Today, Benjamin Graham is well known as the Godfather of value investing and one of the first investors to use fundamental analysis to invest in common stocks. But in his early career trying to convince others that investing based on fundamentals was best, prove to be a struggle.
As this CFA publication describes (authored by Irving Kahn and Robert D. Milne), when Graham was first employed on Wall Street, his job was to analyse railroad bonds, there was almost no activity focused on the analysis of common stocks at the time. "Common stocks" the article notes, "with a relatively few exceptions for the major railroads and utilities, were viewed as speculations." The majority of financial information provided by companies...
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