ANALYSIS CONNOTES the careful study of available facts with the attempt to draw conclusions therefrom based on established principles and sound logic. It is part of the scientific method. But in applying analysis to the field of securities we encounter the serious obstacle that investment is by nature not an exact science. The same is true, however, of law and medicine, for here also both individual skill (art) and chance are impor- tant factors in determining success or failure. Nevertheless, in these pro- fessions analysis is not only useful but indispensable, so that the same should probably be true in the field of investment and possibly in that of speculation.
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