Superinvestors of Graham-and-Doddsville: Unterschied zwischen den Versionen

== Original-Text<ref>[https://www8.gsb.columbia.edu/articles/columbia-business/superinvestors The Superinvestors of Graham-and-Doddsville]</ref> ==

“Superinvestor” Warren E. Buffett, who got an A+ from Ben Graham at Columbia in 1951, never stopped making the grade. He made his fortune using the principles of Graham and Dodd's . Here, in celebration of the 50th anniversary of that classic text, he tracks the records of investors who stick to the “value approach” and have gotten rich going by the book.

May 17, 1984

Is the Graham and Dodd “look for  values with a significant margin of safety relative to prices”  approach to security analysis out of date? Many of the professors who  write textbooks today say yes. They argue that the stock market is  efficient; that is, that stock prices reflect everything that is known  about a company’s prospects and about the state of the economy.  There are no undervalued stocks, these theorists argue, because there  are smart security analysts who utilize all available information to  ensure unfailingly appropriate prices. Investors who seem to beat the  market year after year are just lucky. “If prices fully reflect  available information, this sort of investment adeptness is ruled  out,” writes one of today’s textbook authors.

In conclusion, some of the more commercially minded among you may  wonder why I am writing this article. Adding many converts to the  value approach will perforce narrow the spreads between price and  value. I can only tell you that the secret has been out for 50 years,  ever since Ben Graham and Dave Dodd wrote ''Security Analysis'',  yet I have seen no trend toward value investing in the 35 years that  I’ve practiced it. There seems to be some perverse human  characteristic that likes to make easy things difficult. The academic  world, if anything, has actually backed away from the teaching of  value investing over the last 30 years. It’s likely to continue  that way. Ships will sail around the world but the Flat Earth Society  will flourish. There will continue to be wide discrepancies between  price and value in the marketplace, and those who read their Graham  & Dodd will continue to prosper.

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