Benjamin Graham Quotes
When somebody asserts that a stock has an earning power of so much, I am sure that the person who hears him doesn't know what he means, and there is a good chance that the man who uses it doesn't know what it means.
Graham, Benjamin, and David L. Dodd. Security Analysis. McGraw-Hill, 1934.
This famous address was called his “Atlanta Compromise.” Discrimination against Blacks throughout the South and some of the North was rampant with most Blacks unable to make a decent living or partake of social amenities even if they had earned some money. There was pressure from Blacks for social and economic equality. Washington signaled in this address that Black leadership of the day would forgo their efforts to obtain social equality—symbolized by attending the opera which was for all white audiences—if the society would make gradual and steady progress at eliminating the economic equality. Other Black leaders saw this as a sell-out. See Du Bois {625802}.
Benjamin Graham was a British-born American economist, professor and investor. He is widely known as the "father of value investing", and wrote two of the founding texts in neoclassical investing: Security Analysis (1934) with David Dodd, and The Intelligent Investor (1949). His investment philosophy stressed investor psychology, minimal debt, buy-and-hold investing, fundamental analysis, concentrated diversification, buying within the margin of safety, activist investing, and contrarian mindsets.
