Legacy[edit]
Graham is considered the "father of value investing,"[1] and his two books, Security Analysis (1934) with David Dodd, and The Intelligent Investor (1949) defined his investment philosophy, and especially what it means to be a value investor. His ideals regarding investor psychology, minimal debt, buy-and-hold investing, fundamental analysis, concentrated diversification, buying within the margin of safety, activist investing, and contrarian mindsets went on to be utilized by those influenced by him. Arguably, his most famous student was Warren Buffett, who as of January 2018, was the third wealthiest person in the world.[19] According to Buffett, Graham used to say that he wished every day to do something foolish, something creative, and something generous.[20] And Buffett noted, Graham excelled most at the last.[21]
While many value investors have been influenced by Graham, his most notable investing disciples include Charles Brandes, as well as those noted above: Schloss, Kahn, Klarman, and Ackman.[22][23]
Alongside his revolutionary work in investment finance, Graham also made significant contributions to economic theory. Most notably, he devised a new basis for both U.S. and global currency.[24]
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