Benjamin Graham (1894 1976)

Contributions
Security Analysis (1934) The Intelligent Investor(1949) Storage and Stability: A Modern Evernormal Granary, New York: McGraw Hill. 1937 ISBN 0-07-024774-9[25] The Interpretation of Financial Statements World Commodities and World Currency, New York & London, McGraw-Hill Book Company. 1944 ISBN 0-07-024806-0 Benjamin Graham, the memoirs of the dean of Wall Street[26]

first proponent of value investing. First to draw a fundamental distinction between investment and speculation.

Security Analysis

, "An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.

owner of equity stocks should regard them first and foremost as conferring part ownership of a business. the passive and the active investor.

Legacy
"Mr. Market" approach has been challenged by Modern Portfolio Theory (MPT), which is based on the hypothesis of efficiency of financial markets.