"Go to it then. The field is wide open. The old masters have confessed their inability to determine value objectively. More investors than ever before are committing their capital to stocks. Very little has as yet been done in the field of stock evaluation by statistical organizations — and I say this with full awareness of our own efforts in the past 21 years. Here in the field of stock evaluation you will find a worthy challenge to your intelligence, and exciting adventure too." — Arnold Bernhard, founder and editor of the Value Line Investment Survey.
The above excerpt is the last paragraph of Bernhard’s 1959 book, The Evaluation of Common Stocks. It is interesting to consider the changes since that time and to ponder the opportunities (or lack thereof) that exist now as a result of those changes.
Is the field still “wide open” for the enterprising investor?