Letters From The Graham – Newman Partnership

Like most value investors Benjamin Graham’s books, The Intelligent Investor and Security Analysis, were a cornerstone of my value education. For this reason, I’ll always have a keen interest in anything Graham played a part in creating, including his investment partnerships.

Like Buffett, Graham ran his own value orientated investment partnership, in one form or another, from the late twenties to early fifties. The partnership was a joint venture with Jerome A. Newman and the Graham - Newman partnership, as it became known, achieved some impressive returns over its lifetime.

Unfortunately, the letters from the Graham - Newman partnership, written to investors at the end of every year are not as detailed as those of Buffett’s. So the...