Preview. Written from general knowledge to guide your reading. It's replaced by full study notes once you record this chapter.
What to listen for
- Why reported per-share earnings can mislead: special charges, accounting choices and dilution.
- Graham's advice is to use average earnings over several years, not one year.
- Listen for how one company's 'record earnings' hid accounting quirks.
- RuleOne link: the screen uses multi-year medians for growth and P/E for the same reason.
Record this chapter
Read it (and Zweig's commentary) aloud, or record your own takeaways afterwards. Then upload the file as ch12.m4a (or ch12-part2.m4a, ch12-commentary.m4a, ch12.txt) to your private ruleone-library repo.