 Reading an author ’s early writing allows us to see juvenile attempts at expressing a message more fully developed in that author’s later works. Having read through the Intelligent Investor and Security Analysis a few times, reading Benjamin Graham on Investing was an interesting opportunity to do just this.
Rodney Klein has put together a collection of early writings from Benjamin Graham pulled from a selection of shorter magazine articles by Graham dating from the period 1917-1927. Chapters include such topics as: Valuation of Great Northern Oil Certificates, and Is United Drug Cheap at 53?
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Benjamin Graham is known as the father of value investing and is probably one of the most well read and studied investor of the 20th century. While his most famous work The Intelligent Investor is read in business schools around the word, not much is known about the man behind the writing. Much of this is due to the quite reserved life that Graham lead and some also to the fact that he existed before the era of the celebrity investor to understand any author’s great works requires some back ground so I present to you these 5 facts about Benjamin Graham:
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 This article originally appeared on The DIV-Net May 9 2009.
Charlie Munger though a pioneer in value investing and the four filters is a fairly raw character and has a way of getting to the point in a sometimes abrupt manner. Charlie did just this when he referred to EBITDA as “bullsh*t earnings” at the Berkshire Hathaway meetings in 2003.
EBITDA = Earnings before interest taxes depreciation, and amortisation.
What is the Problem with EBITDA?
Well let me give an example:
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- Company A earns $1M and pays $.75M in interest, taxes, & depreciation.
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 Read any investment book, blog, or magazines and you will see a multitude of recommendations related to buying stocks. Unfortunately, little is written about selling the stocks that you already own.
I use three key principals in deciding when to sell a stock:
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- Principal 1: Don’t be greedy.
- Principal 2: Don’t be afraid to admit you were wrong.
- Principal 3: Don’t let your carriage turn into a pumpkin.
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