
Called the father of value investing; wrote Security Analysis (1934) with David Dodd and The Intelligent Investor (1949), which separate a stock's price from the value of the business.
Graham-Newman Corporation
Columbia Business School
Security Analysis and The Intelligent Investor are the founding texts of value investing and remain the primary source every later value investor argues from.
7 books of their own · 6 biographies about them · 3 articles · 1 book they recommend
How to read financial statements sceptically and value bonds and stocks.
“I've spent more time with all of the editions of Benjamin Graham and David Dodd's Security Analysis than with any other book” — Christopher Bloomstran
Source: Semper Augustus 2024 Letter to Clients, 'Books and Tunes for Walking', p. 95
Recommended by: Christopher Bloomstran, Howard Marks and 11 others
Subtitled A Modern Ever-Normal Granary; commodity-reserve currency plan.
Recommended by: Mohnish Pabrai
A short line-by-line primer on the balance sheet, income account and key ratios.
Recommended by: Mohnish Pabrai
Recommended by: Mohnish Pabrai
Treat stocks as parts of businesses and buy only with a margin of safety.
“I have been accused of telling all my secrets. I have written a number of books, and I reveal them all in these books.” — Benjamin Graham
Source: Graham on revealing everything he knows in his books
Recommended by: Benjamin Graham, Christopher Bloomstran and 27 others
Published posthumously; edited by Seymour Chatman.
Recommended by: Mohnish Pabrai
Klarman was lead editor of the sixth (2008) and seventh (2023) editions.
Security Analysis | How to read financial statements sceptically and value bonds and stocks. | 1934 | T1 | Christopher Bloomstran, Howard Marks, Joel Greenblatt and 10 others |
Storage and Stability | Subtitled A Modern Ever-Normal Granary; commodity-reserve currency plan. | 1937 | T4 | Mohnish Pabrai |
The Interpretation of Financial Statements | A short line-by-line primer on the balance sheet, income account and key ratios. | 1937 | T1 | Mohnish Pabrai |
World Commodities and World Currency | – | 1944 | T4 | Mohnish Pabrai |
The Intelligent Investor | Treat stocks as parts of businesses and buy only with a margin of safety. | 1949 | T1 | Benjamin Graham, Christopher Bloomstran, Francois Rochon and 26 others |
Benjamin Graham: The Memoirs of the Dean of Wall Street | Published posthumously; edited by Seymour Chatman. | 1996 | Mohnish Pabrai | |
Security Analysis, Seventh Edition | Klarman was lead editor of the sixth (2008) and seventh (2023) editions. | 2023 | – |
Thinly biographied for so central a figure; his own memoirs and textbooks remain the primary record.
Wiley published it in 2020.
“George has also written a book on value investing, From Theory to Practice, which I highly recommend.” — Prem Watsa
Source: Fairfax Financial 2021 Shareholders' Letter, p. 35
Recommended by: Mohnish Pabrai, Prem Watsa, Joel Greenblatt and 1 other
Part life, part method; based on interviews with his circle.
Recommended by: Mohnish Pabrai
The only full biography; workmanlike rather than definitive.
Recommended by: Mohnish Pabrai
Short monograph by a student and colleague.
Published posthumously; edited by Seymour Chatman.
Recommended by: Mohnish Pabrai
Treat stocks as parts of businesses and buy only with a margin of safety.
“I have been accused of telling all my secrets. I have written a number of books, and I reveal them all in these books.” — Benjamin Graham
Source: Graham on revealing everything he knows in his books
Also recommended by: Christopher Bloomstran, Francois Rochon and 26 others
| Money as Pure Commodity | The American Economic Review | Research paper | 1947 |
| The Undistributed Profits Tax and the Investor | The Yale Law Journal | Article | 1936 |
| Some Calculus Suggestions by a Student | The American Mathematical Monthly | Article | 1917 |
| Benjamin Graham, Securities Expert, Author and Financier, Dead at 82 Paywall | The New York Times | 1976 |