> If it's the latter, how could something that
> old apply in today's market - what with the
> advent of technology changing the landscape
> and all.

It all depends on the nature of the old content.

If the content is specific to that time period, or is contingent on certain conditions that exist then but don't exist now, then perhaps it isn't that relevant.

If the content is more grounded in theory, then it's more likely to be useful today provided the theory is sound.

The concept of "discounted cash flows" to value things -- stocks, property, bonds, housing loans -- has been around for a long time, but it is just as valuable today as it was whenever it was first conceived because it is a sound theory.

As Dien has pointed out, people still refer to "The Intelligent Investor" by Benjamin Graham, along with books like "Security Analysis" (1940) by Benjamin Graham and David Dodd -- recently reprinted I believe.

In the end, it's all about theory. And by theory I don't mean some wishy-washy idea that holds no relevance in the real world. I'm talking about truly understanding the underlying forces and mechanics at play.

If you pick up an investment book with the idea that it will tell you what to do, chances are you won't get a lot from it. If you pick it up with the goal of seeking out and understanding the underlying reasoning behind what's happening, then you're more likely to get value from reading it by being able to learn the lessons and adapt them to present circumstances.

- Thomas.




PM Capital Limited