william the wie
Gold Member
- Nov 18, 2009
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1926-56 Graham-Newman averaged 17.6% returns vs. 4.4% for the DJIA. When writing in the stock market forum I was discussing modern variants of one of his hedging strategies developed by some of his students from Columbia Business school and the fellow replying, one of my favorite posters, obviously thought I was discussing some get rich quick scheme.
How is it that so few people know that Benjamin Graham used case studies from the bond market to disprove what is now called Random Walk in "The Magazine of Wall Street" in 1915? His 30 year record as a fund manager prior to liquidation is at least a sigma 12 event. True, Warren Buffett, Graham's intern, was not impressed with the pre-option exchange relative value hedges used by his mentor. And it was less efficient than the modern versions but why do so few people know about Graham, his life and writings?
How is it that so few people know that Benjamin Graham used case studies from the bond market to disprove what is now called Random Walk in "The Magazine of Wall Street" in 1915? His 30 year record as a fund manager prior to liquidation is at least a sigma 12 event. True, Warren Buffett, Graham's intern, was not impressed with the pre-option exchange relative value hedges used by his mentor. And it was less efficient than the modern versions but why do so few people know about Graham, his life and writings?
