Value Investing "The (4) diverse forces governing price movements..", Benjamin Graham 1926

---

"The (4) diverse forces governing price movements..", Benjamin Graham 1926 Posted: 31 Oct 2019 04:50 AM PDT THE NEW ERA OF DISCRIMINATION IN THE SELECTION OF SECURITIES Lessons of the 1926 Market that Should Prove Valuable in 1927 ... The diverse forces governing price movements. These influences may conveniently be considered as of four kinds: (a) Corrective - readjustments necessitated by previous market excesses; (b) Reflective - corresponding to current developments affecting the issue; (c) Anticipative - discounting expected future occurrences; (d) Manipulative - representing large scale market operations independent of influence affecting intrinsic value. Of course not all market developments can be classified under one of these four headings; in many instances more than a single influence is at work, nor can it be definitely asserted which is controlling. Yet the majority of price movements may be related fairly definitely to some one of these forces, and not a few of the vagaries of the 1926 market become more comprehensible when considered in this light. Found this by reading https://www.amazon.com/Benjamin-Graham-Investing-Enduring-Lessons/dp/0071621423 How do you think this has stood up over the last 93 years? My mind jumped to applying Charlie Munger's lallapalooza effect, where multiple factors are acting together in ways that are feeding back on each other, and how finding stocks with all 4 forces working for/against at the same time would expose asymmetric protection and upside. submitted by /u/JustCallMeAtom [link] [comments]

You are subscribed to email updates from Value Investing. To stop receiving these emails, you may unsubscribe now.	Email delivery powered by Google
Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States