GVA - Granite Construction: Portfolio Cornerstone Stock Not For Speculators
Investment Thesis: Granite Construction (GVA) is currently sitting at book value. Current earnings are also far below past earnings which indicate we are at the trough of the business cycle. Benjamin Graham often argued buying companies at low share prices to the value of the company translated to greater returns.
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"The concept of earning power has a definite and important place in investment theory. It combines a statement of actual earnings, shown over a period of years, with a reasonable expectation that these will be approximated in the future, unless