He was not looking at all for the great business, he was looking for mediocre to a little bit better than that..businesses that were selling very very cheap..and it worked very well. But, of course the irony is that the shareholders of Graham made more money out of Geico which is the ......
Recently, I came across this tribute video to the Legacy of Benjamin Graham by Columbia Business School. Whilst the key takeaway were the concepts Ben Graham left behind, I felt that another major point highlighted (by Buffett himself) was the key difference between Graham and Buffett.
While Buffett was praising his mentor he subtly mentioned how his investment route has deviated from Graham’s original philosophy. Essentially the point he was driving at was that Graham’s philosophy was more about buying cheap average companies and diversification while himself, he took on more concentrated positions in quality companies at reasonable valuations.