The Superinvestors of Graham-and-Doddsville

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The Superinvestors of Graham-and-Doddsville is a famous essay by Warren Buffett that emerged from an address he gave on May 17, 1984 at Columbia University School of Business at a ceremony marking the 50th anniversary 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 , which Graham and Dodd established with their bestseller at the time.

The essay is a lively defense of value investing against its critics from the camp of the market efficiency hypothesiswho repeatedly interpret the success of a Warren Buffett as sheer luck. Buffett, who over the years has always maintained that his profits from buying undervalued companies were by no means accidental, but were based solely on the consistent application of the principles of value investing, lists numerous other successful investors in his essay, all of them based on the same intellectual foster father (Benjamin Graham) go back. Ultimately, he substantiates his statements with impressive long-term studies of the investment results of the value investors described. Like him, they had managed over a long period of time to outperform the major indices such as the Dow Jones Industrial Average or the S&P 500 by investing in undervalued companies .

The following are mentioned by name in the essay:

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