Ben Graham
Born 1894 · Age 131
British-born American financial analyst, economist, accountant, investor and professor; called the 'father of value investing'. Author of Security Analysis (1934) and The Intelligent Investor (1949). Mentor to Warren Buffett.
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Life & Career Timeline
Born Benjamin Grossbaum in London
Born Benjamin Grossbaum at 87 Aberdeen Road, London, England to Jewish parents.
Family emigrated to New York City
Moved with his family to New York City when he was about one year old.
Family financial collapse after father's death and Panic of 1907
Father died and Panic of 1907 plunged family into poverty; formative experience shaping his focus on investment safety.
Entered Columbia University at age 16
Admitted to Columbia College on scholarship at age 16.
Joined Wall Street firm Newburger, Henderson & Loeb
Took a job on Wall Street to support his mother, initially working as a runner/board boy and writing stock prices on a blackboard.
Graduated Columbia University (salutatorian)
Finished his studies in about three-and-a-half years and graduated as salutatorian; offered multiple teaching positions at Columbia.
Published 'Some Calculus Suggestions by a Student'
Academic paper published in The American Mathematical Monthly.
Reported high early-career earnings (circa age 25)
Sources report Graham earned approximately $500,000 per year by about age 25 (widely cited but varying by source); would later lose much in 1929 crash.
Northern Pipeline shareholder-activism (early fame)
Spearheaded the 'Northern Pipeline Affair' buying shares to force distribution of cash and bond assets — an early case of shareholder activism.
Became partner at Newburger, Henderson & Loeb (reported)
Reportedly became a full partner at the firm and earned a substantial salary ($50,000 reported by some sources).
Founded investment partnership with Jerome Newman (Graham–Newman origins)
Started his own investment partnership with Jerome Newman; many sources date the firm/partnership's origin to 1926.
Began teaching value investing with David Dodd at Columbia Business School
Started the Columbia course (with David Dodd) that taught 'security analysis' and became extremely influential among investment professionals.
Lost most personal investments in the 1929 stock market crash
The crash and ensuing Depression cost Graham nearly all of his personal earnings and investments and inspired his later writing.
Authored Broadway play 'Baby Pompadour' (date uncertain)
Reported to have written a Broadway play titled 'Baby Pompadour' (date not precisely cited in sources).
Invented/Patented hand-held calculating devices (approx.)
Graham is reported to have patented two innovative hand-held calculating devices/scale-type calculating device; exact patent dates vary across sources.
Irving Kahn and other early disciples contribute to Security Analysis
Notable early disciples, including Irving Kahn, were associated with Graham's research and the development of Security Analysis around 1934.
Helped institutionalize the profession of security analysis
His work and Security Analysis helped establish security analysis as a recognized professional discipline and influenced the development of the CFA designation.
Published Security Analysis (1st ed.) with David Dodd
Co-authored Security Analysis, a founding text of value investing and professional security analysis.
Graham–Newman fund performance (1936–1956): ~20% annualized
Graham's investment performance is reported as approximately 20% annualized over 1936–1956 versus the market's ~12.2% annually.
Started operating Graham–Newman fund (fund phase begins)
Sources cite 1936 as the start of the Graham–Newman fund operations (the investment partnership evolved into a fund-managed business).
Published Storage and Stability and The Interpretation of Financial Statements
Authored Storage and Stability: A Modern Ever-normal Granary and The Interpretation of Financial Statements (important works on finance/accounting).
Security Analysis 2nd edition published
Second edition of Security Analysis released in 1940 (revised and expanded).
Published monetary theory critique in Journal of Political Economy
Published 'The Critique of Commodity-Reserve Currency: A Point-by-Point Reply' (contributions to currency theory).
Published World Commodities and World Currency
Authored World Commodities and World Currency, proposing alternative bases for currency (Graham regarded this as major work).
Published 'The Undistributed Profits Tax and The Investor'
Article in The Yale Law Journal addressing undistributed profits tax implications for investors (academic contribution).
Published papers in American Economic Review
Published 'Money as Pure Commodity' and 'National Productivity: Its Relationship to Unemployment-in-Prosperity' in the American Economic Review.
Graham–Newman purchased 50% of GEICO for $712,500
Graham–Newman bought a half interest in GEICO for $712,500; later regulatory action led to distribution of GEICO shares to fund investors.
SEC ordered distribution of GEICO shares to Graham–Newman investors
To comply with regulatory limits, Graham–Newman distributed its GEICO holdings to fund shareholders (date tied to 1948 GEICO purchase).
Hypothetical investor outcome from GEICO distribution (illustrative)
Example: an investor owning 100 shares of Graham–Newman fund in 1948 (worth $11,413) who held the GEICO distribution would have had $1.66M by 1972.
Published The Intelligent Investor
Released The Intelligent Investor, widely regarded as the definitive book on value investing; introduced 'Mr. Market' and investment distinctions.
Reported fluency and linguistic pursuits
Taught himself Spanish to translate Mario Benedetti's The Truce and reportedly knew at least seven languages by the end of his life.
Miscellaneous creative pursuits (translation, playwriting, inventions)
Beyond finance, engaged in translations, wrote a Broadway play, and invented calculating devices — demonstrating broad intellectual interests.
Mentored Warren Buffett (student and later employee)
Warren Buffett was a student of Graham at Columbia and later worked at Graham–Newman; Buffett later called Graham one of his greatest influences.
Advocated index funds and passive investing concepts (early advocate)
Advocated concepts that anticipated index funds decades before they were widely available; cited in later retrospectives as an early proponent.
Security Analysis 3rd edition published
Third edition of Security Analysis published (book revised and expanded over decades).
Family tragedy (reported) influencing later life changes
Suffered a serious family tragedy (reported in biographies) that precipitated introspection and life changes leading to closure of his Wall Street office.
Began teaching at UCLA (Anderson School)
Started teaching security analysis (reportedly without pay) at UCLA's Graduate School of Business Administration.
Closed Graham–Newman and retired from active investing
Graham–Newman Corp. closed when Graham retired from active fund management.
Reportedly among Forbes' top five all-time fund managers (legacy recognition)
Biographies and retrospectives rank Graham among the most successful fund managers for the two-decade run of his partnership.
The Intelligent Investor 2nd revised edition published
A revised (second) edition of The Intelligent Investor published in 1959.
Published Journal of Finance paper and Security Analysis 4th ed.
Published 'Some Investment Aspects of Accumulation Through Equities' in The Journal of Finance and Security Analysis 4th edition appeared in 1962.
Continued academic publications on monetary proposals
Published works on commodity-reserve currency proposals and re-evaluations drawing attention to his alternative currency ideas.
Delivered 'Securities in an Insecure World' speech
Gave a major speech titled 'Securities in an Insecure World' (15 November 1963).
The Intelligent Investor 3rd revised edition
A revised edition (third) of The Intelligent Investor was published in 1965.
Illustrative GEICO distribution outcome referenced in retrospectives
Retrospectives cite that a 1948 investor who held GEICO after fund distribution could have realized roughly $1.66M by 1972 from an $11,413 initial holding.
The Intelligent Investor 4th revised edition
Fourth revised edition of The Intelligent Investor published (the book saw multiple reprints and revisions).
Graham's teaching legacy: Warren Buffett as disciple
Warren Buffett cited Graham as his primary teacher in investing; Buffett worked at Graham–Newman after Columbia and considered Graham hugely influential.
Legacy: 'Father of Value Investing'
By his death and in subsequent decades, Graham widely recognized as the 'father of value investing' and mentor to a generation of notable investors.
Died in Aix-en-Provence, France
Benjamin Graham died on September 21, 1976 in Aix-en-Provence at age 82.
Posthumous release: Benjamin Graham, The Memoirs of the Dean of Wall Street
Memoirs published posthumously (1996), compiling Graham's personal reflections and career recollections.
GEICO acquired by Berkshire Hathaway (relevant to Graham's investment)
GEICO — once a major source of profit for Graham–Newman investors — was acquired by Berkshire Hathaway in 1996 (posthumous to Graham but consequential to his legacy).
Enduring editions and reprints of The Intelligent Investor
The Intelligent Investor saw major modern reprints and annotated editions (e.g., 4th edition with Warren Buffett preface annotations by Jason Zweig were consolidated), keeping the work influential.
Security Analysis continued to be updated (6th ed. includes his work)
Security Analysis continued to be reissued and annotated; later editions (including 2008 and beyond) reflect the continued centrality of his ideas.
Key Achievement Ages
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