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 Hagstrom

Evidence 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 ItExcess Returns
Created: 8/12/2026, 6:12:15 PM

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