American economist and investment thinker, investment master, "father of modern securities analysis" and founder of value investment theory. Graham was born in London, grew up in new york and graduated from Columbia University. He is the author of Securities Analysis (1934) and Intelligent Investor (1949), which is recognized as an "epoch-making and landmark investment bible" and is still extremely popular. Graham is not only Warren Buffett's graduate tutor in the School of Economics of Columbia University, but also Buffett's "spiritual tutor". "Eighty percent of the blood flowing in his veins comes from Graham." Graham's position in the investment world is equivalent to Einstein in physics and Darwin in biology. As a grandmaster, his theory and thought of securities analysis have had a great shock in the investment field, affecting almost three generations of important investors. Nowadays, dozens of hundreds of millions of investment managers active on Wall Street claim to be Graham's followers, so they enjoy the reputation of "Godfather of Wall Street".

Jason Zweig (Jason Zweig)

Senior columnist on investment and personal finance in the Wall Street Journal. Previously, he was a senior columnist for Money magazine and Time magazine, and the editor-in-chief of Forbes mutual fund column. 65438-0987 began to write articles on investment, and he was an influential senior financial media reporter on Wall Street.

Benjamin Graham's famous saying

As a successful investor, you should follow two investment principles: first, don't lose money, and second, don't forget the first principle.

If you always do the obvious things or what everyone is doing, you can't make money. For rational investment, mentality is more important than skill.

Getting a satisfactory return on investment is easier than many people think, but getting an excellent return on investment is more difficult than it looks.

Even smart investors may need a strong will to stay away from the "sheep".

Because most people tend to speculate or gamble in their bones and are influenced by desire, fear and greed, the stock market is irrational most of the time and prone to excessive stock price fluctuations.

Individual investors should be investors rather than speculators from beginning to end, that is to say, every transaction can be proved to be reasonable, and the buying price is based on objective reasoning.

It is ridiculous to think that ordinary people can make money by predicting the market.

The mistakes caused by the stock market will be corrected by the stock market itself sooner or later, and the market cannot turn a blind eye to obvious mistakes for a long time.

As we all know, most people end up losing money in market transactions. People who refuse to give up are either irrational and want to exchange money for fun, or they are gifted. Under no circumstances are they investors.

The most practical difference between investors and speculators lies in their attitude towards the stock market movement: speculators are mainly interested in participating in market fluctuations and profiting from them, while investors are mainly interested in obtaining and holding the right stocks at the right price.

A correct attitude towards price fluctuation is the touchstone of all successful stock investments.

For a speculator, timing is psychologically important, because he wants to make a fortune in a short time. His idea of waiting a year for the stock to rise is not suitable for him, and the waiting time has nothing to do with investors.

Price fluctuation has only one important significance for real investors: when the price falls sharply, it provides investors with the opportunity to buy, and when the price rises sharply, it provides investors with the opportunity to sell.

Miss Benjamin Graham.

-Warren Buffett

A few years ago, at the age of 80, Graham (1894~ 1976) expressed his thoughts to a friend: he hoped to do something "stupid, creative and generous" every day.

His first strange goal reflects that he is good at keeping his ideas free from any preaching or arrogance. Although his ideas are strong, their expression is undoubtedly moderate.

Readers of this magazine don't need us to introduce Graham's creative achievements in detail In most cases, the founders of a certain discipline will find that their research results will soon be surpassed by their successors. However, this book systematically and logically analyzes a chaotic and confusing business field; At the same time, it is hard to think of anyone who has reached Graham's level in the field of securities analysis in the 40 years since the publication of this book. In this field, many research results will be ridiculous only within a few weeks or months after publication; However, the principle put forward by Graham has always been reasonable. After the financial turmoil destroyed the unreliable knowledge system, the value of these principles will often be improved and better understood. His prudent advice has brought reliable returns to his followers, even those practitioners who are less talented than smart (people who fall down because of pursuing Excellence or following the fashion).

The most prominent aspect about Graham's dominant position in his own professional field is that he didn't get it from narrow thinking activities focusing on a certain goal. On the contrary, his position is a by-product of a wide range of intellectual activities that can hardly be defined. There is no doubt that I have never met such a broad-minded person. His amazing memory, his fascination with new knowledge as always, and his ability to apply this knowledge to seemingly unrelated problems all make his way of thinking popular in any field.

However, his third responsibility (generosity) is precisely that he has done it more successfully than all others. I met Graham as a student, employee and friend. No matter what kind of relationship (in the eyes of all his students, employees and friends), Graham showed unreserved generosity in his thoughts, time and energy. If you want to seek clear thinking, there is no better candidate than Graham. Besides, if you need encouragement and advice, you can always go to Graham.

Walter lippmann once talked about those who plant trees for future generations. Graham is such a person.

-Journal of Financial Analysts, 1976, 1 1/65438+ February.