What Do Superinvestors Have in Common? That’s what Warren Buffett asked himself on the eve of the 50th anniversary of Ben Graham’s Security Analysis in 1984. Graham and Dodd’s "look for values with a significant margin of safety relative to prices" approach to security analysis was becoming outdated according to “professors who write textbooks”. They argued that in the modern day, markets had become efficient; reflecting all known information about a company’s prospects and the state of the economy. There could be no undervalued stocks and investors who beat the market over the long haul were lucky. Almost forty ... (full story)