The Rediscovered Benjamin Graham Lectures from 1946/47

Ben Graham's 10-part lecture series he gave to a group of students in 1946, intending to update the teachings of the 1940 edition of Security Analysis.

In 1946, Ben Graham would begin a series of 10 lectures to a classroom of pupils based on a course called Current Problems in Security Analysis. His intention was to inform his audience about the techniques of security analysis, and also to update his thoughts from his recent book, Security Analysis, published six years prior. Many know Graham as the mentor to Warren Buffett, who states that his investing style is 85% Graham and 15% Phil Fisher. While Fisher was regarded as an investor who helped others to recognise the value of qualitative analysis, Graham’s teachings are known to be firmly placed in the field of quantitative analysis. You may not be a pupil of Graham’s philosophies, I certainly am not, but the lectures make for an entertaining and insightful read nonetheless.

The full transcript, some 73 pages in total, was too long to reproduce in Substack, so I have taken the liberty of compiling each of the lectures into one Google Doc, which you may download as a PDF if you wish…