The Interpretation of Financial Statements

Benjamin Graham (1894-1976) was an American economist and investor who is widely regarded as the father of value investing. He was born in London, England and moved to New York City with his family when he was a child. Graham attended Columbia University where he earned a degree in economics and later went on to teach at the university.

Graham is perhaps best known for his influential book "The Intelligent Investor," first published in 1949. The book is considered a classic in the field of investing and has been widely read by investors around the world. It emphasizes the importance of value investing, which involves buying stocks at a price below their intrinsic value.

Graham's other notable work is "Security Analysis," which he co-authored with David Dodd in 1934. The book is regarded as a seminal text in the field of investment analysis and is still widely used by investment professionals today.

In addition to his writing, Graham was a successful investor and founded his own investment firm, Graham-Newman Corporation, in 1936. Among his notable investments was his purchase of a stake in Geico, which he held for many years and which eventually made him a substantial profit.

Graham's investment philosophy focused on analyzing the underlying fundamentals of a company rather than its stock price or market trends. He believed in the value of a margin of safety, which involves purchasing a stock at a significant discount to its intrinsic value to reduce the risk of loss.

Graham's influence on the field of investing is still felt today, and many successful investors, including Warren Buffett, have cited his teachings as a major influence on their own investment strategies.