Warren Buffett’s mentor Benjamin Graham- Master of value investing; followers’ success stories
时间:2024-06-26 10:53:59 阅读(143)
In the world of investing, few names command as much respect and admiration as Benjamin Graham – mentor to none other than Warren Buffett. Often referred to as the “father of value investing,” Ben Graham’s investment philosophy has stood the test of time and continues to influence generations of influential investors including Warren Buffett, Seth Klarman, Walter Schloss, Joel Greenblatt, and others. With a keen eye for undervalued securities and a focus on fundamental analysis, Ben Graham’s approach has yielded impressive results.The Concept of Value Investing
At its core, value investing involves identifying stocks that are trading below their intrinsic value. Graham believed that the market is often driven by irrational and emotional factors, leading to temporary mispricings of stocks. Value investors, therefore, seek to take advantage of these mispricings by purchasing stocks at a discount, with the expectation that their true worth will eventually be recognised.
Warren Buffett: Graham’s most famous disciple Warren Buffett has masterfully applied his mentor’s principles. Through his company Berkshire Hathaway, Buffett has built a legendary investment portfolio, focusing on companies with solid fundamentals and competitive advantages. Classic examples include his investments in Coca-Cola, American Express, and Wells Fargo.
Seth Klarman: Known for his meticulous approach to investing, Seth Klarman has consistently employed Graham’s value investing techniques. He has achieved remarkable success with his hedge fund, The Baupost Group. Klarman’s notable investments include positions in distressed assets, such as Lehman Brothers during the financial crisis, and undervalued companies like Cheniere Energy.
Walter Schloss: Another Graham disciple, Walter Schloss, applied a straightforward and disciplined approach to value investing. Schloss achieved impressive long-term returns by investing in undervalued stocks with low price-to-book ratios. His successful investments included McDonald’s and Coca-Cola.
Joel Greenblatt: Known for his book “The Little Book That Beats the Market,” Greenblatt incorporated Graham’s principles into his investment strategy. He developed the “Magic Formula,” which combines measures of a company’s earnings yield and return on capital to identify attractive investment opportunities. Notable successes include his investments in companies like Graham Holdings and General Motors.
Benjamin Graham’s philosophy of value investing has not only produced remarkable returns for investors but has also fostered a disciplined and rational approach to the stock market. By focusing on fundamental analysis and seeking undervalued opportunities, value investors can potentially capitalize on market inefficiencies and achieve long-term success.
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If the current trend continues for a longer period of time, not only oil mills but oilseeds growers will also not be able to get good rates of their produce, says Samir Shah, president of Gujarat State Edible Oils and Oil Seeds Association (GEOA). Shah who is also past president of SOMA says that due to various international factors rates of edible oils had gone up considerably, especially imported oils earlier this year.
“With a view to curb rising prices of edible oil, the Government of India reduced import duty on edible oils. Considering the fact that India is producing hardly 30 percent of its edible oil requirement, the decision was right at that point of time. Now when international prices of edible oils have gone down by 15 percent to 25 percent and high production period has started in edible oil exporting countries, the government should gradually increase import duty to protect local oil mills and oilseeds growers,” said Shah. GEOA has also made representation before Union Minister for Commerce & Consumer Affairs, Piyush Goyal to increase import duty.
In June import duty on edible oils was ranging from 35 to 55 percent, since then the government gradually reduced import duty and at present it is ranging from zero percent to 15 percent on different edible oils, he said.
Just a month back prices of edible oils were through the roof and the government took appropriate measures by reducing import duty in order to protect consumers, says Atul Chaturvedi, president of Solvent Extractors Association of India (SEA). “Prices of edible oils are coming down globally. Kharif sowing has already started across the country. In the interest of local farmers, it is high time to enhance import duty in a phased manner to encourage local edible oil value chain,” opined Chaturvedi.
On Thursday imported Palm oil prices were at around Rs 2100 per 15 kg as against local Rs 2700 and Rs 2550 of groundnut and cottonseed oils. Prices of other local oils including ricebran, coconut, soyabean and mustard remained as high as Rs 2350, Rs 2520, Rs 2500 and Rs 2580 respectively.
India imports around 13-13.5 million tonnes of edible oils, of which around 8-8.5 million tonnes (around 63 per cent) are palm oil. Though the price of other imported Sunflower oil remained at around Rs 2700 per 15 kg, but import quantity of the oil is much lower than that of palm oil.
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