Granular Investment Analysis From Benjamin Graham

"The spectacle of Chesapeake and Ohio selling 9 or 10 points higher than time honored B. & O. must indeed excite wonder in the Minds of those veterans who recall that about 15 years ago the latter issue was quoted regularly at twice the price of its Southern neighbor."

That's how Benjamin Graham began an article comparing the securities of two railroad concerns, B&O, and C&O in an article written for the Magazine of Wall Street in 1919.

Like so many of Benjamin Graham's articles of the time, this article focused on the railroad industry because, coming out of the First World War, this industry was in turmoil.

Throughout the war, price controls and government ownership had disrupted operations, and the industry was slow to recover. However, for savvy bargain hunters, the sector was full of opportunity, and Benjamin Graham produced regular columns at the time outlining the best opportunities.



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