Legendary investor Irving Kahn died on Tuesday. Kahn was a student of Ben Graham and the founder of Kahn Brothers. Kahn even assisted Graham on the classic book, “Security Analysis.” Kahn is one of the original CFAs and he took the exam the first time it was offered in 1963.<\/p>\n
\u201cI prefer to be slow and steady,\u201d Kahn said in a 2014 interview with the U.K. Telegraph. \u201cI study companies and think about what they might return over, say, four or five years. If a stock goes down, I have time to weather the storm, maybe buy more at the lower price. If my arguments for the investment haven\u2019t changed, then I should like the stock even more when it goes down.\u201d<\/p>\n
\u201cI learned from Ben Graham that one could study financial statements to find stocks that were a \u2018dollar selling for 50 cents,\u2019\u201d Kahn told the Telegraph. \u201cHe called this the \u2018margin of safety\u2019 and it\u2019s still the most important concept related to risk.\u201d<\/p>\n
\u201cI would recommend that private investors tune out the prevailing views they hear on the radio, television and the internet. They are not helpful. People say \u2018buy low, sell high\u2019, but you cannot do this if you are following the herd.\u201d<\/i><\/p>\n
\u201cYou must have the discipline and temperament to resist your impulses. Human beings have precisely the wrong instincts when it comes to the markets. If you recognise this, you can resist the urge to buy into a rally and sell into a decline. It\u2019s also helpful to remember the power of compounding. You don\u2019t need to stretch for returns to grow your capital over the course of your life.\u201d<\/i><\/p>\n
Irving Kahn was 109 years old.<\/p>\n","protected":false},"excerpt":{"rendered":"
Legendary investor Irving Kahn died on Tuesday. Kahn was a student of Ben Graham and the founder of Kahn Brothers. Kahn even assisted Graham on the classic book, “Security Analysis.” Kahn is one of the original CFAs and he took … Continue reading