This is a must-read for anyone who invests in the stock market or is thinking of investing in the stock market.
It’s based on a speech that Warren Buffett gave at Columbia Business School in 1984 and is arguably one of the best primers for investing you’ll ever read — and all in just 13 pages.
To quote Buffett, “… I have seen no trend to value investing the 35 years I’ve practiced it. There seems to be some perverse human characteristic that likes to make easy things difficult. The academic world, if anything, has actually backed away from the teaching of value investing over the last 30 years. It’s likely to continue that way. Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace, and those who read their Graham & Dodd will continue to prosper.”
To read the entire document (it’s a PDF file), simply click here.