Jump to content

"An Hour With Mr. Graham"


Guest hellsten
 Share

Recommended Posts

Guest hellsten

Great interview with Ben Graham from 1976. Ben talks about WW1, WW2, the Great Depression, Geico, EMT, index funds, Wall Street, and why he lost interest in investing:

http://sharesandstockmarkets.com/wp-content/uploads/2012/12/An-Hour-With-Ben-Graham.pdf

 

if I have noticed anything over these 60 years on Wall Street, it is that people do not

succeed in forecasting what's going to happen to the stock market.

 

HB: Mr. Graham, what advice would you have to a young man or

woman coming along now who wants to be a security analyst

and a Chartered Financial Analyst?

 

Graham: I would tell them to study the past record of the stock

market, study their own capabilities, and find out whether

they can identify an approach to investment they feel would

be satisfactory in their own case. And if they have done that,

pursue that without any reference to what other people do or

think or say. Stick to their own methods. That's what we did

with our own business. We never followed the crowd, and I

think that's favorable for the young analyst.

 

I said to him, "Dick, I have some practical advice to give you which is this. You can

buy closed-end investment companies at 15 percent discounts

on an average. Get your friends to put "x" amount of dollars

a month in these closed-end companies at discounts and you

will start ahead of the game and you will make out all right."

 

They used to say about the Bourbons that they forgot

nothing and they learned nothing, and I'll say about the Wall

Street people, typically, is that they learn nothing, and they

forget everything. I have no confidence whatever in the

future behavior of the Wall Street people. I think this

business of greed-the excessive hopes and fears and so

on-will be with us as long as there will be people.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

×
×
  • Create New...