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Building A Profession
When Benjamin Graham began workingon Wall Street in 1914, the centerof American finance resembled a lawless frontier.The concept of regulatory laws was in itsinfancy, the SEC wouldn't see the light of dayfor 20 years, and many firms hid assets andearnings from nosy outsiders.
And security analysts didn't exist as weknow them. They were called "diagnosticians,"and they didn't do much analyzing. These investorsprided themselves on going with the"feel" of the market, and most of them rarelylooked at a financial statement. Appalled by the lack of research and quantification, Benjamin Graham set out to changeall this--and ended up creating the disciplineof modern security analysis.
"The small list of investment books that must grace the library of any serious investor--not to gather dust, but to be opened over and over again--just grew by one. This wonderful compilation of the wit and wisdom of Benjamin Graham is the new addition. Savor it. Learn from it. Treasure it."
John C. Bogle, founder and former Chief Executive, The Vanguard Group
"Investing involves the intelligent triangulation between fundamentals, psychology, and prices. Benjamin Graham, Building a Profession . . . illustrates how this investment legend never stopped thinking about this multi-dimensional challenge."
Seth Klarman, The Baupost Group
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