The Graham Approach to Investing

Finance departments teach that volatility equals risk. Now they want to measure risk and they don't know any other way. And so they say that volatility measures risk. To me it's less rational than what we do and I don't think we're going to change. Eric Guidance, can you give us as to the calculation of item C which is maintenance capital spending and working capital requirements? Richard Surser from Tucson, Arizona. This is the gentleman that led to the flight safety purchase. If it had not been for Richard, we would not have emerged with flight safety.