The Intelligent Investor
Benjamin Graham
In print for almost 70 years, this classic seems to suggest that even as the world changes, the core principles of value investing remain constant over time. Benjamin Graham was Buffett’s mentor and a Wall Street pioneer in an era before shareholders’ rights and fundamental analysis were commonplace. Many of the concepts he popularized, such as margin of safety, dollar-cost averaging, Mr. Market, and separating volatility from risk, are foundational to value investing today. Graham believed that absolutisms are impractical – no company, sector, or type of security is inherently superior because price determines the attractiveness of any investment. We certainly agree.