|Born||December 19, 1905|
New York City, New York, U.S.
|Died||February 24, 2015 109) (aged|
New York City, New York, U.S.
|Alma mater|| City College of New York |
|Occupation||Investor and philanthropist|
|Known for||Advising the Kahn Brothers Group|
Irving Kahn (December 19, 1905 – February 24, 2015) was an American investor and philanthropist. He was the oldest living active investor.He was an early disciple of Benjamin Graham who popularized the value investing methodology. Kahn began his career in 1928 and continued to work until his death. He was chairman of Kahn Brothers Group, Inc., the privately owned investment advisory and broker-dealer firm that he founded with his sons, Thomas and Alan, in 1978.
Benjamin Graham was a British-born American investor, economist, and professor. He is widely known as the "father of value investing," and wrote two of the founding texts in neoclassical investing: Security Analysis (1934) with David Dodd, and The Intelligent Investor (1949). His investment philosophy stressed investor psychology, minimal debt, buy-and-hold investing, fundamental analysis, concentrated diversification, buying within the margin of safety, activist investing, and contrarian mindsets.
Value investing is an investment paradigm that involves buying securities that appear underpriced by some form of fundamental analysis. The various forms of value investing derive from the investment philosophy first taught by Benjamin Graham and David Dodd at Columbia Business School in 1928, and subsequently developed in their 1934 text Security Analysis.
In financial services, a broker-dealer is a natural person, company or other organization that engages in the business of trading securities for its own account or on behalf of its customers. Broker-dealers are at the heart of the securities and derivatives trading process.
Kahn was the oldest active money manager on Wall Street.He made his first trade—a short sale of a copper mining company—in the summer of 1929, months before the famous market crash in October of the same year.
The Wall Street Crash of 1929, also known as the Stock Market Crash of 1929 or the Great Crash, is a major stock market crash that occurred in late October 1929. It started on October 24 and continued until October 29, 1929, when share prices on the New York Stock Exchange collapsed.
Kahn was born on December 19, 1905, in New York City to Mamie (née Friedman; 1880–1946) and Saul Henry Kahn (1875–1964). He attended at the City College of New York and went on to serve as the second teaching assistant to Benjamin Graham at Columbia Business School. At the time, other notable students and/or teaching assistants to Graham included future Berkshire Hathaway chairman Warren Buffett and future value investors William J. Ruane, Walter J. Schloss, Charles Brandes, among others. Graham had such an enormous influence on his students that both Kahn and Buffett named their sons after him. Kahn named his third son, born in 1942, Thomas Graham, and Buffett, his first son, born in 1954, Howard Graham.
The City College of the City University of New York is a public senior college of the City University of New York (CUNY) in New York City.
Columbia Business School (CBS) is the business school of Columbia University in the City of New York in Manhattan, New York City. Established in 1916, Columbia Business School is one of the oldest business schools in the world. It is one of six Ivy League business schools, and has been referred to as among the most selective of top business schools.
Berkshire Hathaway Inc. is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States. The company wholly owns GEICO, Duracell, Dairy Queen, BNSF, Lubrizol, Fruit of the Loom, Helzberg Diamonds, Long & Foster, FlightSafety International, Pampered Chef, and NetJets, and also owns 38.6% of Pilot Flying J; 26.7% of the Kraft Heinz Company, and significant minority holdings in American Express (17.6%), Wells Fargo (9.9%), The Coca-Cola Company (9.4%), Bank of America (6.8%), and Apple (5.22%). Since 2016, the company has acquired large holdings in the major US airline carriers, and is currently the largest shareholder in United Airlines and Delta Air Lines, and a top three shareholder in Southwest Airlines and American Airlines. Berkshire Hathaway has averaged an annual growth in book value of 19.0% to its shareholders since 1965, while employing large amounts of capital, and minimal debt.
Kahn was a Chartered Financial Analyst and among the first round of applicants to take the CFA exam. He was a founding member of the New York Society of Security Analysts and the Financial Analysts' Journal. Kahn was also a former director of Teleregister Corp., Hugo Stinnes Co., Grand Union Stores, Kings County Lighting, West Chemical, and Willcox & Gibbs. He was the president of the New York City Job and Career Center and was a trustee emeritus of the Jewish Foundation for Education of Women.
The Chartered Financial Analyst (CFA) Program is a professional credential offered internationally by the American-based CFA Institute to investment and financial professionals. The program covers a broad range of topics relating to investment management, financial analysis, quantitative analysis, equities, fixed income and derivatives, and provides a generalist knowledge of other areas of finance.
CFA Institute is a global association of investment professionals.
Hugo Dieter Stinnes was a German industrialist and politician.
In a magazine article in 2002, he was quoted as saying: "I'm at the stage in life where I get a lot of pleasure out of finding a cheap stock," adding that his research still pushed him to work evenings and weekends. His son Thomas, then and still currently President of Kahn Brothers Group, said, "My father continues to research ideas and talk to companies. One of the nice things about this business is that there's no mandatory retirement age, and you allegedly get wiser as you get older."
Kahn, his sisters, and his brother were, collectively, the world's oldest living quartet of siblings.Kahn himself lived to 109. His sister, Helen Reichert (1901–2011), nicknamed "Happy", died seven weeks before her 110th birthday. The youngest sibling, Peter Keane (1910–2014), died at the age of 103. Kahn's other sister, Lee (1903–2005), died at the age of 101. Kahn outlived his son Donald, who died suddenly on January 16, 2015 at the age of 79.
Helen Reichert was an American talk show personality, New York University professor, founder of The Round Table of Fashion Executives, and the oldest living alumnus of Cornell University at the time of her death at age 109, just seven weeks before she would have become a supercentenarian.
Irving Kahn died on February 24, 2015, aged 109. His death was reported through a brief paid obituary in the New York Times on February 26, 2015. No specific cause of death was given.
Warren Edward Buffett is an American business magnate, investor, speaker and philanthropist who serves as the chairman and CEO of Berkshire Hathaway. He is considered one of the most successful investors in the world and has a net worth of US$82.5 billion as of March 9, 2019, making him the third-wealthiest person in the world.
Peter Lynch is an American investor, mutual fund manager, and philanthropist. As the manager of the Magellan Fund at Fidelity Investments between 1977 and 1990, Lynch averaged a 29.2% annual return, consistently more than doubling the S&P 500 market index and making it the best performing mutual fund in the world. During his tenure, assets under management increased from $18 million to $14 billion.
David LeFevre Dodd was an American educator, financial analyst, author, economist, professional investor, and in his student years, a protégé of, and as a postgraduate, close colleague of Benjamin Graham at Columbia Business School.
Philip Arthur Fisher was an American stock investor best known as the author of Common Stocks and Uncommon Profits, a guide to investing that has remained in print ever since it was first published in 1958.
The Intelligent Investor by Benjamin Graham, first published in 1949, is a widely acclaimed book on value investing.
William J. Ruane was an American businessman, investor, and philanthropist.
Martin Edward Zweig was an American stock investor, investment adviser, and financial analyst. According to Forbes magazine, he was renowned for his "eccentric and lavish lifestyle" as well as having had the most expensive residence in the United States at the time, atop The Pierre on Fifth avenue in Manhattan. It was listed on the New York City real estate market in 2004 for $70 million and in March 2013 for $125 million. His particular investing methodology was based on selecting growth stocks that also have certain value characteristics, through a system that uses both fundamental analysis and market timing. He died in 2013 at the age of 70.
Security Analysis is a book written by professors Benjamin Graham and David Dodd of Columbia Business School, which laid the intellectual foundation for what would later be called value investing. The first edition was published in 1934, shortly after the Wall Street crash and start of the Great Depression. Among other terms, Graham and Dodd coined the term margin of safety in Security Analysis.
Financial statement analysis is the process of reviewing and analyzing a company's financial statements to make better economic decisions to earn income in future. These statements include the income statement, balance sheet, statement of cash flows, notes to accounts and a statement of changes in equity. Financial statement analysis is a method or process involving specific techniques for evaluating risks, performance, financial health, and future prospects of an organization.
John P. Reese is an American author, financial columnist, and money manager. He has written two books about investing, and is a columnist for several international financial publications, including Forbes magazine and Forbes.com; Canada's The Globe and Mail; RealMoney.com ; and the Israeli newspaper Globes.
Walter J. Schloss was an American investor, fund manager, and philanthropist. He was a well-regarded value investor, as well as a notable disciple of the Benjamin Graham school of investing. He died of leukemia at the age of 95.
Irving Berlin Kahn was an American media proprietor. He was the founder of TelePrompTer Corporation and Cable TV.
Alice Herz-Sommer, also known as Alice Sommer, was a Prague-born Jewish pianist, music teacher, and supercentenarian who survived Theresienstadt concentration camp. She lived for 40 years in Israel, before migrating to London in 1986, where she resided until her death, and at the age of 110 was the world's oldest known Holocaust survivor until Yisrael Kristal was recognized as such.
David G. Kabiller is the founder, founding principal, and head of business development of AQR Capital Management, along with Cliff Asness, John M. Liew and Robert Krail. He initiated AQR's international growth and its introduction of mutual funds as well as the creation of the AQR University symposia series and the AQR Insight Award for outstanding innovation in applied academic research. Kabiller established AQR's QUANTA Academy program, which is designed to help employees reach their full potential. The program offers a holistic approach, focusing on both professional and personal development.
Bruce S. Sherman is an American businessman and co-founder of the wealth-management firm Private Capital Management and the chairman and majority owner of the Miami Marlins of Major League Baseball.
Doris Buffett is an American philanthropist also known as the 'retail' philanthropist and the founder of The Sunshine Lady Foundation, The Learning By Giving Foundation, and The Letters Foundation who she co-founded alongside her younger brother, billionaire Warren Buffett. She is also the daughter of U.S. politician and stockbroker Howard Homan Buffett. Doris Buffett intends to give all of her money away before she dies.