If value investing has a founding father, it is Benjamin Graham. Born in London in 1894 and raised in New York after his family emigrated, Graham made his name on Wall Street and then, crucially, in the lecture halls of Columbia Business School, where he spent decades teaching the discipline he had all but invented. Among his students sat a young Warren Buffett, who would later credit Graham, after his own father, as the greatest influence on his life.
Graham’s insight was deceptively simple. A share is not a lottery ticket but a stake in a real business, and the intelligent investor buys only when the price sits comfortably below that business’s underlying worth. From this he drew his most famous principle, the margin of safety, along with his memorable parable of Mr Market, the emotionally erratic business partner whose daily mood swings the level-headed investor should exploit rather than obey.
He died in 1976, yet his thinking still underpins how serious investors reason today.