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What a War Means to a Grahamian Investor - Views on News from Equitymaster
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What a War Means to a Grahamian Investor
Oct 5, 2016

The word 'war' sends shivers down our spines. And ofcourse it does! It is the most ironic and regrettable of all human endeavors.

Unfortunately, it's a word that's been doing the rounds quite a bit lately here in India.

On the day news of the escalation in conflict with our neighbour hit mainstream, the volatility index saw a big spike and the stock market a sharp fall.

But as far as wars in recent history are concerned, World War II is perhaps as big and messy as wars get. Few in the Western world escaped its wrath. Many large and important cities around the globe were reduced to rubble.

War has countless ramifications, most of which we don't have the insight to understand. But since we belong to the domain of investing, what would it mean to be an investor in stocks during a time of war? Does the possibility of a war mean big losses for you stock portfolio?

Benjamin Graham was around during World War II. What's more, he was managing money professionally at the time. So how did he fare?

Indeed, the stock markets did quite badly after the war broke out. It was a period of setback.

But as for Graham's fund, it actually made money through that period. And quite effortlessly at that. In fact, running the investment fund became so easy for Graham that he lost interest in it after that period.

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