graham-seminar

At the outset I must apologize to all of you, and especially to the other speakers, for the lack of congruence, even for a basic contradiction between my material and the general theme of this seminar: "The Economic Framework of Investors." What I shall have to say will have little or nothing to do with economics in the usual sense of the term. This paper will discuss the results of a rather extensive investigation of the behavior of common stock prices in the past fifteen years. The study was i