[gatehouse]

Here are the last few words of the 1934 Securities Analysis:

More satisfactory results are to be obtained, in our opinion, by confining the positive conclusions of the analyst to the following fields of endeavor:

1. The selection of standard senior issues which meet exacting tests of safety.

2. The discovery of senior issues which merit an investment rating but which also have opportunities of an appreciable enhancement in value.

3. The discovery of common stocks, or speculative senior issues, which appear to be selling at far less than their intrinsic value.

4. The determination of definite price discrepancies existing between related securities, which situation may justify making exchanges or initiating hedging or arbitrage operations.