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Title: Old book
Review: Like most investing books, this one tries to point the reader to relationships between published accounting parameters that could suggest superior returns over long term ( 25+, 50+ years).The issue I have with back testing of any formulas over such long duration relates to accounting changes over that duration. The book is mute on how to account for the accounting changes. For example, stock based compensation reporting today is different from 5 years ago. Yet the book shows no adjustments and lumps the earnings shown today w/ those from ten years ago.Also, it is lacking in clear detail about data sources and formulas used for various steps of algorithms.
