From The Archives: The Evolution Of The Idea Of “Value Investing”

Robert F. Bierig
Duke University
Durham, North Carolina
April 2000

THE EVOLUTION OF THE IDEA OF “VALUE INVESTING”:
FROM BENJAMIN GRAHAM TO WARREN BUFFETT

Before the stock market crash of 1929, portfolio investment was a disordered and muddled activity. Benjamin Graham and David L. Dodd’s Security Analysis, first published in1934, brought structure and logic to the field, creating an intellectual framework for sound investment. In an area where much looks foolish shortly after publication, Graham’s principles have proved reliable for over sixty-five years. Moreover, as Warren Buffett wrote in a remembrance about Graham in the Financial Analysts . . .

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