Before Benjamin Graham (1894-1976), investing had been restricted to a special few. People didn’t know that what those ‘special few’ had been doing was merely guess-work!
In order for an individual to invest in the stock market, she or he had to submit to an ‘expert’, who was supposed to know the game of investing: A stock broker, a money manager or a fund manager.
The ‘experts’ had formed an elite circle of influence. What happened within that circle was at best ambiguous to the public. It was not a fair game! Not based on logic and common sense.
What Graham did to stock investing was very similar to what Newton did to physics and astronomy. He’d transformed the practise from one of hype to an activity of research, analysis, logic, decision-making, and of course, risk taking
To be continued..