This is the fifth part of a series devoted to notes of Graham’s lectures between September 1946 and February 1947 at the New York Institute of Finance. The series of lectures was titled Current Problems in Security Analysis, and this fifth part focuses on the Security Analyst and why he usually fails.
[klarman]
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This article is devoted to Graham's sixth lecture in the lecture series. Part six is relatively short, but it contains a valuable lesson nonetheless. Up to this point, Graham...

