Benjamin Graham: The War Economy and Stock Values

An article penned by Benjamin Graham and first published in The Analysts Journal during the fourth quarter of 1951.

“When the Korean crisis burst upon us last June, Wall Street analysts rightfully began co forecast a near-war or full-war economy, complete with price controls, at least some rationing, and a heavy excess profits tax. Granting that the volume of business would be tremendous, they still were inclined to anticipate a serious reduction in corporate net after taxes. This prospect, combined with . . .


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