Benjamin Graham

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Benjamin Graham was an influential American economist. He is considered the forerunner of the stock buy-and-hold strategy adopted by his billionaire follower Warren Buffett. The focus of this strategy is to buy stocks of solid companies with good prospects of cash generation and keep them in the portfolio of investments for a long period, to maximize profits, eliminating excessive transaction costs and income tax. That is why the name buy and hold, meaning "buy and hold" (literal translation). Graham's known disciples include Jean-Marie Eveillard, Warren Buffett, William J. Ruane, Irving Kahn, Walter J. Schloss, among others. Graham, who was of Jewish descent, and whose original surname was Grossbaum, was born in London and moved to New York with his family when he was one year old. His parents changed the family name during World War I, when the Germans put several names under suspicion. After the death of his father and experiencing the humiliation of poverty, he became a good student, graduating from Columbia University at age 20. He was invited to work as an English, math and philosophy instructor, but chose a job on Wall Street, starting the Graham-Newman partnership. His book, Security Analysis, with David Dodd, was published in 1934 and considered the bible of investors ever since.

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