A Rediscovered Masterpiece By Benjamin Graham

A Rediscovered Masterpiece By Benjamin Graham via Jason Zweig

Here is the original typewritten text of a speech Benjamin Graham gave in San Francisco one week before John F. Kennedy was assassinated.

I am grateful to Richard A. Rigg of San Francisco, who was in the audience that day, for providing me with this copy of Benjamin Graham’s speech, which to the best of my knowledge had previously been undiscovered.  After I sent a copy to Warren Buffett, he told me that he hadn’t been aware of it but regarded it as one of the best of Graham’s speeches.  I first posted it online in 2010 and am re-posting it now because 1) I discovered it too late to include in the anthology Benjamin Graham: Building a Profession..

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Michael Mauboussin: Here’s what active managers can do

michael mauboussin, Credit Suisse, valuation and portfolio positioning, capital markets theory, competitive strategy analysis, decision making, skill versus luck, value investing, Legg Mason, The Success Equation, Think Twice: Harnessing the Power of Counterintuition, analysts, behavioral finance, More Than You Know: Finding Financial Wisdom in Unconventional Places, academics , valuewalkThe debate over active versus passive management continues as trends show the ongoing shift from active into passive funds. Q2 2020 hedge fund letters, conferences and more At the Morningstar Investment Conference, Michael Mauboussin of Counterpoint Global argued that the rise of index funds has made it more difficult to be an active manager. Drawing Read More


Click below to download “Securities In An Insecure World, A Lecture by Benjamin Graham,” delivered at Town Hall, St. Francis Hotel, San Francisco, CA, November 15, 1963:

BG-Speech-SF-1963