Both Ben Graham and Warren Buffett are the characters I admire a lot, and both of them are successful on following value investing tracks, but they have quite different traits.
Warren Buffett focus mainly on business and don’t care the market fluctuation at all. In this sense, comparing to most of the hedge fund managers who also follow value investing, he is firmly on the main strategy. Others call him as "the philosopher in investment" because of that.
But actually, Ben Graham is truly a philosopher in investment, because not only he built the foundation of value investment, he is also a theoretical person who is interested more on logical reasoning itself than formulate a conclusion or strategy. While he has his own convictions and views, his most famous book "Security Analysis" always leave the topic to open discussion and critical thinking. Ben is both theoretical and practical. Sometimes I feel that he is a rare individual who was a professor and scientist figure, but also been put into wall street for many years.
Because my personal preference on research and critical thinking, I have to say I would admire Ben even more than Mr. Buffett.
Perhaps, there are 3 levels on value investment:
Top level: Focus on sound reasoning itself. No hurry on formulating a strategy.
Second level: Focus on a predefined good strategy, don’t care too much about individual positions and other distractions.
Third level: While having a strategy, a lot of energy is also spent on speculations on each individual positions and react to market fluctuations.