Jim Grant’s op-ed in the Financial Times referencing Security Analysis
December 9, 2008
Little logic to bond world amid current risk phobias
December, 5 2008
By Jim Grant
“In their magnum opus Security Analysis Benjamin Graham and David L. Dodd advise that “bonds should be bought on their ability to withstand depression”. They wrote that in 1934. So far is that rule from being honoured by today’s financiers that not a few bonds—and boxcars full of mortgages – could hardly withstand prosperity. Two urgent questions present themselves.”
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