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Benjamin Graham

Father of value investing

Benjamin Graham, a British-born American financial analyst, is widely known for his investment philosophy emphasizing independent thinking and careful security analysis. He authored foundational texts on value investing and taught at Columbia Business School and UCLA. Graham's influence extended to notable investors like Warren Buffett and Sir John Templeton.

Related

Ben Bernanke Alan Greenspan Benjamin Franklin Berkshire Hathaway Charlie Munger Bill Ackman Hedge Fund Benjamin Thompson Kenneth C. Griffin Milton Friedman

Timeline

Graduation from Columbia University

Benjamin Graham graduated from Columbia University at the age of 20, showcasing his academic excellence and early career beginnings.

Birth of Benjamin Graham

Benjamin Graham, known as the father of value investing, was born into a poor Jewish family in Great Britain. He later became a professional investor on Wall Street and taught at Columbia and UCLA, influencing many famous investors like Warren Buffett.

Birth of Benjamin Graham

Benjamin Graham, originally named Benjamin Grossbaum, was born in London, England to Jewish parents. He later moved to New York City with his family and changed their surname to Graham to assimilate into American society.

Death of Benjamin Graham's Father and Financial Struggles

In 1903, Benjamin Graham's father died, leading the family into poverty and financial difficulties in New York.

Benjamin Graham graduates from Columbia University

Benjamin Graham graduated from Columbia University at the age of 20, showcasing his academic excellence at a young age.

Impact of Panic of 1907 on Graham's Family

After the Panic of 1907 and the death of his father, Benjamin Graham's family faced financial struggles, influencing his future investment philosophy.

Benjamin Graham's Investment Career Begins

In 1914, Benjamin Graham started his investment career at a Wall Street firm after being recommended by a dean at Columbia University. His exceptional intelligence and rapid progress in Wall Street set the foundation for his future success.

Publication of 'Some Calculus Suggestions by a Student'

Benjamin Graham published 'Some Calculus Suggestions by a Student' in 1917.

Benjamin Graham's Career Progress

Starting in 1919, Benjamin Graham's career in Wall Street saw rapid and spectacular growth. His journey from humble beginnings to becoming a prominent figure in the investment world exemplified the American dream.

Opening of Graham-Newman Investment Firm

In 1926, Benjamin Graham opened his own investment firm, Graham-Newman, which took on a shareholder activist role to influence corporations traded on the stock market. Graham focused on analyzing net working capital to assess company efficiency and debt obligations.

Graham and Dodd start teaching reason-based approach at Columbia Business School

In 1928, Graham and Dodd started teaching a reason-based approach at Columbia Business School, which they continued to revise over the years. Graham also taught at UCLA and to Wall Street professionals, while Dodd retired in 1961 and Graham in 1965.

Stock Market Crash of 1929

The Stock Market Crash of 1929 caused Benjamin Graham to lose almost all his investments, leading him to learn valuable lessons about the investing world.

Stabilized Reflation

Benjamin Graham published 'Stabilized Reflation' in 1933, discussing economic concepts related to stabilization and reflation.

Publication of Security Analysis

Security Analysis was first published in 1934 during the Great Depression by Benjamin Graham, a lecturer at Columbia Business School. The book introduced the concept of value investing, focusing on buying undervalued stocks with growth potential, and emphasized intrinsic value and margin of safety in stock analysis.

Graham-Newman Corporation

Benjamin Graham established the investment partnership Graham-Newman Corporation while working as a professor at Columbia University. He utilized the Net Current Asset Value formula to identify undervalued companies based on their liquidation value.

Publication of 'Interpretation of Financial Statements'

In 1937, Benjamin Graham released 'Interpretation of Financial Statements', another classic work that further developed his approach to value investing based on fundamentals.

Publication of 'The Critique of Commodity-Reserve Currency'

Benjamin Graham published 'The Critique of Commodity-Reserve Currency' in 1943.

Benjamin Graham proposes Commodity Standard

In 1944, Benjamin Graham proposed an international 'Commodity Standard' as a replacement for the gold standard, suggesting a shift towards a more diverse basket of commodities in macroeconomic policies. His idea gained attention in journals and received positive reviews from economists like J.M. Keynes, Friedrich Hayek, and Milton Friedman.

National Productivity: Its Relationship to Unemployment-in-Prosperity

Benjamin Graham authored an article in 1947 titled 'National Productivity: Its Relationship to Unemployment-in-Prosperity' in the American Economic Review, analyzing the connection between national productivity and unemployment during prosperous times.

GEICO Investment by Graham-Newman

In 1948, Graham-Newman purchased a 50% interest in GEICO for $712,500. Due to regulatory constraints, the U.S. Securities and Exchange Commission mandated the distribution of GEICO stock to investors. Holding onto the GEICO shares would have resulted in significant returns, as seen in the example of a Graham-Newman fund investor.

Publication of The Intelligent Investor

Benjamin Graham published another influential book, The Intelligent Investor, further elaborating on the concepts of 'investment' and 'speculation' with the introduction of the character 'Mr. Market'.

Ben Graham comes to terms with loss and changes priorities

Benjamin Graham did not document how he coped with the loss he experienced in 1954, but over time, he found acceptance and shifted his focus towards new priorities. This period marked a significant personal evolution for Graham.

Publication of 'Medicine Men of Lower Manhattan' by Benjamin Graham

In 1955, Benjamin Graham published a chapter titled 'Medicine Men of Lower Manhattan,' advocating for professional certification of financial analysts. Graham's vision and passion played a crucial role in elevating the financial analysis profession to its current prominence in global markets.

Ben Graham Teaches Security Analysis at UCLA's Graduate School of Business Administration

Starting in 1956, Ben Graham taught security analysis at UCLA's Graduate School of Business Administration without pay. His teachings influenced the Benjamin Graham Value Investing Program offered by the UCLA Economics Department.

Ben Graham's Autobiographical Insights

In 1957, Benjamin Graham shared key insights in his memoirs, reflecting on his emotional detachment and the protective walls he built around his heart due to childhood wounds. He expressed a desire for more humanity and acceptance of love.

In 1961, Dodd retired after years of teaching the reason-based approach alongside Graham at Columbia Business School.

The Commodity-Reserve Currency Proposal Reconsidered

Benjamin Graham revisited the Commodity-Reserve Currency Proposal in 1962 in the book 'In Search of Monetary Constitution', edited by Leland B. Yeager.

Speech by Benjamin Graham

Benjamin Graham delivered a speech titled 'Securities in an Insecure World' on November 15, 1963.

In 1965, Graham retired after teaching the reason-based approach at Columbia Business School, UCLA, and to Wall Street professionals.

Publication of 'The Intelligent Investor Revised Edition'

The book 'The Intelligent Investor Revised Edition' by Benjamin Graham was published in 1973 by HarperBusiness Essentials.

Ben Graham forms a stable relationship with Malou

In the final twenty years of his life, Benjamin Graham found contentment by forming a stable and enduring relationship with a loving woman named Malou. They lived together in two small homes, spent sparingly, and he worked on various projects including translating the Iliad from ancient Greek.

Benjamin Graham: Father of Value Investing

Benjamin Graham, an influential investor, is regarded as the father of value investing due to his work, investment strategies, and impact on the financial world.

Death of Benjamin Graham

Benjamin Graham passed away in Aix-en-Provence, France at the age of 82.

Publication of 'Super Investors of Graham and Doddsville' by Warren Buffett

Warren Buffett's essay, 'Super Investors of Graham and Doddsville,' was published in 1986. It discusses the success of Benjamin Graham's followers, including Warren Buffett, Seth Klarman, and Edward Lampert.

Berkshire Hathaway's Acquisition of GEICO

Berkshire Hathaway, led by Warren Buffett, acquired GEICO in its entirety in 1996. This acquisition played a significant role in the company's growth and success.

Establishment of Heilbrunn Center for Graham & Dodd Investing

In 2001, the Heilbrunn family established the Heilbrunn Center for Graham & Dodd Investing at Columbia Business School, ensuring the permanency of the investing franchise at the School.

Success of Charles Brandes

Charles Brandes, who learned techniques from Ben Graham, established a successful investment firm with assets exceeding 100 billion dollars by 2007. He applied Graham's strategies to build his investment empire.

Death of Irving Kahn

Irving Kahn, a student assistant to Ben Graham at Columbia, passed away in 2015 at the age of 109. He was known for his successful activism in investing and held the title of the oldest active investor.

Article on Benjamin Graham by The Fifth Person

In 2016, The Fifth Person published an article distilling the essence of Benjamin Graham's investment principles.

Benjamin Graham's Influence on Value Investing

Benjamin Graham, an influential investor from the first half of the 20th century, laid the groundwork for in-depth fundamental valuation used in stock analysis today. His book, The Intelligent Investor, is considered a foundational work in value investing.

Benjamin Graham - Godfather of Value Investing

Benjamin Graham, known as the godfather of value investing, developed a system and philosophy that aids in identifying valuable stocks. Learning about his approach can assist in selecting the right value stocks.

End of the Timeline
Benjamin Graham

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