The Einstein of Money: The Life and Timeless Financial Wisdom of Benjamin Graham
Joe Carlen
Language: English
Pages: 368
ISBN: 1616145579
Format: PDF / Kindle (mobi) / ePub
Warren Buffett—widely considered the most successful investor of all time—has repeatedly acknowledged Benjamin Graham as the primary influence on his investment approach. Indeed, there is a direct line between the record-shattering investing performance of Buffett (and other value investors) and Graham’s life. In six books and dozens of papers, Graham—known as the "Dean of Wall Street"—left an extensive account of an investing system that, as Buffett can attest, actually works!
This biography of Benjamin Graham, the first written with access to his posthumously published memoirs, explains Graham’s most essential wealth-creation concepts while telling the colorful story of his amazing business career and his multifaceted, unconventional personal life. The author distills the best from Graham’s extensive published works and draws from personal interviews he conducted with Warren Buffett, Charles Brandes, and many other top US and global value investors, as well as Graham’s surviving children and friends.
Warren Buffett once said, "No one ever became poor by reading Graham." Find out for yourself by reading Carlen’s lively account of Benjamin Graham’s fascinating life and time-tested techniques for generating wealth.
then finds salvation through falling in love with a younger woman (this glorious romance being his “truce” with an otherwise antagonistic life) only to see her die an untimely death. For obvious reasons, Graham identified with Benedetti's protagonist to some extent. Graham's translation of The Truce was published by Harper & Row in 1969.43 Regarding Malou's “qualities of the soul,” these are somewhat more difficult to decipher. But her own emotional behavior seems far less than expansive. Buz
make his mother proud became the primary motivation in his academic and, later, his professional success. Even more important, at least from a value-investing perspective, Graham's riches-to-rags youth shaped his outlook on money—both earning and spending it. Being compelled to contribute to the household income from a young age and to minimize expenditures by shopping on a shoestring budget, Graham already understood (many decades before the concept was popularized in financial self-help
seemingly inconsequential encounter with an elderly Graham led to a tutelage that, in retrospect, was a landmark moment in his career: We began talking when he purchased National Presto. He had an office in a small apartment in La Jolla on Eads Avenue, and I proceeded to meet with him several times over there. We met in his study (it always had a lot of books and papers all around). Anyway, he definitely enjoyed sharing his knowledge with me. At the time when I was going over there to learn, I
companies as Merck (current market capitalization of $101.39 billion), Coca-Cola ($152.04 billion), and Google ($188.45 billion) might seem like a bizarre abstraction, it's actually an invaluable mental process for conservative investors. The following example will help illustrate this principle. Larry, an acquaintance of yours, owns an independent auto shop that has been in operation for over twenty years. He wants to sell a 10 percent interest in his business to you for $40,000 in investment
Greenwald and his colleagues describe him as a “value investor…schooled in the Benjamin Graham tradition.”67 In fact, Gabelli presents an annual “Graham & Dodd, Murray, Greenwald Award for Distinguished Value Investors.”68 JOHN BOGLE The celebrated founder of the Vanguard Group (which manages over $1.7 trillion in assets69), John Bogle, now retired, scaled the heights of investment finance for several decades. He is also a proud Graham devotee throughout most of his career. In the