Courtesy of Andrew Kahn
By James Russell Kelly
Irving Kahn
Value INvestor for the Ages
If you live to be 109 years old , you can become very wise . That observation certainly applies to Irving Kahn ( 1905 – 2015 ), one of the founding fathers of value investing .
Kahn was born on December 19 , 1905 and lived his entire life in New York City . His father , Saul Kahn , immigrated from Russia in 1880 and became a naturalized citizen in 1900 . He worked as a salesman
Irving Kahn , 1994 . for the City Gas Supply Company and sold electrical supplies . His mother , Mamie Friedman , immigrated from Russia in 1895 and became a naturalized citizen in 1905 . She founded a women ’ s dress company , and Saul later joined her in managing the company .
Their children — Helen , Leonora , Irving and Melvin — lived to become the world ’ s oldest living quartet of siblings . Irving ’ s sister , Helen “ Happy ” Reichert ( 1901 – 2011 ), died just before her 110th birthday . His younger brother , Peter ( Melvin ) Keane ( 1910 – 2014 ), lived to 103 , while his other sister , Lee ( 1903 – 2005 ), lived to 101 . Irving , as noted , lived to 109 .
Personal History
During Irving ’ s childhood , the family lived on the Upper East Side of Manhattan , first at 14 E . 108th Street and later at 5 E . 106th Street . He was adventurous in his youth : as a Boy Scout , he hitchhiked across the country in his uniform with several of his friends . He attended De Witt Clinton High School on the far West Side of Manhattan in the neighborhood known as Hell ’ s Kitchen .
As a student , he traveled back and forth to school each day by a variety of means , including riding the subway , walking and hitching rides on the backs of trucks and buses . After graduation , he enrolled at City College of New York ( CCNY ). He left after two years to pursue a career on Wall Street , frustrated by the lack of any practical courses on investments .
In 1931 , Irving married Ruth Eastwood Perl , whom he met at Columbia University where she was studying for her doctorate in psychology . After earning her PhD , Ruth was active in several charities , including the Jewish Board of Guardians , the First Hebrew Day Nursery and the Ackerman Institute for the Family . The couple had three children : Donald , Alan and Thomas , who was given the middle name Graham in tribute to Ben Graham .
The young family lived at 413 Beach 137th Street in the Belle Harbor area of Rockaway , on the south shore of Long Island . He expanded the property by purchasing the lot in the rear and installed a tennis court there so he could enjoy his favorite sport . According to his son , Tom , the kids enjoyed ice skating on the frozen court in the winter . The family lived in Belle Harbor until 1960 , when they moved to 14 W . 75th Street in Manhattan . They kept the Rockaway home as a summer beach house .
Both Irving and Ruth were avid readers and members of a weekly book club called the Book Worms . They were also active members in the New York Society Library . Ruth liked fiction , but Irving primarily read nonfiction : each week , he would stop by the Wall Street bookstore located just south of Trinity Church and purchase several nonfiction books on a wide variety of subjects . By the time they moved to Manhattan in 1960 , many of the rooms in their house were stacked with books .
Irving was also an avid reader of the Financial Times . He was fascinated by the
24 FINANCIAL HISTORY | Spring 2021 | www . MoAF . org