Markowitz's 1952 dissertation defining risk as variance was cited without reference to prior definitions of risk such as Ben Graham's margin of safety or John Burr Williams's dividend discount model approach, despite these being established frameworks in the field.
factualpending
Speaker
Robert HagstromEvidence Quote
“he didn't cite what Ben Graham said that risk was a margin of safety question”
Source
Warren Buffett Published His Whole Playbook | Robert Hagstrom on Why Only One Tenth of 1% Uses It— Excess ReturnsCreated: 8/12/2026, 6:12:15 PM
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