Invest Like Graham

Benjamin Graham is widely acknowledged to be the "father of security analysis."  MY INVESTMENT PHILOSOPHY applIES his principles to investing in the stock market today.  

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Benjamin Graham's "Defensive Investor" 

"Those who emphasize protection are always especially concerned with the price of the issue at the time of the study.  Their main effort is to assure themselves of a substantial margin of indicated present value above the market price - which margin could absorb unfavorable developments in the future.  Generally speaking, therefore, it is not so necessary for them to be enthusiastic over the company's long-run prospects as it is to be reasonably confident that the enterprise will get along."  

Benjamin Graham's "Enterprising Investor"

Relatively Unpopular Large Companies

"[Larger companies] have the resources in capital and brain power to carry them through adversity and back to a satisfactory earnings base... the market is likely to respond with reasonable speed to any improvement shown."  

Purchase of Bargain Issues (Net Current Asset Values)

"If the 'market doesn't like a company,' not only renowned trade names but land, buildings, machinery, and what you will, can all count for nothing in its scales.  Pascal said 'the heart has its reasons that the reason doesn't understand.'  For 'heart' read 'Wall Street.'"  

Purchase of Bargain Issues (Secondary Companies)

"We have defined a secondary company as one that is not a leader in a fairly important industry.  Thus it is usually one of the smaller concerns in its field, but it may equally well be the chief unit in an unimportant line."

Special Situations

"Some [members of the general public] who had a flair for this sort of thing could learn the ropes and become pretty capable practitioners without the necessity of long academic study or apprenticeship."


All quotes:

Graham, Benjamin. The Intelligent Investor. Ed. Jason Zweig. Collins Business: HarperCollins, 2006.