Benjamin Graham. The smart investor. Investment principle. Warren Buffett's teacher.

Greetings dear colleagues!
I decided to write a post today about the Great Man Benjamin Graham. Ifor a long time did not dare to touch this topic, because it was necessary to prepare very well! It's hard to write about a Great person (especially about such a person).
So, Benjamin Graham is a famous Americaneconomist and professional investor. He is often called the father of value investing. His career began as a messenger for the brokerage firm Henderson & Loeb. In addition to his duties as messenger, he had to mark bond and stock prices on the quotation board. By 1919, wages were $600,000.
In 1926, Benjamin and Jerome Newman formed an investment partnership. It was this company that hired Warren Buffett thirty years later.
In 1928-1956, while dealing with company affairsGraham – Newman, Graham simultaneously taught a course in Finance at Columbia University. His 1934 book, Security Analysis, co-authored with David Dodd.

which is still the "bible forinvestors. (by the way, I also purchased this book in Russian - I hunted for it for a long time and found it). Warren Buffett claims that Graham gave him the very first book - the one in which the great Graham wrote his notes. Three years later, the book “Analysis of Company Financial Statements” was written (I also got this book).

And Graham's third book, The Intelligent Investor, was published in 1949.

I think you already guessed)))) I found it too)Graham urged the investment community to make a fundamental distinction between investment and speculation. He defined investment as an operation based on a careful analysis of facts, prospects, safety of invested funds and sufficient income. Everything else was considered speculation. Graham wrote that the owner of shares should treat them primarily as his share in the business. Keeping this in mind, an investor should not worry about stock price fluctuations because in the short term, the stock market behaves like a voting machine. In the long term, the market behaves like a “scale” - that is, the intrinsic value of a stock is ultimately reflected in its price.
Benjamin recommends investors concentrateyour efforts to analyze the financial condition of the company. (Margin of Safety) When a company's shares are traded in the market at prices below their intrinsic value, there is a so-called margin of safety that makes them an attractive investment. Graham wrote that an investment makes the most sense when it is most similar to a business venture. Warren Buffett speaks of these words as the most important words ever written about investing. Graham says that only a correctly conducted analysis based on reliable facts matters, and the agreement or disagreement of other investors is secondary.
INVESTMENT PRINCIPLES
Benjamin Graham developed and used the following investment approaches:
1. Value investing for current assets
2. Protected value investing
3. Entrepreneurial value investing.

My conclusion
Written book "Security Analysis" in 1934year is still relevant today. Who could have imagined that Graham saw what was happening in our modern world. The modern investor, when purchasing shares, should treat it as a share in a business and benefit from it. If you benefit from the difference in stock prices, this is already speculation. The investor must decide for himself whether he is an investor or a speculator. I highly recommend Graham's work as a must-read. Imagine, such information was available a long time ago and Western investors used this knowledge to make fortunes for themselves. Many Russian investors speculate and only a few invest, since the stock market came to Russia in the early 90s. I think it will be useful for our investors to get acquainted with the work of Benjamin Graham and gain outstanding information and expand colossal knowledge.

Thank you!