1 Coauthored with David Dodd and first published in 1934.
2 The Grossbaums changed their name to Graham during World War I, when German-sounding names were regarded with suspicion.
3 Graham-Newman Corp. was an open-end mutual fund (see Chapter 9) that Graham ran in partnership with Jerome Newman, a skilled investor in his own right. For much of its history, the fund was closed to new investors. I am grateful to Walter Schloss for providing data essential to estimating Graham-Newman’s returns. The 20% annual average return that Graham cites in his Postscript (p. 532) appears not to take management fees into account.
4 The text reproduced here is the Fourth Revised Edition, updated by Graham in 1971–1972 and initially published in 1973.
* The two ...