2. Bloated BS - must be careful There were bad mgmt then, there are bad mgmt now. Not easy to decipher their activities well.
The market and the future present the same kind of difficulties. Neither can be predicted or controlled by the analyst, yet his success is largely dependent upon them both. The major activities of the investment analyst may be thought to have little or no concern with market prices. The market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal mechanism, in accordance with its specific qualities. Rather should we say that the market is a voting machine, whereon countless individuals register choices which are the product partly of reason and partly of emotion.
Investment in bargain issues needs to be carried out with some regard to general market conditions at the...