10 of the greatest stock investors since 1900, listed in chronological order of their peak influence. Their ideas shaped how we invest today.
Legendary speculator known for tape reading and shorting major panics (1907, 1929). Story told in Reminiscences of a Stock Operator.
“The trend is your friend until the end when it bends.”
Key Lesson: Patience, cut losses quickly, respect the tape.
Father of value investing. Wrote Security Analysis and The Intelligent Investor. Emphasized margin of safety and intrinsic value.
“The investor's chief problem — and even his worst enemy — is likely to be himself.”
Key Lesson: Buy with a margin of safety; ignore Mr. Market's mood swings.
Pioneer of global contrarian investing. Bought bargains at maximum pessimism (e.g., 1939 U.S. stocks under $1). Founded Templeton Growth Fund.
“The time of maximum pessimism is the best time to buy.”
Key Lesson: Be greedy when others are fearful — look worldwide for value.
Qualitative growth investor. Focused on “scuttlebutt” research and exceptional companies. Influenced Buffett's quality focus.
“The stock market is filled with individuals who know the price of everything, but the value of nothing.”
Key Lesson: Invest in businesses with strong management and durable advantages.
Father of growth investing. Bought high-quality growth stocks at reasonable prices during volatility.
Key Lesson: Focus on innovative companies with long-term potential.
Managed Vanguard Windsor Fund (~13.7% annualized). Contrarian value: undervalued stocks with dividends and earnings potential.
Key Lesson: Seek low P/E stocks with growth.
Managed Fidelity Magellan (~29% annualized). “Invest in what you know” philosophy. Author of One Up on Wall Street.
“Know what you own, and know why you own it.”
Key Lesson: Everyday observations can uncover great investments.
Macro trader famous for 1992 pound short. Quantum Fund via reflexive theory.
Key Lesson: Markets reflect participant beliefs.
Quality value investing at Berkshire Hathaway (~20% annualized). Buy wonderful businesses at fair prices, hold forever.
“Rule No.1: Never lose money. Rule No.2: Never forget Rule No.1.”
Key Lesson: Focus on economic moats and long-term compounding.
Founder of Vanguard. Pioneered low-cost index investing. “Buy the haystack.”
“Don't look for the needle in the haystack. Just buy the haystack!”
Key Lesson: Indexing often beats active management after fees.