Preserving the Legacy of Value Investing for Future Generations

Supporting a digital and physical archive dedicated to the works, philosophies, and materials that shaped value investing.

The Graham Center

Mission Statement

The Graham Center advances integrity, professionalism, and social good in security analysis and investment management by fostering thought leadership, driving research, and delivering rigorous educational programming. It nurtures the next generation of industry leaders through student scholarships and champions an inclusive, forward-looking profession strengthened by a diversity of perspectives.

Contact Arun Manansingh, CEO for CFA Society New York, to learn how you or your company can support the Graham Center.

Introduction to Value Investing

Value investing is a disciplined investment approach focused on identifying securities priced below their intrinsic worth. Rather than reacting to short term market movements, value investors rely on fundamental analysis. They examine earnings, cash flows, balance sheet strength, competitive positioning, and long term growth potential to determine what a company is truly worth.

At its core, value investing is built on three principles:

Intrinsic Value

Every security has a fundamental economic value

Margin of Safety

Investors seek a meaningful discount to protect against risk.

Long-Term Focus

True value emerges over time, not in daily market swings.

History of Value Investing

Ben Graham’s Work

Value investing originated in New York during the 1920s and 1930s with Benjamin Graham and David Dodd at Columbia Business School. Their groundbreaking work, Security Analysis (1934), established the foundation of modern investment analysis and helped move investors from speculation to evidence based decision making.

Warren Buffett’s Evolution

Warren Buffett later expanded the philosophy, emphasizing not only low prices but high-quality businesses with durable competitive advantages. His focus on strong management, dependable earning power, and a company’s ability to grow value over time broadened the framework and helped establish value investing as one of the world’s most recognized investment disciplines.

Why Value Investing Matters

Value investing endures because it is grounded in:

Rigorous Analysis

  • Evaluate financial statements with care
  • Focus on earnings quality and cash flow
  • Assess competitive position and valuation

Independent Thinking

  • Rely on evidence rather than sentiment
  • Challenge assumptions thoughtfully
  • Maintain conviction in well-founded ideas

Discipline During Market Volatility

  • Stay focused on fundamentals
  • Avoid reactionary decisions during swings
  • Follow a consistent, research-based process

Commitment to Long-Term Fundamentals

  • Prioritize sustainable value creation
  • Allow investment theses time to develop
  • Keep decisions aligned with multi-year horizons

These principles align closely with the CFA Program and the ethical standards upheld by CFA Institute and CFA Society New York.

CFA Society New York’s Connection

CFA Society New York has long been a home for value-oriented practitioners from equity research analysts to portfolio managers who continue to refine and advance this discipline. Through events, research programs, and volunteer groups, we support ongoing learning for professionals committed to thoughtful, ethical investing.

Nothing Found

Where Value Lies in Energy and Home Building

What One Value Investing Pro Thinks has Changed and what has not

Why Emerging and Frontier Markets Now?

Eric Green, CFA: Why Small Cap’s Time Has Come

Lindsey Rubinstein and Neil Datta: How Family Offices are Staffing Up and Finding Value in The Markets

Leon Cooperman, CFA – Fireside Chat

Kelly Evans – Opening Remarks – Value Stock Selection in the U.S. Market

Jennifer Chang, CFA – Value Stock Selection in the U.S. Market

James Davolos – Value Stock Selection in the U.S. Market

Samantha McLemore, CFA – Value Stock Selection in the U.S. Market

Documents and Resources

Founding Records of the National Federation of Financial Analysts Societies

This collection brings together the 1947–1948 meeting minutes and the first Constitution adopted by the member societies. The documents outline the creation of a national structure, early governance decisions, and the initial standards proposed for the financial analysis profession.

Irving Kahn, CFA: Centennial Announcement and Career Overview

A 2005 press release recognizing Irving Kahn’s century of life and more than seven decades in the investment profession. The document notes his early experience, close work with Benjamin Graham, role in the first CFA exam, and ongoing commitment to disciplined, long-term investing.

AIMR Newsletter, January–February 2002

This issue of the Association for Investment Management and Research newsletter reflects the organization’s activities in early 2002, including updates on professional standards, society initiatives, and developments across the investment industry. The publication captures AIMR’s priorities during the period shortly before its transition to the CFA Institute.

70th Anniversary Remarks by Paul Smith, CFA (2017)

These prepared remarks, delivered at the New York Athletic Club in May 2017, trace the evolution of the analyst societies from their 1947 origins through the formation of AIMR and today’s CFA Institute. The speech reflects on early society dynamics, the development of professional standards, and the continuing role of local societies in shaping the global investment profession.

CFA Institute Value Investing Resource Links

A compiled set of reference links directing to CFA Institute articles and search results related to value investing. The document serves as a pointer to the Institute’s broader library of research, commentary, and educational material on the discipline.

Image Gallery