Benjamin Graham On The Need For Average Earnings

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. The third lecture in this series is devoted to earnings power and the flaws in past earnings power and how to correct for that: [timeless]   “It is not our purpose to cover it comprehensively, starting from scratch, but rather to assume that you are familiar with the general treatment of the future earnings…