Benjamin Graham: The War Economy and Stock Values

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Rupert Hargreaves
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An article penned by Benjamin Graham and first published in The Analysts Journal during the fourth quarter of 1951. [timeless] “When the Korean crisis burst upon us last June, Wall Street analysts rightfully began co forecast a near-war or full-war economy, complete with price controls, at least some rationing, and a heavy excess profits tax. Granting that the volume of business would be tremendous, they still were inclined to anticipate a serious reduction in corporate net after taxes. This prospect, combined with the war situation itself, led to predictions of lower stock prices.” — Benjamin Graham introducing his essay; The War…

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Sign up now and get our in-depth FREE e-books on famous investors like Klarman, Dalio, Schloss, Munger Rupert is a committed value investor and regularly writes and invests following the principles set out by Benjamin Graham. He is the editor and co-owner of Hidden Value Stocks, a quarterly investment newsletter aimed at institutional investors. Rupert owns shares in Berkshire Hathaway. Rupert holds qualifications from the Chartered Institute For Securities & Investment and the CFA Society of the UK. Rupert covers everything value investing for ValueWalk

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