J. V. Bruni and Company
1528 North Tejon Street
Colorado Springs, Colorado 80907
(719) 575-9880 or (800) 748-3409
J. V. Bruni and Company1528 North Tejon Street Colorado Springs, Colorado 80907 (719) 575-9880 or (800) 748-3409
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The Rediscovered Benjamin Graham,
by Janet Lowe. 
Most investors know about Benjamin Graham’s contributions to investment
science via Security Analysis and
The Intelligent Investor; however, chances are that’s all they know
about Graham. In this 1999 book Janet Lowe has collected a number of
Graham’s previously unpublished speeches and writings covering a 40-year
period. As I read this book I was struck by how up to date most of
Graham’s material seemed, even though the articles are decades old. For
example, in 1932 Graham wrote about how some corporations were milking
their shareholders, in 1952 he wrote about the difficulties in producing
accurate and informative corporate financial statements, in 1956 he
talked about the ethics of American capitalism, and in 1958 he wrote
about a ‘new speculation in common stocks’ (he was referring to the
first signs of irrational exuberance since the 1920s). Do these topics
sound familiar? Although Graham wasn’t a keen practitioner of market
timing, his comments in Barron’s, at almost the exact bottom of
the long bear market of 1973-74, about a
“renaissance in value” couldn’t
have been better timed. For the serious investor, there’s very little
that Graham wrote that can’t be profitably studied. After all, you just
can’t get enough of Benjamin Graham. |
“Follow Graham and you will profit from folly rather than participate in it.” Warren Buffett
"Like that other genius Edison, Graham created light where there was none." Bill Ruane |