The analysis of security values is not an abstruse science. While in essence mathematical, it does not soar into the realms of calculus — in fact, it rarely gets as far as algebra.
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Risk is about how we make decisions, and only incidentally about the math that we employ to reach those decisions.
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If the discernment of value could be reduced to an algorithm and taught, then everybody would be Warren Buffett.
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In 44 years of Wall Street experience and study, I have never seen dependable calculations made about common stock values, or related investment policies, that went beyond simple arithmetic or the most elementary algebra.
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Mathematics is ordinarily considered as producing precise and dependable results; but in the stock market the more elaborate and abstruse the mathematics the more uncertain and speculative are the conclusions we draw therefrom.
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