J. V. Bruni and Company
1528 North Tejon Street
Colorado Springs, Colorado 80907
(719) 575-9880 or (800) 748-3409
|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 In this 1999 book Janet Lowe has collected a number of Graham's previously unpublished speeches and writings covering a 40-year period.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."
"Like that other genius Edison, Graham created light where there was none."