When Graham and Dodd wrote Security Analysis in 1934, the lack of an Internet was the least of an analyst's worries. There were no spreadsheets, computers, or information databases. There weren't even any calculators. There were no company conference calls or quarterly earnings releases. There were few filing requirements, lax accounting rules, and little legal enforcement. There were only a handful of mutual funds, no hedge funds, and no computerized trading. There was no CNBC, no market radio, no Bloomberg, no Yahoo! Finance, no real-time quotes. There were paper tickers, for God's sake.