Graham part 4

Buffett since many years admitted he did change some of the “rules” he learned from Graham, and, most of all, he added new principles and concepts to investing, or better, to finding super-wonderful businesses. But you can’t  really understand easily Buffett or Munger without having in mind the lessons of Graham before. Without studying and…

Ben Graham , first part

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…

Ben Graham, second part

Many investors are acting on the stock market basing their decisions upon looking or thinking about what the others will do. And so it goes the same old story. “Let’s sell before they sell” they say.. Mr. Market is repeating himself, as the human nature always does historically, being what it is. Driven too much…

“The more you learn…”

1.How much money this investment will produce in the future?    2. When ?     3.And at what risk?  The first question must be intended like “the cash flow streaming or streams of cash flow that I can reasonably predict to collect in the future”. And immediately after this, I want to know when is this…

Price doesn’t tell you much

So, if Value has to be found, what does price is there to say? For stocks price will not tell you that much about the company, the business, the going-on concern value. (That is the value we try to calculate or find for something that produces an inflow (and outflow) of cash. The “numbers” (accounting…