The Superinvestors of Graham-and-Doddsville

The Super Investors of Graham -and- Doddsville is a now famous essay by Warren Buffett, who emerged from a speech he on 17 May 1984 at the Columbia University School of Business at a celebration for the 50th anniversary of the publication of the first edition of the book Security Analysis by Benjamin Graham and David Dodd held.

The title of the essay is an allusion to the theoretical and intellectual origins of value investing, the Graham and Dodd with her ​​bestseller justified at the time.

The essay is a lively defense of value investing towards his critics from the camp of the efficient market hypothesis, which interpret the success of Warren Buffett always as pure luck. Buffett, who always claimed over the years, its profits from the purchase of undervalued companies were not due to chance, but based solely on the consistent application of the principles of value investing, resulting in his essay numerous other successful investors, all on the same intellectual foster-father (Benjamin Graham) back. He supports his statements finally impressive long-term studies of the performance results of the described value investors. This would, as he also managed over long periods to beat by investing in undervalued companies, the major indices such as the Dow Jones Industrial Average or the S & P 500.

In the essay, see in particular mention:

• Walter Schloss
• Tom Knapp and Ed Anderson of Tweedy, Browne Inc.
• William J. Ruane and his Sequoia Fund
• Rick Guerin Pacific Partners Ltd.
• Stan Perlmeter of Perlmeter Investments
• Charles Munger
• Buffett himself with his Buffett Partnership Ltd..