Storage and Stability: A Modern Ever-Normal Granary

by Benjamin Graham

This reissue of Storage and Stability is the first in the new Benjamin Graham Classics series. This series will feature beautifully packaged reprints of several of Graham's early works, each of which will have new forewords from some of today's most well-known investment gurus. Highly controversial in its day, this 1937 treatise, written during the Drepression to spur Congress and American public to greater financial awareness, shares Graham's own thoughts on the importance of supply and demand, production and consumption, and their inherent influences on value investing.

Genres: Finance, Money

298 pages, Hardcover

First published December 1, 1997

About the author

Benjamin Graham was a British-born American financial analyst, investor and professor. He is widely known as the "father of value investing", and wrote two of the discipline's founding texts: Security Analysis (1934) with David L. Dodd, and The Intelligent Investor (1949). His investment philosophy stressed independent thinking, emotional detachment, and careful security analysis, emphasizing the importance of distinguishing the price of a stock from the value of its underlying business.
After graduating from Columbia University at age 20, Graham started his career on Wall Street, eventually founding Graham–Newman Corp., a successful mutual fund. He also taught investing for many years at Columbia Business School, where one of his students was Warren Buffett. Graham later taught at UCLA Anderson School of Management at the University of California, Los Angeles.
Graham laid the groundwork for value investing at mutual funds, hedge funds, diversified holding companies, and other investment vehicles. He was the driving force behind the establishment of the profession of security analysis and the Chartered Financial Analyst designation. He also advocated the creation of index funds decades before they were introduced. Throughout his career, Graham had many notable disciples who went on to earn substantial success as investors, including Irving Kahn and Warren Buffett, who described Graham as the second most influential person in his life after his own father. Among other well-known investors influenced by Graham were Charles D. Ellis, Mario Gabelli, Seth A. Klarman, Howard Marks, John Neff and John Marks Templeton.

Reviews

[Peter S · Rating 2 out of 5]

First three chapters are very interesting. Graham goes through why periods of oversupply are really dangerous and perhaps more so than under, and what the government can do to prevent it. But then it got boring. Skimmed the rest. Not a fan. Very policy based.