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The Actuary The magazine of the Institute & Faculty of Actuaries
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The intelligent investor

I recommend this book... in the climate that the traditional ‘earnings’ basis of reporting, matching costs and revenues, will go in 2005–2008, to be replaced with ‘fair value’ accounting. The basis for accounting will move from the home of the traditional analyst to the home of the actuary. The tests for stock selection for the defensive investor and the enterprising investor and the types of operation for the latter depend on rigorous financial analysis but of accounts that will change fundamentally in nature. This opportunity for actuaries, coupled with the call by Benjamin Graham to use intelligence and caution ahead of intuition and popularity, serves us well. Maybe we can also be intelligent enough to charge for our rigour in proportion to our added value.

See ‘The dean of Wall Street’ by Sos Green in the March 2003 issue of The Actuary

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To purchase this book, click on the cover image

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