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Jason Zweig: These Grahams lessons are most relevant today
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By Borsgade
- - Published
In this keynote address at the 2024 Value Investing Conference, Jason Zweig, tenured investing columnist for The Wall Street Journal, discussed the continued relevance of Benjamin Graham’s principles of value investing, 75 years after the publication of Graham’s classic “The Intelligent Investor”.
Here are some of the key points from Jason’s talk:
- Investors should remember the concept of “Mr. Market” – Graham’s metaphor for the stock market – and be willing to hold positions for the long-term, just as an ETF does.
- Investment success comes from minimizing errors rather than maximizing returns. Zweig provides a formula to illustrate how investment costs and turnover can erode portfolio returns over time.
- Value investors may find opportunities today in specific parts of the marked, including mergers and acquisitions, community banks, bankruptcies, and stocks removed from market indexes.
Overall, Jason emphasizes that the core principles of value investing taught by Graham remain highly relevant today, even as the investment landscape has changed dramatically.
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