Graham's considerations in The Intelligent Investor are correct. But can you really apply them to all companies, including companies that have only been around for a few years and are in the process of development? Can I do one and the same intelligence test on a baby like an adult? The cannabis sector is speculative - he's just born and growing - so Graham would probably have kept his hands off ALL companies in this sector! I would have rather asked him if the Apple stock is fairly valued. And anyway - is the stock market world more than 50 years ago comparable to today?
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