How did Graham become a legendary investor? The story begins with how he was discovered by Buffett—who was first moved by the book "The Intelligent Investor," then chased after Graham to meet him in person, eventually becoming his disciple. Graham's own growth path is equally remarkable. In 1920, he became a partner at a company, and three years later, he launched his first fund with an account size of $500,000. By the eve of the 1929 stock market crash, he was managing $2.5 million in assets, enjoying great success. But the story took a dramatic turn—when the 1929 stock market crash and the Great Depression hit, he was caught off guard after using leverage to buy the dip, causing his fund's net value to plummet by 70%, nearly leading to bankruptcy. However, he did not escape or give up; instead, he chose to work without pay to gradually recover client losses. It was during this painful experience that he realized the concept that would revolutionize investing—"margin of safety." How long a person can survive in the market often depends on whether they have enough of a safety cushion.