Benjamin Graham famously challenged Northern Pipeline, a Standard Oil subsidiary, compelling it to distribute $110 per share in railroad bonds to shareholders—a true David vs. Goliath moment. Ben was the underdog: young, small, and alone. Northern Pipeline was formidable. Jason Zweig, Warren Buffett, and Graham himself all celebrate this triumph. But none ask the deeper question: Where did the usually mild, accommodating Ben find the boldness to confront a corporate giant—and win? The pos...
