LVM Capital Management and Security Analysis in the Context of Market Efficiency
Abstract
Fundamental security analysis was pioneered by Benjamin Graham and David Dodd following
the Great Depression. With the severity of the current economic recession being second only
to the Great Depression, it is increasingly important to remember the foundation created by
these innovators in the investments field. My time as an Investment Research Associate with
LVM Capital Management has helped in my understanding of security selection in the context
of turbulent economic climates. However, the vast amount of information and the multitude of
similarly qualified investment analysts have only reinforced my belief in market efficiency.
While mispriced securities undoubtedly exist, these opportunities are becoming increasingly
difficult to identify. My lifetime financial plan acknowledges market efficiency when making
important investment decisions. I conclude that my skills and education in investment selection
could be employed in the less efficient markets of private equity, venture capital, or
international investment research.