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Benjamin Graham’s Lost Chapter. In the 1962 edition of Security Analysis Graham wrote a chapter titled, “Newer Methods for Valuing Growth Stocks”. As the title implies, this chapter was a detailed instruction on how to value growth stocks. Interestingly, in subsequent editions of Security Analysis this chapter was removed and has never been reprinted. Of course, there are two ironies: 1) Geico was a growth stock and Graham’s biggest winner, and 2) Graham is famous for his net-net style of investing, which by today’s standards, is completely opposite of a “growth stock”. Was Graham’s investment philosophy changing? How would Graham view growth investing today?
Topics of Discussion:
-What happened to Graham’s lost chapter?
-Was Benjamin Graham changing his investment style?
-How would Graham describe value investing today?
-Is there a difference between growth and value investing?
An engaging discussion with investment manager and author of Benjamin Graham and the Power of Growth Stocks, Fred Martin. Following our author interview we had an interactive dialogue with an all-star panel of academics and practitioners discussing growth and value investing.