Benjamin Graham On Estimating Future Earnings Power

This series is devoted to notes of Ben Graham’s Security Analysis lectures between September 1946 and February 1947 at the New York Institute of Finance. The series of lectures was titled Current Problems in Security Analysis, and it gives a great insight into Graham’s process and investing mentality, especially on the topic of future earnings power. [klarman] Estimating Future Earnings Power “The concept that investment value is dependent upon expected future earnings is undoubtedly a more persuasive and a more logical one than thinking of value in relation to past earnings only, or in relation to the par value printed on the…