ab {= | “THAD OA. vowurge (Seo ye Dro Love ‘Fanany. Steonen ‘Associa Eaton: Tharas, Stevenson, Homars Fetal Sects Satine wile: Messi tat Wrters Raber Nat, Pout Gibson ‘Atsiatant Eto Bey Franklin Baie Jose OE etter Datel & tier ‘ats Pred Jeon'o awisee™ Sores Sshalon, Saitot! SESE re ta are Ones Een tia, Abo, aS, ett Yeptigin Seren: gms Pion, Manager tian, €. Gatbreate, oss Sone Beer al Free vae Ganbetsee ee Saar iany 08, “sh ‘ire Room Manager James i Aerating reduction: Sy Swart: REISS, BeOS Pat ee atvaraa President Natal § Forbes ‘Admins Vice President aonara tite | Disclose relation: soversing Representatives: BET Nt Bin Late Donate os Araten 7118 vermont Ave 90005 San. cegneace 218 Momgomeny St, s4io8 | LV Tomer 75201, Danald Brown | in 200 (oot Place ME 30208 i Pork RW D001 Side Lines 77, 29—and Our 24th Hent: is Fonnes' 24th Annual Report on American Industry, the cal- 'mination of 12 months’ hard researching, writing and reporting on all aspects of U.S. business in the Year of the Devaluation. All of Fonses’ esonrees were marshalled for the task: computers; statisticians, the bureaus; and virtually every one of our witers, reporters and edi tors. The task of planning and executing this issue fell to. small group: Howard Rudnitsky, who was editor of the issue; Donald Popp, statistical editor, and his assistant, Jerome Fischer; Production Manager John Romeo. But perhaps the busiest man in the place was James Henderson, our chief proofreader. He and his staff had to pore ‘carefully through something like 10,000 individual figures and around 70,000 words of fairly tochnical verbiage. A suitably philosophical accompaniment to the reams of sts, andl commentaries in tis soe The Money Men fee that sae om page 89. It 18 about Benje- ‘min Graham, the dean of liv- ing security analysts and: mon- ey managers. In one of the few interviews hhe has given in recent years, Graham talked for hours. with Frank Lalli, our Los Angeles bu. eau chief. Grabam and Lalli make an ‘interesting contrast Graham "ig 77, skeptical and scholarly (he has translated Lat in poetry as a hobby), Lalli is 29-neatly a half evntury yimng cer-long-haired, curious and ee ger. After the interview, we asked Lalli for his personal impressions of Graham, Lalli said: “I 1 had only a single adjective to use for Graham, Td choose “realist” He has no illusions aliout himself or his fellow men, and this explains ' good deal about his stock market theories, Distrusting predictions and what is loosely called “genius,” he came up with an investment approach that could be anchored in reality, in statistics, to. money sctually in the till and real brick and teal mortar. No fancy” con els .No growth that goes on forever, An approach that hi hak ing risks, also limits, somewhat, opportunities.” Had he become a convert? we asked Lalli. “The problem with Graham's approach is that it comes. smack against the faet that most people are bom dreamers. Inside, they're convinced they ought to be richer than fate has made them. and {that the stock market isthe place to prove themselves, “Of course Graham knows this, too. Near the end of the interview hhe was posing for photos. The photographer rematked that he en ioved playing the market; much better gamble than the horses ‘To my surprise, Graham didn't lecture him, He agreed, citing sta tistics that the odds are better-on Wall Street than atthe track ‘Graham approved because the photographer wasn't kidding hin selfs he didn't pretend to be an investor. That is what Graham i warn ‘ng against: people who gamble and call it investing”