If history repeats itself, and the unexpected always happens, how incapable must Man be of learning from experience. - George Bernard Shaw
One of the key themes in the holy grail of value investing literature, Benjamin Graham's Intelligent Investor, is that the author has absolutely no patience for those analysts who work from forward forecasts. In particular, Graham notes that the rising trend of analysts predicting stock prices based on forward forecasts is distorting the market and misleading investors.
Earnings estimation trends have increased
Unfortunately this trend has only increased, reaching fever...
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