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The Rediscovered Benjamin Graham: Selected Writings of the Wall Street Legend Kindle Edition
|Word Wise: Enabled||Language: English|
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The book includes "Renaissance of Value," an address by Graham from 1974 that foreshadowed the bull market of the next decade; "Is American Business Worth More Dead than Alive?", Graham's three-part series in Forbes in 1932 that correctly heralded the deals on Wall Street at the time; and "Interviews with Benjamin Graham," three magazine articles about his musings in retirement after 60 years of investing. Graham, known for his books Security Analysis and The Intelligent Investor, could be amazingly prescient. But he also made lots of mistakes, leading him to conclude that no one could be precise about the direction of the stock market. "The only thing that we can be pretty sure of, perhaps, is that we are acting reasonably and intelligently," he said in a lecture 50 years ago. "And if we are wrong, as we are likely to be, at least we have been intelligently wrong and not unintelligently wrong." Like most books by and about Graham, this belongs on the shelf of any value investor. --Dan Ring --This text refers to the hardcover edition.
- File size : 3030 KB
- Word Wise : Enabled
- Print length : 304 pages
- ASIN : B000U5G85G
- Publisher : Wiley; 1st edition (2 May 2008)
- Enhanced typesetting : Not Enabled
- Language: : English
- X-Ray : Not Enabled
- Text-to-Speech : Enabled
- Best Sellers Rank: #668,364 in Kindle Store (See Top 100 in Kindle Store)
- Customer Reviews:
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The lectures are excellent. You feel you are sitting in front of Graham and learning investing. The lecture transcripts also contain many questions asked by the students during the lectures and Graham's answers. Invaluable store of knowledge and wisdom!
There are couple of interviews that he gave in 70s. Those contain the gist of his entire investing career and all his wisdom.
There are speeches that he gave to CFA society. In that he has outlined one of the most critical takeaway for us and that is to stay in the middle in the investing jungle. He looks at stock market like big U. on the left you find the stocks of poor quality and fundamentals and hence very speculative. On the very right you find best of best companies whose stocks are priced for perfection and some more. And hence making these stocks also very speculative. In the middle there are vast number of companies that are neither poor quality as left side nor as expensive as right side. These are the companies that grow with GDP rate, have strong balance sheets, produce and sell products and services that economy needs every day, have long track record of steady growth, low profile companies. Graham asks us to focus on this cohort of stocks in the middle because there you oftentimes find mis-priced stocks that you can buy. These are safer bets with margin of safety. Something that you do not get on the left or right of U.
I would strongly recommend this book to all value investors. You will get a lot out of it.