In The Intelligent Investor, Graham was careful to include a footnote that this formula was not being recommended for use by investors — rather, it was to model the expected results of other growth formulas popular at the time.....Graham stating "Warning: This material is supplied for illustrative purposes only, and because of the inescapable necessity of security analysis to project the future growth rate for most companies studied. Let the reader not be mislead into thinking that such projections have any high degree of reliability, or, conversely, that future prices can be counted on to behave accordingly as the prophecies are realized, surpassed, or disappointed."
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