I was very interested in economics and had embarked on an investment career in 1968. The late 1960s was a go-go era with a lot of hot new initial public offers (IPOs). The onset of the bear market in 1970 wiped out all these new concepts and the market was down 40-45%. One couldn’t have had a more stomach churning initiation. I didn’t know what to do as I didn’t have any guidance or an investing philosophy. I was still looking around and one day Benjamin Graham walked into the brokerage office, where I was working, to buy National Presto Industries. And since I was the designated person to greet incoming people, I got to interact with him. Soon after, when I paid a visit to his office, he kept asking me a lot of questions for which he already had the answers. For me, as a rookie, it was unbelievable that I was being asked questions to guide Benjamin Graham! I did have a few opinions even at that time, though.
Had you read any of his books before you met Graham for the first time?
Valuewalk’s January 2021 Hedge Fund Update: First Issue Now Published!
Welcome to our inaugural issue of ValueWalk's hedge fund update. Below subscribers can find an excerpt in text and the full issue in PDF format. Please send us your feedback! Featuring Bill Ackman's comeback, a look at Alta Fox Capital, Prentice Capital having a strong year, Canyon Partners profiting on Covid crisis refinancings, and Odey's Read More