信璞投资归江：价值投资者究竟如何学习格雷厄姆？心生喜欢才能身体力行

Core Viewpoint - The article emphasizes the enduring relevance of Benjamin Graham's investment philosophy, highlighting its foundational role in value investing and its service to the public, particularly in times of economic distress [3][69]. Group 1: Investment Philosophy - Graham's "Security Analysis" serves as a cornerstone for professional investors, while "The Intelligent Investor" provides guidance for amateur investors [3]. - The essence of Graham's value investing is rooted in empathy for the common people, aiming to serve the public rather than merely focusing on investment techniques [3][69]. - The article discusses the importance of deep research in investment, as exemplified by the performance of the fund managed by Guijiang, which has consistently achieved positive returns since its inception [4]. Group 2: Historical Context - The article divides the historical context of Graham's era into two main periods: the Graham era (1901-1945) and the Buffett era (1945-present), with significant political and economic events shaping these times [18][19]. - The political landscape during Graham's time was marked by anti-monopoly sentiments and regulatory measures aimed at addressing wealth inequality, which influenced his investment strategies [22][30]. - The article highlights the contrast between the high tax, anti-monopoly environment of Graham's era and the low tax, efficiency-driven environment of Buffett's era, suggesting a cyclical nature of economic policies [30]. Group 3: Personal Journey - Graham's personal experiences, including financial struggles and family hardships, shaped his investment philosophy and empathy towards ordinary investors [41][48]. - His early life, marked by the loss of his father and his mother's financial struggles, instilled in him a sense of responsibility towards helping others navigate financial challenges [41][42]. - The article notes that Graham's failures and crises, including significant losses during the Great Depression, ultimately led to the creation of "Security Analysis," reflecting his commitment to educating investors [55][60]. Group 4: Legacy and Influence - Graham's teachings and writings have profoundly influenced subsequent generations of investors, including his notable disciples like Warren Buffett [63]. - The article discusses how Graham's investment strategies have evolved over time, adapting to changing market conditions while maintaining core principles [62]. - The establishment of the CFA certification and the Securities Analysts Association are highlighted as part of Graham's legacy in promoting ethical investment practices [63].