Let's Take A Trip To Warren Buffett's The Superinvestors Of Graham-And-Doddsville

"The Superinvestors of Graham-and-Doddsville" is a legendary address delivered by Warren Buffett to the Columbia Business School in 1984 to mark the 50th anniversary of Benjamin Graham and David Dodd’s seminal investment book Security Analysis. Though the address is primarily about defending the value investment style of active management and disproving the efficient market hypothesis, it was this speech that taught me how to think about risk as an investor.

[klarman]

In university, we are taught that the primary definition of risk for investors is stock...