I was born september 15th 1976, 6 days later Ben Graham died, age 82. Graham still is, as he was, modern and old-fashioned at the same time. He reminds me of an italian quote :”Torniamo al passato, sarà un progresso”! that is “Let’s go back to the past, it will be a progress”! Especially when the markets are down I find comforting , and above all useful! to read Graham principles again. And I remind myself to read again for the onethousandfivehundred-or so time, chapter 8 and 20 of the “Intelligent Investor”. Before Graham buying stocks was something without a true philosophy. The principles of a good investment were undiscovered. Graham taught us how this game should be played to be profitable. Then, came Buffett as his best student of all, And with him we find today this game expanded and refined. But the initial spark is a Graham’s spark that showed the path to many.,
So much better than I can write, let’s take delight of Graham’s approach through the words of Warren Buffett in 1976 :
“In an area where much look foolish within weeks or months after publications, Ben’s principles have remained sound-their value often enhanced and better understood in the wake of financial storms that demolished flimsier intellectual structures”
This was from the “Financial Analysts Journal” of October 1976, but for me it could have been written without changing a word today, 43 years later, almost 44. My entire Life-time.
(to be continued)