Uncovering a Letter From Ben Graham That’s Inspired Activists for Decades

Feb 24, 2016 - MoneyBeat

In the pantheon of U.S. stockpickers, few are as closely studied as Benjamin Graham, professor to Warren Buffett and sage to value investors. But a letter he wrote in 1927, which some consider a seminal moment for activist investors, appeared lost when disciple Jeff Gramm starting asking for it.

Mr. Gramm, a hedge fund manager and now author, has long collected letters written by activist investors to companies. He even keeps a stack on his desk for reference. But he’d never seen a cop...