market folly

Today we wanted to highlight extremely rare video footage of value investor Benjamin Graham.  This video was shown at the Columbia Investment Management Conference (notes from the event here).  In addition to the footage of Graham, the video also features interviews with his protege Warren Buffett, Irving Kahn, Charles Brandes and many others.

Here's one of the Ben Graham quotes from the video:

"The explanation cannot be found in any mathematics, but it has to be found in investor psychology.  You can have an extraordinary difference in the price level merely because not only speculators but investors themselves are looking at the situation through rose colored glasses rather than dark blue glasses."   

Marshall Weinberg, a student of Graham's on the teacher: "Ben Graham opened the course by saying, 'if you want to make money on Wall Street, you must have the proper psychological attitude.' "

Warren Buffett on Graham: "Making money did not motivate him."

Embedded below is the video on Ben Graham's legacy:



Of course if you haven't already, stop what you're doing and read Graham's two books: The Intelligent Investor and Security Analysis.

Hat tip to Santangels Review for finding the video.