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How One Man Created a Profession—and Entirely Transformed the World of Investing
"The small list of investment books that must grace the library of any serious investor—not to gather dust, but to be opened over and over again—just grew by one. This wonderful compilation of the wit and wisdom of Benjamin Graham is the new addition. Savor it. Learn from it. Treasure it."
John C. Bogle, founder and former Chief Executive, The Vanguard Group
"If youth is measured by creativity and excitement about new ideas and a thirst for learning, then Ben Graham-in his early 80s-was the youngest guy in the room when two-dozen stellar investment managers met for three days to explain the inner workings of investment management."
Charles D. Ellis, CFA, Bestselling Author of Winning the Loser's Game
"These writings, spanning over 30 years, help us understand even better the remarkable achievement of this visionary man and his lasting influence on the finance profession."
Burton Malkiel, Princeton University, Bestselling Author of A Random Walk Down Wall Street
"Investing involves the intelligent triangulation between fundamentals, psychology, and prices. Benjamin Graham, Building a Profession . . . illustrates how this investment legend never stopped thinking about this multi-dimensional challenge."
Seth Klarman, The Baupost Group
"Serious professionals in the investment business will delight in pouring over this and checking their own thoughts against those of the master."
Jeffrey J. Diermeier, CFA, Diermeier Family Foundation, and former CFA Institute president and CEO
"This is a must-read for anyone interested in the history and development of our profession and the importance of critical investment thinking."
Gary P. Brinson, CFA, GP Brinson Investments
"Some investors ('the happy few') know that Ben Graham's writings on financial analysis give them a leg up. So they will want to read this book, and other investors should."
Jean-Marie Eveillard, First Eagle Funds
"The CFA Institute and Jason Zweig have performed an invaluable service to our profession in collecting these [writings] in one volume."
William H. Miller, CFA, Legg Mason Funds Management
About the Book:
When Benjamin Graham began workingon Wall Street in 1914, the centerof American finance resembled a lawless frontier.The concept of regulatory laws was in itsinfancy, the SEC wouldn't see the light of dayfor 20 years, and many firms hid assets andearnings from nosy outsiders.
And security analysts didn't exist as weknow them. They were called "diagnosticians,"and they didn't do much analyzing. These investorsprided themselves on going with the"feel" of the market, and most of them rarelylooked at a financial statement.
Appalled by the lack of research and quantification,Benjamin Graham set out to changeall this—and ended up creating the disciplineof modern security analysis.
A collection of rare writings by and interviewswith one of financial history's most brilliantvisionaries, Benjamin Graham, Building aProfession presents Graham's evolution of ideason security analysis spanning five decades.Articles include:
"Should Security Analysts Have aProfessional Rating? The Affirmative Case"
Financial Analysts Journal (1945)"Toward a Science of Security Analysis"
Financial Analysts Journal (1952)"Inflated Treasuries and DeflatedStockholders: Are CorporationsMilking Their Owners?"
Forbes (1932)"The Future of Financial Analysis"
Financial Analysts Journal (1963)"Controlling versus OutsideStockholders"
Virginia Law Weekly (1953)
These pages reveal the revolutionary ideas of aman who didn't so much find his calling as hecreated it from scratch—and opened the doorfor entire generations of investors.
Contents
Section 1: Building a Profession
1. Toward a Professional Designation
2. Should Security Analysts Have a Professional Rating?
3. On Being Right in Security Analysis
4. The Hippocratic Method in Security Analysis
5. The SEC Method of Security Analysis
Section 2: A Science of Investment Analysis
6. Defining the New Profession
7. Toward a Science of Security Analysis
8. Two Illustrative Approaches to Formula Valuations of Common Stock
9. Special Situations
10. The War Economy and Stock Values
11. Some Structural Relationships Bearing Upon Full Employment
Section 3: The Voice of the Profession
12. A Questionnaire on Stockholder-Management Relationships
13. Our Balance of Payments: Conspiracy of Silence
14. Which Way to Relief from the Double Tax on Corporate Profits?
15. Some Observations
16. Interview with P. Ellebracht
17. Three Forbes Articles
