Benjamin Graham

“I think most investors who love investing start out with a deep value bent because it's, you know, if you want to read about great investors, historically, most of them were deep value investors, Ben Graham, you know, Buffett.”

“Like, you think, like, Warren Buffett is told to read The Intelligent Investor by Benjamin Graham. And, you know, that's probably the single best investment in human history. You know, like, he reads this one book, and he makes a hundred billion dollars.”

“Buffett said, Benjamin Graham taught me only to buy cheap stocks. Charlie allowed me to change my thinking. That's the real impact Charlie's had on me. I needed a powerful force to walk out of the limitations imposed by Graham's theories. Charlie's ideas were …”

“If you look to the market for feedback, the market might regularly say, you're an idiot, you bought it, now it's down, you don't know what you're doing, but the reality is that you've got to see that a little bit differently. You've got to see that as the mark…”

“An investor has to be thinking about not just cyclical change, like Graham and Dodd were worried about in the Depression, but secular change as well, and the combination of that, I think, has made investing harder and value investing harder”

“Pretty quickly we realized that being involved in good businesses expands your margin of safety because you might buy in with some margin of safety, but the value of the business keeps going up. It expands your margin of safety. The value of the business is go…”

“Intrinsic value is a fraud, and I can demonstrate that. It's a fraud for several reasons. First, I'm using air quotes. What he really meant by intrinsic value is true value. But he knows if he used the phrase true value of something, that people would say, hey…”

“Now, he did beat the market by almost two percent a year for a decent amount of time, so they were very good.”