Ben Graham

Warren Buffett & Ben Graham on Diversification & Investment Philosophy Differences

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“Interesting possibilities abound on the financial scene, and the intelligent and enterprising investor should be able to find both enjoyment and profit in this three-ring circus. Excitement is guaranteed.” –Ben Graham, from the postscript of The Intelligent Investor.  I was listening to the tribute video that came out a few days ago on Ben Graham. It’s a great video put together by Columbia Business School, and I highly recommend taking a listen to it. In it, the producers interview Warren […]

General Thoughts

Successful Investing Comes in All Shapes and Sizes

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I’ve been reading through Money Masters of Our Time by John Train. I’m about halfway through the book, which covers 17 great investors with long term performance records including the likes of Buffett, Graham, Soros, Steinhardt, Neff, Robertson, Templeton, Lynch along with a number of others. One of the things I do on a regular basis is read and review books and articles written by or about successful investors such as the ones mentioned above. It’s the best way I […]

General Thoughts

NYSE Yearly Price Data 1825-1915

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I love history and I love stocks, so naturally I’m always interested when I come across something interesting on stock market history. Over the weekend I happened to stumble across an excel file I have saved in my archives that I labeled “NYSE Yearly Data 1825-1915”. As you can infer from the title, this file has all of the yearly closing prices from the New York Stock Exchange from 1825-1915. It is essentially the NYSE average going back nearly 200 […]

General Thoughts

Quick Example of Why “Efficient Market Hypothesis” is Wrong

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The Efficient Market Hypothesis (EMH) has long been a staple among academics and business schools. The basic premise behind EMH is that markets are efficient in the processing of information; meaning that stock prices always reflect all publicly known facts, and as new facts become public knowledge, the market instantly updates this information and the stock price fluctuates accordingly. The EMH implies that there is no possible way (absent of illegal insider information) for an investor to consistently pick a group […]

General Thoughts

42% per year by buying “5-star wide moat” stocks?

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I use two main tools on a daily basis while doing my stock analysis and research: Value Line and Morningstar. Both provide a great long term history of company financial data all in one place, making it very easy to determine if a particular stock is worth investigating further. I use Value Line as more of a magazine to flip through stock tables on a daily basis looking for ideas. I use Morningstar as a way to quickly plug in ticker […]

General Thoughts

Base Hit Investing Blog

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This is the first post on my blog. I have long been interested in value investing and thanks to the web and the plethora of excellent resources, I’ve been able to learn an incredible amount over the years simply by reading ideas and thoughts from other successful investors. Writing down ideas can be extremely valuable to the learning process, and so I thought I’d begin writing a blog as an extension of my investment journal that I keep on a […]