Influence
Graham-and-Doddsville influenced Seth Klarman's 1991 Margin of Safety and was cited by Klarman as a principal source; "Buffett's argument has never, to my knowledge, been addressed by the efficient-market theorists; they evidently prefer to continue to prove in theory what was refuted in practice". Klarman's book, never reprinted, has achieved a cult status, and sells for four-digit prices.
Buffett's article was a "titular subject" of 2001 Value Investing: From Graham to Buffett and Beyond.
In 2005 Louis Lowenstein compiled Graham-and-Doddsville Revisited – a review of the changes in mutual fund economics, comparing the Goldfarb Ten funds against Buffett's value investing standard. Lowenstein pointed out that "value investing requires not just patient managers but also patient investors", since value investing managers have also demonstrated regular drops in portfolio values (offset by subsequent profits).
Read more about this topic: The Superinvestors Of Graham-and-Doddsville
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