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Benjamin Graham had been my idol ever since I read his book The Intelligent Investor. I had wanted to go to Columbia Business School because he was a professor there, and after I got out of Columbia, returned to Omaha, and started selling securities, I didn’t forget about him. Between 1951 and 1954, I made a pest of myself, sending him frequent securities ideas. Then I got a letter back: “Next time you’re in New York, come and see me.” So there I went, and he offered me a job at Graham-Newman Corp., which he ran with Jerry Newman. Everyone says that A.W. Jones started the (1)hedge fund industry, but Graham-Newman’s sister partnership, Newman and Graham, was actually an earlier fund.
青少年時期讀了班傑明葛拉漢(Benjamin Graham)的書後，他就成了我的偶像。這也是我後來讀哥倫比亞大學商學院的原因：葛拉漢就在那兒任教職。完成商學院學業後，我回到老家奧瑪哈賣保險，卻始終無法忘懷為偶像工作的夢想。於是我頻繁寫信給葛拉漢，大聊我的保險經。終於，對方親自回信，甚至要我去紐約為他的避險基金(hedge fund)公司工作。
The next year, when I was 25, Mr. Graham gave me a heads-up that he was going to retire. Actually, he did more than that: He offered me the chance to replace him, with Jerry’s son Mickey as the new senior partner and me as the new junior partner. This was a traumatic decision. Here was my chance to step into the shoes of my hero. But I also wanted to come back to Omaha. I probably went to work for a month thinking every morning that I would tell Mr. Graham I was going to leave. But it was hard to do.