The Superinvestors Of Graham-and-Doddsville
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The Superinvestors Of Graham-and-Doddsville
"The Superinvestors of Graham-and-Doddsville" is an article by Warren Buffett promoting value investing, published in the Fall, 1984 issue of ''Hermes'', Columbia Business School magazine. It was based on a speech given on May 17, 1984, at the Columbia University School of Business in honor of the 50th anniversary of the publication of Benjamin Graham and David Dodd's book ''Security Analysis''. The speech and article challenged the idea that equity markets are efficient through a study of nine successful investment funds generating long-term returns above the market index. All these funds were managed by Benjamin Graham's alumni, following the same "Graham-and-Doddsville" value investing strategy but each investing in different assets and stocks. The speech Columbia Business School arranged celebration of Graham–Dodd's jubilee as a contest between Michael Jensen, a University of Rochester professor and a proponent of the efficient-market hypothesis, and Buffett, who was known ...
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Warren Buffett
Warren Edward Buffett ( ; born August 30, 1930) is an American investor and philanthropist who currently serves as the chairman and CEO of the conglomerate holding company Berkshire Hathaway. As a result of his investment success, Buffett is one of the best-known investors in the world. According to ''Forbes'', as of May 2025, Buffett's estimated net worth stood at US$160.2 billion, making him the fifth-richest individual in the world. Buffett was born in Omaha, Nebraska. The son of U.S. congressman and businessman Howard Buffett, he developed an interest in business and investing during his youth. He entered the Wharton School of the University of Pennsylvania in 1947 before graduating from the University of Nebraska at 20. He went on to graduate from Columbia Business School, where he molded his investment philosophy around the concept of value investing pioneered by Benjamin Graham. He attended New York Institute of Finance to focus on his economics background and soon ...
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Pension Fund
A pension fund, also known as a superannuation fund in some countries, is any program, fund, or scheme which provides pension, retirement income. The U.S. Government's Social Security Trust Fund, which oversees $2.57 trillion in assets, is the world's largest public pension fund. Pension funds typically have large amounts of money to invest and are the major investors in listed and private companies. They are especially important to the stock market where large institutional investors dominate. The largest 300 pension funds collectively hold about USD$6 Trillion (short scale), trillion in assets. In 2012, PricewaterhouseCoopers estimated that pension funds worldwide hold over $33.9 trillion in assets (and were expected to grow to more than $56 trillion by 2020), the largest for any category of institutional investor ahead of mutual funds, insurance companies, currency reserves, sovereign wealth funds, hedge funds, or private equity. Classifications Open vs. closed pension fund ...
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Stock Portfolio
In finance, a portfolio is a collection of investments. Definition The term "portfolio" refers to any combination of financial assets such as stocks, bonds and cash. Portfolios may be held by individual investors or managed by financial professionals, hedge funds, banks and other financial institutions. It is a generally accepted principle that a portfolio is designed according to the investor's risk tolerance, time frame and investment objectives. The monetary value of each asset may influence the risk/reward ratio of the portfolio. When determining asset allocation, the aim is to maximise the expected return and minimise the risk. This is an example of a multi-objective optimization problem: many efficient solutions are available and the preferred solution must be selected by considering a tradeoff between risk and return. In particular, a portfolio A is dominated by another portfolio A' if A' has a greater expected gain and a lesser risk than A. If no portfolio dominates A, ...
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FMC Corporation
FMC Corporation is an American chemical manufacturing company headquartered in Philadelphia, Pennsylvania, which originated as an insecticide producer in 1883 and later diversified into other industries. In 1941 at the beginning of US involvement in WWII, the company received a contract to design and build amphibious tracked landing vehicles for the United States Department of War, and afterwards the company continued to diversify its products. FMC employs 7,000 people worldwide, and had gross revenues of US$4.7 billion in 2018. History The Bean Spray Pump Company Founded in 1883 as the Bean Spray Pump Company in Los Gatos, California, by chemist John Bean. The company's first product was a piston pump. Bean invented the pump to spray insecticide on the many fruit orchards in the area. A Bean sprayer was on display at the Forbes Mill museum in Los Gatos until its closure in 2014. Forbes Mill museum (see photo of Bean sprayer) Bean Avenue in downtown Los Gatos is named after J ...
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Washington Post
''The Washington Post'', locally known as ''The'' ''Post'' and, informally, ''WaPo'' or ''WP'', is an American daily newspaper published in Washington, D.C., the national capital. It is the most widely circulated newspaper in the Washington metropolitan area and has a national audience. As of 2023, the ''Post'' had 130,000 print subscribers and 2.5 million digital subscribers, both of which were the List of newspapers in the United States, third-largest among U.S. newspapers after ''The New York Times'' and ''The Wall Street Journal''. The ''Post'' was founded in 1877. In its early years, it went through several owners and struggled both financially and editorially. In 1933, financier Eugene Meyer (financier), Eugene Meyer purchased it out of bankruptcy and revived its health and reputation; this work was continued by his successors Katharine Graham, Katharine and Phil Graham, Meyer's daughter and son-in-law, respectively, who bought out several rival publications. The ''Post ...
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Charles Munger
Charles Thomas Munger (January 1, 1924November 28, 2023) was an American businessman, investor, attorney and philanthropist. He was vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett, from 1978 until his death in 2023. Buffett described Munger as his closest partner and right-hand man, and credited him with being the "architect" of modern Berkshire Hathaway's business philosophy. In addition to his role at Berkshire Hathaway, Munger was a founding partner of Munger, Tolles & Olson; chairman of Wesco Financial Corporation from 1984 through 2011; chairman of the Daily Journal Corporation, based in Los Angeles, California; and a director of Costco Wholesale Corporation. Early life and education Charles Thomas Munger was born on January 1, 1924, in Omaha, Nebraska, to Florence "Toody" (Russell) and Alfred Case Munger, a lawyer. As a teenager, he worked at Buffett & Son, a grocery store owned by Warren Buffett's grandfather, Ernest P. Buffett. H ...
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Blue Chip (stock Market)
A blue chip is capital stock of a Corporation, stock corporation with a national reputation for quality, reliability, and the ability to operate profitably in both good and bad times. Origin As befits the sometimes high-risk nature of stock picking, the term "blue chip" derives from the card game poker. The simplest sets of casino token, poker chips include casino token#Colors, white, red, and blue chips, with American tradition dictating that the blues are highest in value. In the United States, blue chips were traditionally used for higher values such that "blue chip" used in noun and adjectival word sense, senses are attested since 1873 and 1894, respectively. This established connotation was first extended to the sense of a blue-chip stock in the 1920s. According to Dow Jones & Company, Dow Jones company folklore, this sense extension was coined by Oliver Gingold (an early employee of the company that would become Dow Jones) sometime in the 1920s, when Gingold was standing ...
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William J
William is a masculine given name of Germanic origin. It became popular in England after the Norman conquest in 1066,All Things William"Meaning & Origin of the Name"/ref> and remained so throughout the Middle Ages and into the modern era. It is sometimes abbreviated "Wm." Shortened familiar versions in English include Will or Wil, Wills, Willy, Willie, Bill, Billie, and Billy. A common Irish form is Liam. Scottish diminutives include Wull, Willie or Wullie (as in Oor Wullie). Female forms include Willa, Willemina, Wilma and Wilhelmina. Etymology William is related to the German given name ''Wilhelm''. Both ultimately descend from Proto-Germanic ''*Wiljahelmaz'', with a direct cognate also in the Old Norse name ''Vilhjalmr'' and a West Germanic borrowing into Medieval Latin ''Willelmus''. The Proto-Germanic name is a compound of *''wiljô'' "will, wish, desire" and *''helmaz'' "helm, helmet".Hanks, Hardcastle and Hodges, ''Oxford Dictionary of First Names'', Oxf ...
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Berkshire Hathaway
Berkshire Hathaway Inc. () is an American multinational conglomerate holding company headquartered in Omaha, Nebraska. Originally a textile manufacturer, the company transitioned into a conglomerate starting in 1965 under the management of chairman and CEO Warren Buffett and vice chairman Charlie Munger (from 1978 to 2023). Greg Abel now oversees most of the company's investments and has been named as Buffett's successor. Buffett personally owns 38.4% of the Class A voting shares of Berkshire Hathaway, representing a 15.1% overall economic interest in the company. The company is often compared to an investment fund; between 1965, when Buffett gained control of the company, and 2023, the company's shareholder returns amounted to a compound annual growth rate (CAGR) of 19.8% compared to a 10.2% CAGR for the S&P 500. However, in the 10 years ending in 2023, Berkshire Hathaway produced a CAGR of 11.8% for shareholders, compared to a 12.0% CAGR for the S&P 500. From 1965 to 20 ...
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Sun Newspapers
Sun Newspapers was formed as a chain of weekly newspapers serving Northeast Ohio. Prior to a major reorganization in 2013, the chain consisted of 11 weekly newspapers serving 49 different communities in Greater Cleveland. The papers are focused on suburbs and Commuter town, exurbs in Cuyahoga County, Ohio, Cuyahoga, Geauga County, Ohio, Geauga, Lorain County, Ohio, Lorain and Medina County, Ohio, Medina Counties of the United States, counties. Its offices are in Valley View, Ohio, Valley View. Some of the papers in the chain date back, under previous ownership, to the early 20th century, the company was founded as part of SunMedia in 1969. In 1998 it was sold to Advance Publications, part of the Samuel Irving Newhouse Jr., S.I. Newhouse media empire, which also publishes ''The Plain Dealer'', the region's major daily. Newspapers The 11 papers are divided into four groups. Each group is responsible for two to three different papers, all of which have defined coverage areas. ...
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Dempsters
Dempsters was a privately held American company that over time produced submersible pumps, windmills and wind energy systems, water systems, recycling trailers, fertilizer equipment, and accessories. Originally named the Dempster Company and then the Dempster Wind Mill Company, it was incorporated under the laws of Nebraska in 1886 as Dempster Mill Manufacturing Company. The name was later changed to Dempster Industries and again to Dempsters LLC; the company was headquartered in Beatrice, Nebraska. History Founded in 1878 by Charles B. Dempster in Beatrice, Nebraska, the Dempster Mill Manufacturing Company was established to design and produce windmills, hand pumps, water well products, and agricultural equipment. The anticipated market included families headed west to begin a new life on homestead land offered by the U.S. government.(See Homestead Acts.) The Dempster Co. was originally located at the corner of Fourth and Court Streets. In 1884 brother A. R. Dempster joined the fir ...
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American Express
American Express Company or Amex is an American bank holding company and multinational financial services corporation that specializes in payment card industry, payment cards. It is headquartered at 200 Vesey Street, also known as American Express Tower, in the Battery Park City neighborhood of Lower Manhattan. Amex is the fourth-largest card network globally based on purchase volume, behind China UnionPay, Visa Inc., Visa, and Mastercard. 141.2 million Amex cards were in force worldwide as of December 31, 2023, with an average annual spend per card member of US$24,059. That year, Amex handled over $1.7 trillion in purchase volume on its network. Amex is list of largest banks in the United States, the 16th largest US bank, with a total of US$270 billion in assets or 1.1% of all assets insured by the Federal Deposit Insurance Corporation, FDIC. It is ranked 77th on the Fortune 500, ''Fortune'' 500 and 28th on the list of the most valuable brands by ''Forbes''. In 2023, it was ra ...
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