Conservative Economic Commentary | Topic: Benjamin Graham

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Subject: Benjamin Graham

Benjamin Graham (May 8, 1894 – September 21, 1976) was an American economist and professional investor. Graham is considered the first proponent of Value Investing, an investment approach he began teaching at Columbia Business School in 1928 and subsequently refined with David Dodd through various editions of their famous book Security Analysis.

Disciples of value investing include Jean-Marie Eveillard, Warren Buffett, William J. Ruane, Irving Kahn, Hani M. Anklis, and Walter J. Schloss. Buffett, who credits Graham as grounding him with a sound intellectual investment framework, described him as the second most influential person in his life after his own father. In fact, Graham had such an overwhelming influence on his students that two of them, Buffett and Kahn, named their sons, Howard Graham Buffett and Thomas Graham Kahn, after him. [Wikipedia]

US Trade Deficit

Interest rates have been falling for decades

By John Schroy, on March 31st, 2005 |

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As the trade deficit has increased, US bond interest rates have fallen.

Since the 1980s, the US. trade deficit has been a constant force in the American economy, rising more some years than others, while corporate bond yields have been generally falling.

Because rising trade deficits lead to increased demand for fixed income securities, and because issuers have not fully met this demand, the price of bonds has risen for twenty years, while bond yields have fallen.

More » Interest rates have been falling for decades