Guest hellsten Posted January 15, 2013 Share Posted January 15, 2013 Great interview with Ben Graham from 1976. Ben talks about WW1, WW2, the Great Depression, Geico, EMT, index funds, Wall Street, and why he lost interest in investing: http://sharesandstockmarkets.com/wp-content/uploads/2012/12/An-Hour-With-Ben-Graham.pdf if I have noticed anything over these 60 years on Wall Street, it is that people do not succeed in forecasting what's going to happen to the stock market. HB: Mr. Graham, what advice would you have to a young man or woman coming along now who wants to be a security analyst and a Chartered Financial Analyst? Graham: I would tell them to study the past record of the stock market, study their own capabilities, and find out whether they can identify an approach to investment they feel would be satisfactory in their own case. And if they have done that, pursue that without any reference to what other people do or think or say. Stick to their own methods. That's what we did with our own business. We never followed the crowd, and I think that's favorable for the young analyst. I said to him, "Dick, I have some practical advice to give you which is this. You can buy closed-end investment companies at 15 percent discounts on an average. Get your friends to put "x" amount of dollars a month in these closed-end companies at discounts and you will start ahead of the game and you will make out all right." They used to say about the Bourbons that they forgot nothing and they learned nothing, and I'll say about the Wall Street people, typically, is that they learn nothing, and they forget everything. I have no confidence whatever in the future behavior of the Wall Street people. I think this business of greed-the excessive hopes and fears and so on-will be with us as long as there will be people. Link to comment Share on other sites More sharing options...
dcollon Posted January 15, 2013 Share Posted January 15, 2013 hellsten, I really enjoyed that interview. Thanks for sharing. Link to comment Share on other sites More sharing options...
Phaceliacapital Posted January 15, 2013 Share Posted January 15, 2013 Yes, thanks, very good stuff: You have to be a genius to lose that much money. Link to comment Share on other sites More sharing options...
MVP444300 Posted January 15, 2013 Share Posted January 15, 2013 Thank you for posting the interview. :) Link to comment Share on other sites More sharing options...
zippy1 Posted January 15, 2013 Share Posted January 15, 2013 Thank you for posting such a wonderful interview! Link to comment Share on other sites More sharing options...
kiwing100 Posted January 16, 2013 Share Posted January 16, 2013 thank you for posting Link to comment Share on other sites More sharing options...
Kiltacular Posted January 16, 2013 Share Posted January 16, 2013 Very valuable -- thanks for posting. Link to comment Share on other sites More sharing options...
giofranchi Posted January 16, 2013 Share Posted January 16, 2013 Very valuable -- thanks for posting. +1 giofranchi Link to comment Share on other sites More sharing options...
Parsad Posted January 16, 2013 Share Posted January 16, 2013 Thanks for posting that Hellsten! Cheers! Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now