Buffett since many years admitted he did change some of the “rules” he learned from Graham, and, most of all, he added new principles and concepts to investing, or better, to finding super-wonderful businesses. But you can’t really understand easily Buffett or Munger without having in mind the lessons of Graham before. Without studying and comparing their wonderful thoughts about life and the investment world and economics with the basic principles of “value” of a business created by Ben Graham. Many of this principles underpin still today the investment frame of Munger when he says: “Every good investment is a value investment by definition”! And what about Jack Bogle, and all the many times he describes the difference among “speculation” and true “investing”.
Back to our hero, Warren, never forgot to “retain” the proper “temperamental set” from Graham ever since he was his student at 19 y.o. until now, 71 years later. That is “to buy value” at a good or reasonable price; put a margin of safety; and be able to detach yourself from the crowd and from the daily market gyrations. Amen.