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Knowledge Compounding: Graham was wrong ! Markets are slaves of entertainment

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T hese days most people are not interested in owning businesses; a basic premise Benjamin Graham argued for successful investing. Forget business, the "me too" crowd has coveted earnings per share for entertainment per share. That earnings is missing from the denominator (CMP/EPS = PE), and as a result, what we see today is a price-to-entertainment ratio (PE).    
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