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The Equitymaster Research Digest

The Female Warren Buffett (Plus, Investing in a Post-Brexit World)
Jun 24, 2016

  • The secret to fortune-making
  • Why we don't buy and hold
  • Investing in a post-Brexit, post-Rexit World

As much as we would like to believe Benjamin Graham was the first ever practitioner of value investing, it isn't true. Graham did articulate the principles better than anyone before him (and maybe after as well). But he certainly wasn't the first one to put it into practice.

A recent article in a leading British daily tells me this honour should go to a woman who died long before Graham's work was published.

Hetty Green was the first woman to invest on Wall Street. And by the time she died in 1916, aged 81, she was worth a staggering US$4.5 billion (in today's dollars). JP Morgan's estate was worth just 40% of that.

To have amassed the kind of wealth she did, entirely through investing, is nothing short of astounding.

When asked about her secret sauce, she said:

  • There is no great secret in fortune-making ... All you do is buy cheap and sell dear, act with thrift and shrewdness and be persistent.
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