Warren Buffett, widely regarded as Benjamin Graham’s most successful student, has often credited Graham’s book The Intelligent Investor as the foundation of his investing philosophy. At Berkshire Hathaway’s 1995 annual meeting, Buffett summed up Graham’s teachings into three timeless principles.
First, he emphasized the importance of maintaining the right attitude toward the stock market, as outlined in Chapter 8 of Graham’s book. “If you’ve got that attitude toward the market, you start ahead of 99 percent of all people,” Buffett noted.
Second, he highlighted the concept of a margin of safety — buying with a cushion to protect against errors or unforeseen risks — a principle he said applies far beyond investing.
Finally, Buffett urged investors to view stocks not as trading vehicles but as ownership in real businesses. Together, these principles form the bedrock of value investing and continue to guide Buffett’s approach today.
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© 2026 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.