Just before he died, Graham was asked whether detailed analysis of individual stocks - a tactic he became famous for - remained a strategy he favoured. He answered:
"In general, no. I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities. This was a rewarding activity, say, 40 years ago, when our textbook was first published. But the situation has changed a great deal since then."
What changed was: Competition grew as opportunities became well known; technology made information more accessible; and industries changed as the economy shifted from industrial to technology sectors, which have different business cycles and capital uses.
Things changed.
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