Security Analysis is a seminal book written by the grandfather of value investing Benjamin Graham and David Dodd, a professor at the Columbia University. It was published in 1934. I started reading it about a couple of years ago but have yet to reach Chapter 3 (out of over 50 chapters). The book has over 700 pages.

The reason for such slowness is due to the way this book was written. First, it is written by two intellects espousing difficult concepts in investing. The language they used is not common day English and it does not help that it was written over 80 years ago when the usage of English is probably different. Nevertheless, I believe there is value in finishing this book and as I complete these chapters, I hope to jot down my learnings here.

The first lesson is about trying to model earnings trend. As it is now vs 80 years ago, analysts like to model future earnings.