Wednesday, October 7, 2009

Lecture Summary - Irving and Thomas Kahn

The following article is based on the inaugural video lecture given to the new value investing class at the Richard Ivey School of Business in 2005. Mr. Irving Kahn delivered the lecture alongside his brother Thomas. Irving served as the second teaching assistant to Benjamin Graham at the Columbia University Business School and he has over 78 years of experience in the investment business. Irving and his brother founded their investment firm, Kahn Brothers & Company, in 1978.
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The Kahn brothers are firm believers that value investing is an art, not a science. In making this point they allude to an artist that paints masterpieces as this artist will surely have some poor paintings along the way. If value investing were a science then it would be replicable. One would be able to run equations in a machine all day and consistently right answers would emerge, but since it doesn’t work this way it has to be an art.

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