I came across a copy of testimony that Benjamin Graham gave to the Senate Committee on Banking and Currency back in 1955. This was the old name of current Committee on Banking, Housing, and Urban Affairs that is Chaired by Senator Chris Dodd, a Democrat from Connecticut. The subject of the hearing was “Factors Affecting the Buying and Selling of Securities.”
The full transcript is available here:
Under the Buttonwood Tree
Click the second link.
The most interesting part of the testimony is the overall tone. The politicians are actually trying to get information and learn something rather than grandstand and try to get a few headlines on the local news showing them bash some rich Wall Street fellow.
Graham started his partnership in 1923 with $500,000. If you adjust this for inflation using the CPI, that comes to around $6 million.
I am still wading through the 34 pages and will post more next Thursday.
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