Understanding Graham

I respectfully disagree with the editorial criticism of Ben Graham (Risk without Wealth, T.N.M., July 22-28/02). A pairing of poor values with volatile prices do not make equity markets doubly unattractive.

Intelligent analysis will enable investors to evaluate the true value of securities and compare their attendant risk factors. The reason a stock does not sell is simply that it is overpriced compared with all other available investments.

Warren Buffet, star pupil of Ben Graham, continually demonstrates the wisdom of selecting undervalued securities. His rigorous selection process is the reason for an average yield exceeding 25%.

There are many mining companies, large and small, currently worthy of investment. All investors can benefit by reading Ben Graham.

James Henry

Penticton, B.C.

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