Finance & Investments

"ANALYSIS CONNOTES the careful study of available facts with the attempt to draw conclusions therefore based on established principles and sound logic. It is part of the scientific method. But in applying analysis to the field of securities we encounter the serious obstacle that investment is by nature not an exact science. The same is true, however, of law and medicine, for here also both individual skill(art) and chance are important factors in determining success or failure. Nevertheless, in these professions analysis is not only useful but indispensable, so that the same should be true in the field of investment and possibly in that of speculation." - The Scope and Limitation of Security Analysis. The Concept of intrinsic value. Security Analysis, Sixth Edition, B. Graham & D.Dodd