Buffett & Munger

Lessons from the Masters of Value Investing

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The Heilbrunn Center for Graham and Dodd Investing at Columbia Business School

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Value investing was developed in the 1920s at Columbia Business School by finance professors Benjamin Graham and David Dodd, MS ’21. The authors of the classic text Security Analysis, Graham and Dodd were the very pioneers of their field.  After being rejected by Harvard, Warren Buffett attended Columbia and became Ben Graham's star student.   The Heilbrunn Center for Graham & Dodd Investing was established in 2002, ensuring a permanent home for value investing at Columbia Business School.   The school's website offers resources for value investors including Public items from the Schloss Archives.

 

 

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" The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behavior akin to that of Cinderella at the ball. They know that overstaying the festivities -- that is, continuing to speculate in companies that have gigantic valuations relative to the cash they are likely to generate in the future -- will eventually bring on pumpkins and mice. But they nevertheless hate to miss a single minute of what is one helluva party. Therefore, the giddy participants all plan to leave just seconds before midnight. There's a problem, though: They are dancing in a room in which the clocks have no hands. "

Warren Buffett



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