Monday, October 16, 2006

Round Table Discussion on Wednesday! is hosting a round table discussion on Wednesday October 18th at 2:00 pm Central time.

Ben Clark and Jon Ritchie have put together an excellent value investing blog which espouses the ageless virtues of Ben Graham and Warren Buffett. Weekly, they present portfolios based on Graham’s Intelligent Investor.

Ben Graham described two kinds of investors, the enterprising and the defensive investor. To Graham, the basic characteristics of an investment portfolio were determined by the position and characteristics of the owner or owners, as he put it, “...there has developed the general notion that the rate of return to which the investor should aim for is more or less proportionate to the degree of risk he is ready to run. Our view is different. The rate of return sought should be dependent, rather, on the amount of intelligent effort the investor is willing and able to bring to bear on his task.”

"The determining trait of the enterprising investor is his willingness to devote time and care to the selection of securities that are both sound and more attractive than the average. Over many decades, an enterprising investor of this sort could expect a worthwhile reward for his extra skill and effort in the form of a better average return than that realized by the passive investor."

For those of you who are willing to exert this extra intelligent effort, may I commend the discussion on Wednesday!

Ben and Jon will be hosting Geoff Gannon of Gannon on Investing and Doug McIntyre of 24/7 Wall Street as well as yours truly, Rick Konrad.

Here is Modern Graham’s description of the festivities planned:

How this works:
Readers may submit questions via comments left on this post or the contributor’s blogs, or by email to Jon and I will compile the questions and moderate the discussion. Please submit as many questions as you can think of. This discussion can only be as interesting as the questions are.

The actual discussion will be held in this thread of our forum. The thread will be open to the public to read, but only the participants will be allowed to post.
We are excited to have the following people contribute to the discussion:

Rick – Value Discipline
Rick has been a portfolio manager of institutional portfolios for over 25 years. He is currently working with individuals rather than institutions and finds this much more satisfying and rewarding. His greatest joy outside of his family is training young people to become better research analysts.

Geoff Gannon – Gannon On Investing
Geoff leads Gannon On Investing, a value investing blog and value investing podcast influenced by Benjamin Graham, Joel Greenblatt, and Warren Buffett's value investing model. Built upon the value investor insights of intrinsic value, margin of safety, competitive advantage, and protection of principal.

Doug McIntyre – 24/7 Wall St.
Douglas A. McIntyre is the former Editor-in-Chief and Publisher of Financial World Magazine. He is also the former president of, which was the 10th most visited site in the world at the time, according to MediaMetrix. He has been chief executive of FutureSource LLC and On2 Technologies, Inc. and has served on the boards of and Edgar Online. He does not own securities in companies he writes about.

I am proud to be associated with such terrific people!! Look forward to participating with you in this discussion!


At 7:18 PM, Blogger Leadsteer said...

Graham and Buffet have shown how Security Analysis can be performed on financial assets such as a stock or bond. How about real estate? Real estate can throw off rents, just like a bond can throw off coupon payments ...
How could Real Estate investments be found that have a good Margin of Safety? Can these be found without performing a full Discounted Cash Flow analysis?

At 12:57 AM, Anonymous Anonymous said...

Well Rick,

I just finished reading the transcript and I have to say, once again, how impressed I am with you and the clarity of your thinking.

Thanks for sharing with us all ...



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