The book begins with Benjamin Graham in the I 920s, when, except for the big railroads, most public companies had very concentrated ownership. Ben Graham had to go directly to the Rockefeller Foundation, a 30% owner, to plead his case that Northern Pipeline needed to distribute its liquid assets to

ll win the popularity contest among investors. Higher-level thinkers who recognize this dynamic have a head start toward earning the greatest gains. Ben Graham applied the same thinking when he described the market as a "voting machine" in the short run (although he made plain his belief that it's a "weigh