who briefly and succinctly threw out pearls of unrepeatable investment wisdom. And all of this came wrapped in a tidy package with a bow on top. For us, attending this geek convention/value philosophy retreat led us to refocus on the purity of this management style, eliminating all ornamentation, and making us focus even further on whether it suits the way we mange investment funds at March AM: • We are convinced that, in the long term, it is much more attractive to buy good profitable companies with identifiable competitive advantages at a reasonable price than it is to buy bad companies (with low margins and returns) at bargain basement prices. Either way, since the price paid defines the risk assumed, there might be a place in our portfolio (on an exceptional, temporary basis) for companies that lack these ideal characteristics, but the discount they trade with compared to their intrinsic value lets us identify them as good investments, as long as they have an excellent management team. • As Warren and Charlie have told their shareholders over and over again, it’s better to “buy a good company with mediocre management than a mediocre company with good management.” In the former case, the management can be replaced. In the latter it’s extremely difficult to change the company’s characteristics. • In order to beat the market, it is crucial to look for investment opportunities without being constrained by the need to replicate a benchmark index. • We believe there is no way to predict the market’s short-term movements, but in any event we will try to take advantage of fluctuations to buy or sell if erratic movements can give us the opportunity to leverage low quotes for our investments. As Warren and Charlie noted, the market exists to serve us, not to inform us. • When analysing a company, discipline and patience are crucial to obtain the desired rate of return over the term of investment In conclusion, here are a few quotes from the meeting that we believe to be pure added value: “Corporate culture is key when choosing long term investors.” “The incentives for the company’s executives are key, even hidden incentives.” “When people are led by their ego they do things they shouldn’t do. Incentives acting on the ego should Monthly Strategy Report. June 2015 be eliminated.” “Unlike other people, I’d rather talk negatively about companies I have shares in. I’ll either be able to buy more shares or the companies can buy back their shares.” “It’s much more important to have one good salesman than a bunch of mediocre salesmen.” “There are still serious dangers in the financial system.” “I’ll never be in favour of leading a losing company.” “If you think interest rates will stay low for a long time then equity is cheap. If you think interest rates will start going up in the short term, then equity is expensive. Now all you need to do is place YOUR bet.” “China and the US should continue to cooperate closely and strengthen their ties.” “Sooner or later, the Euro will undergo a transformation, since it’s current form is unsustainable.” “Berkshire hires people who are not only smart, but who identify themselves more with Berkshire than they do with themselves and who are personally whole and balanced.” “Inflation is noxious for any asset that needs to be constantly invested, but it’s good for those that require a strong initial investment without subsequent reinvestment. It’s good for real estate, bad for electric companies.” “If inflation grows uncontrollably, we don’t know how the party will end.” “When you’re looking for a mate, you shouldn’t look for beauty, character, etc., but rather someone with low expectations.” “Good habits are crucial in life and you pick them up when you’re young.
Load more

Recommended publications
  • United States Department of the Interior National Park Service National Register of Historic Places Registration Form
    NPS Form 10-900 OMB No. 1024-0018 United States Department of the Interior National Park Service National Register of Historic Places Registration Form This form is for use in nominating or requesting determinations for individual properties and districts. See instructions in National Register Bulletin, How to Complete the National Register of Historic Places Registration Form. If any item does not apply to the property being documented, enter "N/A" for "not applicable." For functions, architectural classification, materials, and areas of significance, enter only categories and subcategories from the instructions. 1. Name of Property Historic name: ___________Gilbert’s Hill__________________________ Other names/site number: _________Appel Farm_____________________________ Name of related multiple property listing: N/A___________________________________________________________ (Enter "N/A" if property is not part of a multiple property listing ____________________________________________________________________________ 2. Location Street & number: _1362 Barnard Road/Route 12_____________________________ City or town: Woodstock/Pomfret State: Vermont County: Windsor Not For Publication: Vicinity: n/a n/a ____________________________________________________________________________ 3. State/Federal Agency Certification As the designated authority under the National Historic Preservation Act, as amended, I hereby certify that this X nomination ___ request for determination of eligibility meets the documentation standards for registering properties
    [Show full text]
  • The Mecca of Value Investing
    The mecca of Value Investing Subject: The mecca of Value Invesng From: CSH Investments <[email protected]> Date: 6/18/2019, 1:44 PM To: Randy <[email protected]> View this email in your browser Some of you know I'm a big believer in lifetime learning. It wasn't always the case. My early academic years were less than stellar. But I caught on fairly quickly and made do. By my late 20's I knew I wanted to be in finance. I had studied finance and economics in college but it didn't really grab me. Looking back partly it was me but also it was the way it was taught. Stodgy old theories that really didn't make any sense to me. The Efficient Market Theory for instance. EMT says basically that the markets are fully efficient. That stocks are perfectly priced therefore there aren't any bargains. You have absolutely nothing to gain from fundamental analysis and if you do it you are wasting your time. Yeah I thought but I knew there were guys who did exactly that. They did 1 of 5 6/18/2019, 4:48 PM The mecca of Value Investing their own research and found things that were mispriced. Most of them were quite wealthy. If the market is perfectly efficient as you say then how can they do it? And almost every theory had a list of assumptions you had to make. Here's one I love, every investor has the same information. Well, let's just be logical every investor doesn't have the same information and even if they did they would interpret differently.
    [Show full text]
  • Benjamin Graham: the Father of Financial Analysis
    BENJAMIN GRAHAM THE FATHER OF FINANCIAL ANALYSIS Irving Kahn, C.F.A. and Robert D. M£lne, G.F.A. Occasional Paper Number 5 THE FINANCIAL ANALYSTS RESEARCH FOUNDATION Copyright © 1977 by The Financial Analysts Research Foundation Charlottesville, Virginia 10-digit ISBN: 1-934667-05-6 13-digit ISBN: 978-1-934667-05-7 CONTENTS Dedication • VIlI About the Authors • IX 1. Biographical Sketch of Benjamin Graham, Financial Analyst 1 II. Some Reflections on Ben Graham's Personality 31 III. An Hour with Mr. Graham, March 1976 33 IV. Benjamin Graham as a Portfolio Manager 42 V. Quotations from Benjamin Graham 47 VI. Selected Bibliography 49 ******* The authors wish to thank The Institute of Chartered Financial Analysts staff, including Mary Davis Shelton and Ralph F. MacDonald, III, in preparing this manuscript for publication. v THE FINANCIAL ANALYSTS RESEARCH FOUNDATION AND ITS PUBLICATIONS 1. The Financial Analysts Research Foundation is an autonomous charitable foundation, as defined by Section 501 (c)(3) of the Internal Revenue Code. The Foundation seeks to improve the professional performance of financial analysts by fostering education, by stimulating the development of financial analysis through high quality research, and by facilitating the dissemination of such research to users and to the public. More specifically, the purposes and obligations of the Foundation are to commission basic studies (1) with respect to investment securities analysis, investment management, financial analysis, securities markets and closely related areas that are not presently or adequately covered by the available literature, (2) that are directed toward the practical needs of the financial analyst and the portfolio manager, and (3) that are of some enduring value.
    [Show full text]
  • 1290 GAMCO Small/Mid Cap Value Fund September 2017
    Fund Fact Sheet 1290 GAMCO Small/Mid Cap Value Fund September 2017 Investment Philosophy/Process Search for companies with Utilize Columbia University Seek to buy reasonably-priced attractive Private Market Value, professors Benjamin Graham and strong franchises within or PMV (the price an informed and David Dodd's "Margin of GAMCO's circle of competence industrialist would pay for the Safety" concept – by investing entire company) and a catalyst, in securities with a material an event to surface the value of difference between their market the company and estimated intrinsic values Fund Facts A small- and mid-capitalization strategy from well-known stock picker Mario Gabelli Symbols & CUSIPs: Class A TNVAX 68246A 108 Class I TNVIX 68246A 306 Build Fund From the Bottom Up Class R TNVRX 68246A 405 Min. Initial Investment: $1,000 for A Shares* Individual holdings weighting reects optimal risk/reward level Inception Date: November 12, 2014 Portfolio Dividends: Annually Adviser: 1290 Asset Managers Subadviser: GAMCO Investors Identify event to surface the estimated Identify Catalysts value and determine "Margin of Safety" * Refer to Prospectus for other Fund minimums. Total What Expense Ratios Expense Ratio You Pay** Determine PMV (the price an informed Class A 4.38% 1.25% Determine Value industrialist would pay for the entire company) Class I 4.09% 1.00% Class R 4.65% 1.50% ** What You Pay reflects the Adviser's decision to Select from a global universe of over 2,000 contractually limit expenses through April 30, 2018. Research Universe Please see the prospectus for additional information. companies using proprietary research Mario J.
    [Show full text]
  • Notes from Security Analysis Sixth Edition Hardcover
    Ronald R. Redfield CPA, PFS Notes to book “Security Analysis” 6th edition Written by: Benjamin Graham and David Dodd I thought these quotes from Security Analysis Sixth Edition Hardcover might be food for thought. Benjamin Graham and David Dodd first wrote security Analysis in 1934. The first edition was described by Graham as a “book that is intended for all those who have a serious interest in securities values.” The book was not designed for the investment novice. One must have an intermediate to advanced understanding of financial statements, accounting and finance for the book to be understood. The book emphasizes logical reasoning. Graham wrote, “It is the conservative investor who will need most of all to be reminded constantly of the lessons of 1931 –1933 and of previous collapses.” On Page [xiv] Seth Klarman wrote: ”Losing money, as Graham noted, can also be psychologically unsettling. Anxiety from the financial damage caused by recently experienced loss or the fear of further loss can significantly impede our ability to take advantage of the next opportunity that comes along. If an undervalued stock falls by half while the fundamentals – after checking and rechecking – are confirmed to be unchanged, we should relish the opportunity to buy significantly more “on sale.” But if our net worth has tumbled along with the share price, it may be psychologically difficult to add to the position.” On Page [xviii] Klarman wrote: ”Skepticism and judgment are always required.” “Because the value of a business depends on numerous variables,
    [Show full text]
  • Basic Concepts 0860G C01 01-15 1/20/04 21:22 Page 2 0860G C01 01-15 1/20/04 21:22 Page 3
    0860G_c01_01-15 1/20/04 21:22 Page 1 onePART Basic Concepts 0860G_c01_01-15 1/20/04 21:22 Page 2 0860G_c01_01-15 1/20/04 21:22 Page 3 CHAPTER 1 Introduction ctober 1929 marked a watershed of investing in the United States. Fol- Olowing a nearly decade-long bull market, the Dow reached a peak of 381.17. It then began a long and sharp decline, plunging to a sickening 41.22 in 1932, ruining many investors. Finally, the Dow recovered to the low 200s, which represented a “normal” level for the time. Serious investors wondered if these were random moves. Or could an intelligent investor determine “reasonable” levels for stock market prices and profit from this knowledge? In 1934, a pair of investors, Benjamin Graham and David Dodd, began to make sense out of the wreckage. The problem during the late 1920s was that easy money, easy credit, and the resulting go-go era had turned the stock market from an investment vehicle into one of speculation. (This hap- pened again in the mid-1960s and again in the late 1990s.) Stock prices had become divorced, in most cases, from the underlying value of the compa- nies they represented. It took corrections of exceptional violence in the early 1930s, the early 1970s, and, by our reckoning, to come in the mid-2000s, to restore the link between stock prices and underlying values. In retrospect, one could, by careful analysis, find a reasonable basis for stock evaluations even in the Depression environment of the 1930s. Graham and Dodd were among the first investors to make the transi- tion from thinking like traders to thinking like owners.
    [Show full text]
  • The Evolution of Quantitative Investment Strategies
    INVESTMENT VIEWPOINTS MARCH 2015 The Evolution of Quantitative Investment Strategies Executive Summary Quantitative equity investing has been an evolutionary process from its inception, and one whose practitioners hold certain tenets—disciplined adherence to a research-driven process, objectively engineered alpha, and awareness of systematic risks. Five years after the financial crisis, quantitative strategies are gaining investor interest precisely because the systematic application of these principles has resulted in attractive risk-adjusted returns. Contrast this view with conditions that prevailed during the crisis, which left many investors disappointed Vinod Chandrashekaran, Ph.D. in the performance of quantitative approaches. Senior Vice President Director of Quantitative Research and Portfolio Management As investment professionals, we understand that investment strategies naturally tend to come in and out of favor. Because of changing investor perception of these strategies, we believe this is an appropriate juncture to revisit the history of quantitative equity investing and provide greater context around these approaches. We explain why quantitative equity investing is well positioned to provide attractive long-term performance. Quantitative investing is an approach with a distinguished academic pedigree stretching back to the early 20th century. Enduring behavioral and market inefficiencies identified by academic research and investment practitioners in the years since support the notion that quantitative approaches remain compelling. We conclude that quantitative investing remains a viable, attractive approach, reflecting the fact that it is data driven, testable, and easily given to rigorous self-examination and process improvement. This natural inclination of quantitative practitioners means they are well positioned to learn prior lessons and apply them to future market environments.
    [Show full text]
  • Security Analysis by Benjamin Graham and David L. Dodd
    PRAISE FOR THE SIXTH EDITION OF SECURITY ANALYSIS “The sixth edition of the iconic Security Analysis disproves the adage ‘’tis best to leave well enough alone.’ An extraordinary team of commentators, led by Seth Klarman and James Grant, bridge the gap between the sim- pler financial world of the 1930s and the more complex investment arena of the new millennium. Readers benefit from the experience and wisdom of some of the financial world’s finest practitioners and best informed market observers. The new edition of Security Analysis belongs in the library of every serious student of finance.” David F. Swensen Chief Investment Officer Yale University author of Pioneering Portfolio Management and Unconventional Success “The best of the past made current by the best of the present. Tiger Woods updates Ben Hogan. It has to be good for your game.” Jack Meyer Managing Partner and CEO Convexity Capital “Security Analysis, a 1940 classic updated by some of the greatest financial minds of our generation, is more essential than ever as a learning tool and reference book for disciplined investors today.” Jamie Dimon Chairman and CEO JPMorgan Chase “While Coca-Cola found it couldn’t improve on a time-tested classic, Seth Klarman, Jim Grant, Bruce Greenwald, et al., prove that a great book can be made even better. Seth Klarman’s preface should be required reading for all investors, and collectively, the contributing editors’ updates make for a classic in their own right. The enduring lesson is that an understand- ing of human behavior is a critical part of the process of security analysis.” Brian C.
    [Show full text]
  • Money Matter$
    32 2325 32 MethuenLife December, 2009 FebruaryDecember, 2018, 2009 MethuenLifeMethuenLife 2523 Kattar continued from 22 Check It Out! fight. All of the other shots come off of that. the Radisson Hotel in Manchester, N.H., on If you can use your jab, you can connect Feb. 17. Check out czmma.com for more Money with bigger shots later on in the fight.” information. It was Burgos, not Kattar, who was The future is extremely bright for considered to be the upcoming UFC star Methuen’s UFC star and the three-year Matter$ y Holiday fun for kids before the bout. layoff has made him a more seasoned fighter. rista Nevins “I knew that he was tough,” says Kattar. He states, “I knew that the opportunity to I Librar Mceod He was 3-0 in UFC and 10-0 as a pro but he compete in UFC would come. I just try to Stocks skyrocketing had not faced an opponent like me.” show up at the gym and work hard. My Rejoice, investors, y Director at the library! Kattar, who ended a three-year hiatus next fight will work itself out for sure. I courtesy of perfect from fighting last year, is now in line for a am ready to go, and I feel like I have more By Sal Petralia and let the stock you wish with the group! Refreshments UFC ranking, and larger and more lucrative perspective and maturity.” storm of factors will be served. New members are always fights down the line. He has signed on with John Molori is an author, columnist, ‘Tis the season to have a great time at welcome.
    [Show full text]
  • [PDF] Security Analysis: Sixth Edition, Foreword by Warren Buffett (Security Analysis Prior Editions)
    [PDF] Security Analysis: Sixth Edition, Foreword By Warren Buffett (Security Analysis Prior Editions) Benjamin Graham, David Dodd - pdf download free book Security Analysis: Sixth Edition, Foreword By Warren Buffett (Security Analysis Prior Editions) PDF, PDF Security Analysis: Sixth Edition, Foreword By Warren Buffett (Security Analysis Prior Editions) Popular Download, Read Security Analysis: Sixth Edition, Foreword By Warren Buffett (Security Analysis Prior Editions) Full Collection Benjamin Graham, David Dodd, Security Analysis: Sixth Edition, Foreword By Warren Buffett (Security Analysis Prior Editions) Full Collection, Free Download Security Analysis: Sixth Edition, Foreword By Warren Buffett (Security Analysis Prior Editions) Full Popular Benjamin Graham, David Dodd, Read Online Security Analysis: Sixth Edition, Foreword By Warren Buffett (Security Analysis Prior Editions) Ebook Popular, Download Online Security Analysis: Sixth Edition, Foreword By Warren Buffett (Security Analysis Prior Editions) Book, Download PDF Security Analysis: Sixth Edition, Foreword By Warren Buffett (Security Analysis Prior Editions), read online free Security Analysis: Sixth Edition, Foreword By Warren Buffett (Security Analysis Prior Editions), Benjamin Graham, David Dodd ebook Security Analysis: Sixth Edition, Foreword By Warren Buffett (Security Analysis Prior Editions), Download Security Analysis: Sixth Edition, Foreword By Warren Buffett (Security Analysis Prior Editions) E-Books, Download Security Analysis: Sixth Edition, Foreword By Warren Buffett (Security
    [Show full text]
  • The Value Investing Consortium
    Second Annual Value Investing Academic and Practitioner Research Consortium Agenda . 9:00-10:00 a.m.: . Bruce Greenwald and Eric Kirzner “Introduction to Research Consortium: Review of Mission” . Introduction of Participants – Presentation of Ideas . Eric Kirzner “Some Perspectives on Value Investing” . 10:00-10:45 a.m.: . Paper: Randy Cohen, Harvard Business School “Finding Outperforming Managers. ” 2 Agenda 10:45-11:00 a.m. Break 11:00-12:00 p.m. Paper: Jim Scott and George Murillo, Columbia Business School, “The Rational Part of Momentum.” 12:00-12:30 p.m. Initial discussion on research ideas 12:30-1:30 p.m. Lunch 1:30-4:00 p.m. Open discussion- Research ideas in Value Investing for PhD students and junior faculty 3 The Value Investing Consortium . The Heilbrunn Center for Graham and Dodd Investing at Columbia Business School and the Value Investing department at the Rotman School of Management at the University of Toronto is committed to improving the theory and practice of investing. To that end, the two institutions have established a committee of leading finance academics and investing professionals to continue to build bridges between theorists and practitioners. 4 The Value Investing Consortium . The consortium will consist of academics from various Universities and research practitioners from value investing firms. The group will convene once a year to: . Share insight and discuss trends in the investment industry and security analysis . Present research to the group . Brainstorm ideas to add to the research agenda 5 Mission Statement . The mission of this „research consortium‟ is to generate a research agenda that will complement and advance research already done by value investing pioneers such as Ben Graham and David Dodd and modern day academics.
    [Show full text]
  • THE EVOLUTION of VALUE INVESTING Past, Present and Beyond
    THE EVOLUTION OF VALUE INVESTING Past, Present and Beyond 20 FINANCIAL HISTORY | Spring 2014 | www.MoAF.org By Joseph Calandro, Jr. (where risk is defined as the possibility of and Frederick J. Sheehan loss) due to the “margin of safety” afforded by the discount from liquidation value. Considering the popularity of value Over time, some investors would come to investing, it is somewhat surprising that a base margins of safety off of earnings power paper recently published by Joseph Calan- and even growth value in addition to the dro in the Journal of Investing was the first balance sheet. Exhibit 1, taken from Profes- formal attempt to categorize the develop- sor Bruce Greenwald’s popular book Value ment of this highly-effective and influential Investing: From Graham to Buffett and school of thought over time. The following Beyond, profiles the different approaches article summarizes this categorization of of modern value investing, as well as some value investing’s past and present and offers of the professionals associated with each suggestions on what its future may hold. approach as of the book’s publication. The cornerstone of value investing has Founding Era: 1934 to 1973 always been, and will always remain, firmly grounded in the margin of safety principle, The “official” founding of value investing regardless of how any specific margin may can be dated to 1934 with the publication be estimated. The Founding Era effec- of Benjamin Graham and David Dodd’s tively ends with the publication of the 1973 seminal book, Security Analysis. The stra- edition of Graham’s immensely popular tegic concept upon which value investing book, The Intelligent Investor, which dis- was founded is as insightful as it is simple; tills lessons from Security Analysis to a namely, that assets purchased at prices for non-professional audience.
    [Show full text]