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Jason Zweig: These Grahams lessons are most relevant today

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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The above has been prepared by Børsgade ApS for information purposes and cannot be regarded as a solicitation or recommendation to buy or sell any security. Nor can the information etc. be regarded as recommendations or advice of a legal, accounting or tax nature. Børsgade cannot be held liable for losses caused by customers’/users’ actions – or lack thereof – based on the information in the above. We have made every effort to ensure that the information in the above is complete and accurate, but cannot guarantee this and accept no liability for errors or omissions.

Readers are advised that investing may involve a risk of loss that cannot be determined in advance, and that past performance and price development cannot be used as a reliable indicator of future performance and price development. For further information please contact info@borsgade.dk

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