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I saw that Benjamin Graham was Buffet's professor at Columbia and one of his closest friends. In fact Buffet named one of his kids after Graham. The Intelligent Investor teaches the philosophy that Buffet learned at school and went on to find massive success with. It does not teach people to ride market waves or speculate. Instead it instructs those who follow its teachings to calculate the intrinsic value of companies, find the ones that are either under priced or successful, but proven to have long term proven success capabilities, and then create a portfolio with those.

The defensive investor does this, then puts new money in every month and checks on the ratios of his/her portfolio ever quarter or six months to make sure its still balanced (hypothetically lets say 60% stocks 40% bonds) this reduces drifting and ensures long term revenue, even if it's not the absolute highest one can earn it's still consistent and positive.

Because their choices were made based on intrinsic value and not market prices, these companies are good long term investments and the investor doesnt have to sell and buy new ones constantly. It's also suggested to have companies spanning all sectors to reduce risk by diversifying.