Edgar Wachenheim

Edgar Wachenheim graduated from Williams College and received his MBA from Harvard Business School. He founded Greenhaven Associates in 1970 and has managed it consistently for over five decades, achieving a remarkable long-term track record. His investment approach combines value and growth investing: he seeks companies with durable competitive advantages, strong management, visible earnings growth, and reasonable valuations relative to their growth prospects. Greenhaven maintains a concentrated portfolio of approximately 20-25 positions, allowing deep research and high conviction in each holding. His book "Common Stocks and Common Sense" (2016) provides detailed case studies of his investment decisions — including both successes and failures — offering rare transparency into his analytical process. The book is notable for its intellectual honesty: Wachenheim discusses investments that didn't work out as well as successes. His 50-year track record of approximately 15%+ annualised returns — achieved through multiple market cycles and economic environments — represents one of the most consistent fundamental equity investing records in institutional money management. Wachenheim remains one of the most respected but relatively understated practitioners of quality growth value investing.