This is part two of a three-part series on Benjamin Graham's famous speech and presentation, Security In An Insecure World, as published on November 15, 1963.
- [From The Achieves] Benjamin Graham: Security In An Insecure World Pt. 1
Benjamin Graham: Security in an insecure world pt. 2
[Continued from part one(link)] … Benjamin Graham then goes on to note that government initiatives in the late 40s, designed to prevent major economic downturns, provided:
“...insurance against a very severe falling off in the earnings of corporations generally...”
Which:
“...justify a higher valuation of these earnings than in former years. Hence we have added an arbitrary 50 per cent to the valuation based on our old method.”
But Benjamin Graham also gave a word of warning:
“There is a...
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