Study of Market History through Graham and Buffet and Others

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"Many outstanding investors have been fanatical students of history because history teaches you to place events into perspective, to understand that industries boom and fade; cycle’s repeat and human folly is never-ending. Bill Gross of Pimco (The Fixed Income Money Manager) said that the history books in his office have been a better guide to making money in the bond markets than any financial analysis. Seth Klarman, value investor extraordinaire, has endowed a history chair. Warren Buffett sat for hours in the Columbia University Library reading newspapers—including the ads--from the 1930s to gain a sense of the Great Depression.

Jim Rogers, the peripatetic investor, speaks about the value of studying history as an investor in the foreword to Financial Reckoning Day Fallout (2009) by William Bonner and Addison Wiggin. Jim Rogers: “The only other way (besides visiting countries around the world yourself) to know what is going on is to study history. When I teach or speak at universities, young people always ask me: “I want to be successful and travel around the world; what should I study?” I always tell them the same thing: “Study history.” And they always look at me very perplexed and say, “What are you talking about….what about economics, what about marketing?” “If you want to be successful, “I always say, “You’ve got to understand history. You will see how the world his always changing. You will see how a lot of the things we see today have happened before. Believe it or not, the stock market didn’t begin the day you graduated from school. The stock market’s been around for centuries. All markets have. These things have happened before. And will happen again.”

Dokumentet är ett samlingsdokument innehållandes en hel del läsvärda artiklar där numera legendariska investerare ger sin syn på marknadens utvecklingen, från Ben Grahams syn på marknaden under den stora depressionen till finanskrisen och dess efterdyningar.

Innehållet är som följande och en del känns säkert igen:

Ben Graham July 1932 “Is American Business Worth More Dead than Alive?”
Mr. Dean Witter May 6, 1932 Memorandum
Ben Graham December 17, 1959 Stock Market Warning
Carol Loomis July 1973 Terrible Two-Tier Market
Warren Buffett November 1974 Over-Sexed Guy in a Harem
Ben Graham September 1974 The Renaissance of Value
Warren Buffett August 1979 You Pay a High Price for a Cheery Consensus
Warren Buffett July 1999 Sun Valley Speech/Article on NASDAQ Over-valuation
Warren Buffett December 2001 Follow-up Article on 1999 Speech
Warren Buffett October 17, 2008 Buy America, I Am
Schwed/Biggs Secret to Investing

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