Investment Insights from the Monsters of Stock
Thoughts on last week's Benjamin Graham value investing conference.
Last Thursday I attended a conference in New York entitled "Value Investing: Celebrating the Life & Legacy of Benjamin Graham." The occasion was to celebrate Graham’s 110th birthday (of course, Graham is no longer with us, having died in 1976 at age 82). The panel discussions were fascinating and the list of speakers a who’s who of value investing. The all-star lineup included Seth Klarman, Bill Nygren, Chris Davis, Howard Newman, Bill Ruane, Peter Cundill, Walter Schloss, Mario Gabelli, John Rogers, Chris Browne, Jason Zweig, Bruce Greenwald, and Mason Hawkins, among others. (Warren Buffett chose not to attend the conference, although he was in New York at the time. Benjamin Graham Jr. was there, however.)
Whenever value investors get together to talk about stocks, the usual topics come up: margins of safety, intrinsic value, price/book, and economic moats. While those subjects were raised here as well, there were some new insights I gleaned from listening to the masters speak. Here are a few of them.
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