Snoop & Howard --Are you saying that (a) the Graham formula is not, in itself, a substitute for a proper DCF analysis, or (b) it's a tool that is so fundamentally wrong-headed as to be useless for any purpose? I've used it for a few years as a method of getting a first rough cut at stocks that look interesting, and I've had reasonably good results with it -- stocks that look expensive under the Graham formula seem to look expensive when you run the numbers, although I've found the reverse isn't as true. If your answer is (b), can you suggest a better quick-and-dirty formula for making a first cut? Thanks.
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