Phil Oakley 

How should an intelligent investor view today’s stock markets?

Phil Oakley

How should an intelligent investor view today’s stock markets?

In his 1934 investing classic, Security Analysis, Wall Street investor Benjamin Graham spelt out the difference between investment and speculation: “An investment operation is one which, upon thorough analysis promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.” I do wonder what Mr Graham would make of current stock markets. My view is that, taking his definition, these are very dangerous times for investors.

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