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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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Warren Buffett
Warren Edward Buffett ( ; born August 30, 1930) is an American business magnate, investor, and philanthropist. He is currently the chairman and CEO of Berkshire Hathaway. He is one of the most successful investors in the world and has a net worth of over $100 billion as of November 2022, making him the world's sixth-wealthiest person. Buffett was born in Omaha, Nebraska. He developed an interest in business and investing in his youth, eventually entering the Wharton School of the University of Pennsylvania in 1947 before transferring to and graduating from the University of Nebraska at 19. 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 his economics background and soon after began various business partnerships, including one with Graham. He created Buffett Partnership, Ltd in 1956 and his firm eventually ac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pension Fund
A pension fund, also known as a superannuation fund in some countries, is any plan, fund, or scheme which provides retirement income. 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 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. The Federal Old-age and Survivors Insurance Trust Fund, which oversees $2.66 trillion in assets, is the world's largest public pension fund. Classifications Open vs. closed pension fund Open pension funds ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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 domina ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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)http://www.mercurynews.com/los-gatos/ci_26780835/lo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Washington Post
''The Washington Post'' (also known as the ''Post'' and, informally, ''WaPo'') is an American daily newspaper published in Washington, D.C. It is the most widely circulated newspaper within the Washington metropolitan area and has a large national audience. Daily broadsheet editions are printed for D.C., Maryland, and Virginia. The ''Post'' was founded in 1877. In its early years, it went through several owners and struggled both financially and editorially. Financier Eugene Meyer purchased it out of bankruptcy in 1933 and revived its health and reputation, work continued by his successors Katharine and Phil Graham (Meyer's daughter and son-in-law), who bought out several rival publications. The ''Post'' 1971 printing of the Pentagon Papers helped spur opposition to the Vietnam War. Subsequently, in the best-known episode in the newspaper's history, reporters Bob Woodward and Carl Bernstein led the American press's investigation into what became known as the Watergate sca ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Charles Munger
Charles Thomas Munger (born January 1, 1924) is an American billionaire investor, businessman, and former real estate attorney. He is vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett; Buffett has described Munger as his closest partner and right-hand man. Munger served as chairman of Wesco Financial Corporation from 1984 through 2011. He is also chairman of the Daily Journal Corporation, based in Los Angeles, California, and a director of Costco Wholesale Corporation. Early life and education Munger was born in Omaha, Nebraska. As a teenager, he worked at Buffett & Son, a grocery store owned by Warren Buffett's grandfather. His father, Alfred Case Munger, was a lawyer. His grandfather was Thomas Charles Munger, a U.S. district court judge and state representative. He enrolled in the University of Michigan, where he studied mathematics. During his time in college, he joined the fraternity Sigma Phi Society. In early 1943, a few days after h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Blue Chip (stock Market)
A blue chip is stock in a ''stock corporation'' (contrasted with non-stock one) with a national reputation for quality, reliability, and the ability to operate profitably in 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 poker chips include 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 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 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 by the stock ticker at the brokerage firm that later ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
William J
William is a male given name of Germanic languages, Germanic origin.Hanks, Hardcastle and Hodges, ''Oxford Dictionary of First Names'', Oxford University Press, 2nd edition, , p. 276. It became very popular in the English language after the Norman conquest of England 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 (given name), Will, Wills (given name), Wills, Willy, Willie, Bill (given name), Bill, and Billy (name), Billy. A common Irish people, Irish form is Liam. Scottish people, Scottish diminutives include Wull, Willie or Wullie (as in Oor Wullie or the play Douglas (play)#Theme and response, ''Douglas''). Female forms are Willa, Willemina, Wilma (given name), Wilma and Wilhelmina (given name), Wilhelmina. Etymology William is related to the given name ''Wilhelm'' (cf. Proto-Germanic ᚹᛁᛚᛃᚨᚺᛖᛚ� ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Berkshire Hathaway
Berkshire Hathaway Inc. () is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States. Its main business and source of capital is insurance, from which it invests the float (the retained premiums) in a broad portfolio of subsidiaries, equity positions and other securities. The company has been overseen since 1965 by its chairman and CEO Warren Buffett and (since 1978) vice chairman Charlie Munger, who are known for their advocacy of value investing principles. Under their direction, the company's book value has grown at an average rate of 20%, compared to about 10% from the S&P 500 index with dividends included over the same period, while employing large amounts of capital and minimal debt. The company's insurance brands include auto insurer GEICO and reinsurance firm General Re. Its non-insurance subsidiaries operate in diverse sectors such as confectionery, retail, railroads, home furnishings, machinery, jewelry, apparel, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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 exurbs in Cuyahoga, Geauga, Lorain and Medina counties. Its offices are in 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 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. *''Sun Star-Courier'': Brecksville, Broadview Heights, Strongsville and North Royalton. *''Medina Sun'': Medina and Medina Township. *''Brunswick Sun Times'': Brunswi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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 fi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Express
American Express Company (Amex) is an American multinational corporation, multinational corporation specialized in payment card industry, payment card services headquartered at 200 Vesey Street in the Battery Park City neighborhood of Lower Manhattan in New York City. The company was founded in 1850 and is one of the 30 components of the Dow Jones Industrial Average. The company's logo, adopted in 1958, is a gladiator or centurion whose image appears on the company's well-known traveler's cheques, charge cards, and credit cards. During the 1980s, Amex invested in the brokerage industry, acquiring what became, in increments, Shearson Lehman Hutton and then divesting these into what became Smith Barney Shearson (owned by Primerica) and a revived Lehman Brothers. By 2008 neither the Shearson nor the Lehman name existed. In 2016, credit cards using the American Express network accounted for 22.9% of the total dollar volume of credit card transactions in the United States. , the com ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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