💬 [E6897] During the 1936-1938 period analyzed in Security Analysis, bond yields averaged 3.36%-3.99%, described as a historically low interest rate environment. This parallels modern rate discussions and provides historical precedent for low-rate regimes occurring during periods of economic stress and extreme equity volatility.

💬 [E6896] Historical data from 1936-1938 shows extreme volatility even in premier stocks: General Electric ranged from $27.25 to $64.875, U.S. Steel earnings swung from negative $5.30 to positive $11.22, and Dow P/E multiples ranged from 10.6x to 21.2x. Graham and Dodd argue such dislocations create opportunities for disciplined value investors willing to act contrarily during periods of prevailing pessimism.

💬 [E6895] Benjamin Graham and David Dodd's Security Analysis establishes foundational value investing principles including margin of safety, buying below intrinsic value, and balance-sheet analysis. The sixth edition features commentary from Seth Klarman, Warren Buffett, James Grant, Howard Marks, and others, reinforcing the framework's enduring relevance across market cycles over 75+ years.