The "Father of Security Analysis"
1894-1976
The purpose of this brief guide is to provide some basic biographical information about Benjamin Graham and to direct you to his books and articles. Given that Graham is so closely connected to the concept of "value investing" it is only appropriate that we add value to this bibliography by providing electronically the complete text of articles when possible. As well, we have rounded up reviews which are also generally presented in full text. Therefore, this document should allow you to appraise Graham's work and see how it has been viewed by others over a long period of time. (Note: The full text of documents will only be available to members of the UWO/Ivey scholarly community. The complete citation is provided so others can find printed versions of the articles and for bibliographical purposes).
Graham was born in England, but moved as an infant to New York. He attended Columbia, graduated in 1914 and was long associated with that university. For those of us without portfolios and a firm grasp of finance and investments, perhaps the most impressive facts about Graham relate to his varied intellectual interests. He was truly a "renaissance man" who, upon graduation, was offered teaching positions in three departments - English, Philosophy and Mathematics. He was also a student of Latin and Greek and he translated from Spanish a novel by Uruguayan author Mari Benedetti. He was reportedly a good teacher (one of his students was Warren Buffett) and he was successful in business. In the early 1930s he published, with David Dodd, Security Analysis, which became a classic. Later his Intelligent Investor became known as the "bible of value investing".
Graham died in 1976 at the age of 82. An obituary is found in the New York Times, Sept. 23, 1976, p.44. In 2005, additional biographical information is found on the web and an example is provided at this Buffett-related site. Other suggestions are found at the end of the bibliography.
Presented below are: 1) Selected books by Graham with some reviews of those books; 2) Selected articles and reviews by Graham and 3) Some suggestions for further reading.
Security Analysis
HG4521.G67 1934 (and various editions)
Storage and Stability: A Modern Ever-Normal Granary
HC106.3.G681 1937
"Storage and Stability: A Modern Ever-Normal Granary" (Review)
Frank D. Graham
The American Economic Review, Vol. 28, No. 3. (Sep.,1938), pp. 575-577.
"Storage and Stability". (Review)
J. G. Smith
The Economic Journal, Vol. 48, No. 190. (Jun., 1938), pp.300-302.
"Storage and Stability: A Modern Ever-Normal Granary" (Review)
Don S. Anderson
The Journal of Political Economy, Vol. 46, No. 3. (Jun.,1938), pp. 435-437.
"Storage and Stability, A Modern Ever-Normal Granary". (Review)
Asher Hobson
Benjamin Graham; Alvin Johnson
Journal of the American Statistical Association, Vol. 34,No. 207. (Sep., 1939), pp. 597-599.
"Sagacity and Securities," Louis Rich, New York Times, Dec. 2, 1934.p. BR13.
"Security Analysis" (Review)
E. A. Kincaid
The Accounting Review, Vol. 10, No. 1. (Mar., 1935), pp.127-128.
"Security Analysis" (Review)
D. F. Jordan
The Accounting Review, Vol. 15, No. 4. (Dec., 1940), p.539.
"Security Analysis: Principles and Technique". (Review)
James E. Walter
The Journal of Finance, Vol. 18, No.4, Dec. 1963, pp.712-713.
World Commodities and World Currency
HF1041.G74. 1944
"World Commodities and World Currency". (Review)
Prentice N. Dean
Journal of the American Statistical Association, Vol. 40,No. 229. (Mar., 1945), p. 130.
"World Commodities and World Currency" (Review)
John T. Masten
Southern Economic Journal, Vol. 11, No. 3. (Jan., 1945), pp. 292-294.
"World Commodities and World Currency" (Review)
Henry C. Simons
The Journal of Political Economy, Vol. 53, No. 3. (Sep.,1945), pp. 279-281.
"World Commodities and World Currency". (Review)
Donald Fergusson
The Journal of Business of the University of Chicago, Vol.18, No. 3. (Jul., 1945), pp. 168-170.
"Commodity Reserve Currency". (Review)
Ralph Hawtrey
The Economic Journal, Vol. 70, No. 279. (Sep., 1960), pp.570-571.
The Intelligent Investor: A Book of Practical Counsel
HG4521.G665 1949 (and various editions)
"The Intelligent Investor". (Review)
Kenneth D. Roose
The Journal of Finance, Vol. 10, No. 3. (Sep., 1955), pp.406-407.
"A Classic Stock Guide is 50,", Michael Blumstein, New York Times, May 18, 1984.p.D1.
"The Intelligent Investor at 80," Milton Moskowitz, New York Times,
The Interpretation of Financial Statements
HG4028.B2G7 1964 (and various editions)
"The Interpretation of Financial Statements" (Review)
Theodore Lang
The Accounting Review, Vol. 12, No. 4. (Dec., 1937), p.434.
The Renaissance of Value: The Proceedings of a Seminar on the Economy, Interest Rates, Portfolio Management and Bonds vs Common Stocks
HG4910.R44 1974
Graham and Dodd's Security Analysis
HG4521.G67 1988
For a good review of the 5th edition of this book and the 4th edition of
The Intelligent Investor see "The Theory and Practice of Value Investing," by Martin
Mittelstaedt in the Globe and Mail, Dec.20, 1988, p.B8. (It is available electronically).
Benjamin Graham, the memoirs of the dean of Wall Street
HG172.G68A3 1996
For reviews of this book see:
"Timeless Tips," The Economist, Vol.341, No.7988, Oct. 19, 1996, p.S12.
"Graham & Dodd and the Dow 6000," Roger Lowenstein, the Wall Street Journal, Oct. 17, 1996, p.C1.
"Master Investor," Jeffrey Laderman, Business Week, No.3493, Sept. 16, 1996, p.18.
"Benjamin Graham....", Canadian Investment Review, Vol.9, No.4, Winter, 1996/97, p.41.
The Rediscovered Benjamin Graham: Selected Writings of the Wall Street Legend.
HG4522.G63 1999
The result of in-depth research, The Rediscovered Benjamin Graham brings together the
very best the investment legend had to offer, including such
incisive works as:
* "Inflated Treasuries and Deflated Stocks: Are Corporations Milking Their Owners?"
* "The Ethics of American Capitalism".
* "Proposals for an International Commodity-Reserve Currency".
* "The New Speculation in Common Stocks".
* "Is American Business Worth More Dead Than Alive?".
* "The Simplest Way to Select Bargain Stocks".
For a review see: "The Rediscovered Benjamin Graham: Selected Writings of the Wall Street Legend," Victor F.Morris, Financial Analysts Journal, Vol.55, No.6,Nov/Dec 1999, p.127.
"Some Calculus Suggestions by a Student"
Benjamin Graham
The American Mathematical Monthly, Vol. 24, No. 6. (Jun.,1917), pp. 265-271.
"The Undistributed Profits Tax and the Investor"
Benjamin Graham
The Yale Law Journal, Vol. 46, No. 1. (Nov., 1936), pp.1-18.
The Undistributed Profits Tax, by Alfred G. Buehler (Review)
Benjamin Graham
Columbia Law Review, Vol. 37, No. 6. (Jun., 1937), pp.1049-1051.
The Theory of Investment Value, by John Burr Williams (Review)
Benjamin Graham
The Journal of Political Economy, Vol. 47, No. 2. (Apr.,1939), pp. 276-278.
"The Critique of Commodity-Reserve Currency: A Point-by-Point Reply"
Benjamin Graham
The Journal of Political Economy, Vol. 51, No. 1. (Feb.,1943), pp. 66-69.
"Financial Statements From the Viewpoint of the Financial Analyst,
Benjamin Graham
New York Certified Public Accountant ,Vol.15, No.5, May 1945, p.231.
"Money as Pure Commodity"
Benjamin Graham
The American Economic Review, Vol. 37, No. 2, Papers and Proceedings of the Fifty-ninth
Annual Meeting of the American Economic Association. (May, 1947), pp.304-307.
"National Productivity: Its Relationship to Unemployment-in-Prosperity"
Benjamin Graham
The American Economic Review, Vol. 37, No. 2, Papers and Proceedings of the Fifty-ninth
Annual Meeting of the American Economic Association. (May, 1947), pp. 384-396
"Stock Dividends :They Can Save the Investor Many a Tax Dollar ,"
Benjamin Graham
Barron's National Business and Financial Weekly , Vol. 33, No.31, Aug. 3, 1953, p.4
"Stock Dividends :An Analysis of Some of the Major Obstacles,"
Benjamin Graham
Barron's National Business and Financial Weekly, Vol.33, No.32, Aug. 10, 1953, p.5
"STOCK MARKET WARNING: DANGER AHEAD!"
Benjamin Graham
California Management Review, Vol.2, No.3, Spring 1960, p.34
"Some Investment Aspects of Accumulation Through Equities"
Benjamin Graham
The Journal of Finance, Vol. 17, No. 2. (May, 1962), pp.203-214.
"Ben Graham Revisited"
Benjamin Graham
Journal of Accountancy, Vol.146, No.1, July 1978, p.77.
Books:
How to Think Like Benjamin Graham and Invest Like Warren Buffett
Money Masters of Our Time
Lessons from the Legends of Wall Street...
Benjamin Graham on Value Investing
Benjamin Graham: The Father of Financial Analysis
Articles:
There are many articles that discuss Graham and his work. We suggest that you use a database to find them and a good one to start with is ABI/INFORM Global. There are others and there are library staff available to assist you in your search.
Speeches:
“Securities in an Insecure World”, a speech Benjamin Graham delivered at Town Hall, St. Francis Hotel, November 15, 1963.
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