Mr. Market
Graham's personification of the market as a manic-depressive partner who quotes a price every day and is never offended when you decline. The model turns volatility from a threat into a service: you transact only when his mood misprices the business. Its whole value is that it puts the quote outside your appraisal rather than inside it.
6 books · 7 people behind it · 4 resources
Start here
- The Intelligent InvestorBenjamin Graham, 1949
- The Essays of Warren BuffettLawrence A. Cunningham, Warren Buffett, 1997
- The Most Important ThingHoward Marks, 2011
The people behind it 7
Each person holds a book in this entry or names it in their own tags.
Investors 3
Academics 2
Journalists 2
Resources 4
- 1987 Chairman's LetterWarren Buffett · essay · Contains Buffett's fullest statement of Mr. Market.
- Mr. Market Miscalculates (audio)Howard Marks · podcast · Graham's metaphor applied to a volatility episode.
- The Calculus of ValueHoward Marks · memo · The relationship between price and value, stated plainly.
- The Value of Probabilistic ThinkingShane Parrish · essay · Bayesian updating, fat tails and asymmetries together.
Books 6
Benjamin Graham · 1949
Benjamin GrahamChristopher BloomstranFrancois RochonGuy SpierHoward MarksJean-Marie EveillardJoel GreenblattMohnish PabraiPeter CundillPrem WatsaRational Capital Investment FundSeth KlarmanWalter SchlossWarren BuffettAndrew LokenauthBill AckmanCharlie MungerDavid EinhornJamie DimonJason ZweigKevin RoseLi LuMichael BurryMichael WongPeter MalloukRyan PetersonThe Barefoot InvestorThe Rational Walk
