Irving Kahn & Tom Kahn – Ben Graham Centre Value Investing 2005

Published on Dec 7, 2015
Mr. Kahn is the Chairman of Kahn Brothers & Company. He was educated at the City College of New York and served as the second teaching assistant to Benjamin Graham at the Columbia Business School after Leo Stern. Mr. Kahn has over 78 years of experience in the investment business and is the founder of the Financial Analysts’ Journal.

0:14Ben Graham’s origins because she graduated from Columbia in 1914 writings
0:22of 580 captain man but he couldn’t take a factory job because they didn’t pan up
0:27buddy and he does she had a lovely family came to wall street course he had
0:36that kind of mind that looked for principles he change his first job
0:44working for a member how stock exchange firm and I remember that he cited the
0:51fact that he’s Bush we used to put out an analysis of a company because she was
0:59not listed on the bonds not be alleged did not recognize that was disappointing
1:07because Barry Bonds you speak of now had another title they were called the
1:14community can be lady clothing company that is known as IBM convertible to
1:22anybody that listen to bed and bought the bonds stayed with him well I think
1:27we all get to that Brandon Inge company because people’s insurance and now one
1:36killed at learned why then should book was called the Bible of our profession
1:44Graham and died came out in 3498 practical war couple of weeks that to
1:57everybody’s surprise now published I did over a million in Edgewater 50 issue
2:08some people complained it was too good a book and she wrote a simple but in
2:14virgin more popular margin call and the intelligent investor meeting followed by
2:22seventy you probably know better
2:24Warren Buffett and that region look at the DuPage
2:29grams book understand y Wang went to work for and got a great many of these
2:36good ideas
2:37employee went out on his own and to his great credit
2:41very strong supporter of that would in fact only did Asia Sri intervention time
2:49you gettin London Ontario barney is complaining about the terrible could we
2:56have also complained that he’s got forty-eight bigoted wk can’t find him to
3:03put into it still trying to fight a lower market at 14 check track ID’s to
3:10like this please I think that there’s another side defended you get mad but
3:18ultimately in the library then will the second book or storage instability same
3:26publisher and nothing to do with going out it had to do with his longtime
3:33decision that we can do better regulating business cycles without
3:37getting slammed by depression though by the peak of a place that book in my
3:44opinion will be logged used because his solutions now approaching application to
3:53the European Union European Union
4:02she encouraged 11 kind of courage you live in effect the value of that euro is
4:10dependent upon the 26 countries who are not members of the EU and the many
4:16outweigh any do it because Egypt have concerned with their own production in
4:21their own cause we’re going to perform at Brussels constitution which will
4:32law rules lack of subsidies and all the other good things we learned about war
4:37and said they cannot manage I did basically waiting and I we have now got
4:46too big to promotional
4:52schools have grown I can both make sure I think it’s Jordan in breach of Moore’s
5:00Law and the company gets too big
5:02each quietly issues and I think that’s also true faculty they’ve got to have a
5:10good shot that’s the most effective way to sell value investing no question i’d
5:19like to stop and have anybody suitable Thomas myself and shapely know the AG
5:32and question and answer questions to thinking maybe I’ll just having a
5:50question that came up was where their value investing was an odd or science
5:55what they might shed then I don’t always agree we both in their heads and also
6:13that I created by the he could pay to bed but he’s no signs and all the kids
6:20believe make it perfect baggage will they get older if you were a science it
6:31would be replicated Apple could put turnout rhythms in the machine and you
6:38could pop out the answer and it doesn’t work that way so it has to be an are so
6:46anyway for some questions please come right to the mic and as a question
7:01you are
7:05I would just like to know what you see is the great potential for a value
7:10investing today what would you recommend in terms of somebody managing the
7:14portfolio today working said you know something about trade need to use by
7:25people who don’t realize that the Canadian market so far better and that
7:30much but that’s largely due to the fact that they give population maybe fifty
7:41but we’re both about the same size which is much richer than we are and minerals
7:46oil and gas and get your copy of the American immigration policy is what used
7:55to be that you’re welcome people from different countries and get the benefit
8:00of their own cultural and they will try to become successful here but careful
8:08and take a poll only came from far away went into what I go to go industry and
8:16many do a successful company boat in any case shall I think the entries you got
8:25to begin looking in place
8:28market tonight over price and hopefully will be companies that permit plenty of
8:38room for a fellow to come in and do it
8:47one would have to be very patient one doesn’t have to necessarily one’s
8:59portfolio invested all the time so my belief is one has to stay very strongly
9:07contrarian and you don’t need all your money on the craft table all the time
9:15sometimes the best things to do absolutely nothing so if markets are
9:20don’t invest and be very selective and keep your standards hiring in time thank
9:33you for doing this for us
9:35my question is I’m curious as the baby boomers move into retirement
9:41it’s some someone has hypothesized that there will be essentially an excess of
9:47securities that will be sold to finance requirements and whatnot and not enough
9:53demand to fill that will be on the market depressing the whole economy or
10:02the whole securities market I was wondering if you could comment on that
10:06and be a value investor I i guess you’d think that’s probably a good thing but I
10:11like your comments on that I think it get baby boomers
10:17believing appetite tell them to believe that he can say hey by the big mutual
10:23funds which are now in the trillions and they of course cannot buy gold baiul
10:30stocks they can’t date swamp every company by the big capitalization of the
10:37major 500 in an invoice for each
10:43affect your concern about the baby boomers hitting the market down would
10:49think it’s kind of a good thing if it happens because they not been Bangladesh
10:56they might make them on the tracking of people and there are certain well-known
11:04value investors investor over the years who talked about a shortage of equities
11:11and the fact that there’s going to be such demand for equities that stocks
11:16were gonna go up of course there’s gonna be a scarcity of you may know talking
11:30my question concerning technology stocks has wondering if you might be able to
11:35comment on your approach to valuing technology stocks and in light of some
11:41of the

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