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A Rediscovered Graham Masterpiece

Here is the original typewritten text of a speech Benjamin Graham gave in San Francisco one week before John F. Kennedy was assassinated. In this brilliant presentation, Graham explores how an investor should go about determining whether the market is overvalued, how to tell what asset allocation is right for you, and how to pick stocks wisely. This speech is a rare opportunity to see the workings of Graham's mind in the raw.

I am grateful to Mr. Richard A. Rigg of San Francisco, who was in the audience that day, for providing me with this copy of Graham's speech. Because I did not discover it until very recently, it is not included in the new book Benjamin Graham: Building a Profession, so I wanted to share the text online.

VIEW SPEECH: Benjamin Graham speech from San Francisco, 1963 (PDF)
Securities In An Insecure World, A Lecture by Benjamin Graham, delivered at Town Hall, St. Francis Hotel, San Francisco, CA, November 15, 1963.

Note: This is an extremely large file (upwards of 12 mb) that may load very slowly if you have limited bandwidth.