A military man can scarcely pride himself on having "smitten a sleeping enemy"; it is more a matter of shame, simply, for the one smitten. I would rather you made your appraisal after seeing what the enemy does, since it is certain that, angered and outraged, he will soon launch a determined counterattack.
The investor has the benefit of the stock market's daily and changing appraisal of his holdings, for whatever that appraisal may be worth , and, second, that the investor is able to increase or decrease his investment at the market's daily figure if he chooses . Thus the existence of a quoted market gives the investor certain options which he does not have if his security is unquoted. But it does not impose the current quotation on an investor who prefers to take his idea of value from some other source.benjamin graham
The significance of a basic medium to its civilization is difficult to appraise since the means of appraisal are influenced by the media, and indeed the fact of appraisal appears to be peculiar to certain types of media. A change in the type of medium implies a change in the type of appraisal and hence makes it difficult for one civilization to understand another.harold innis
Systems engineering is the name given to engineering activity which considers the overall behavior of a system , or more generally which considers all factors bearing on a problem, and the systems approach to control engineering problems is correspondingly that approach which examines the total dynamic behavior of an integrated system. It is concerned more with quality of performance than with sizes, capacities, or efficiencies, although in the most general sense systems engineering is concerned with overall, comprehensive appraisal.
The purchase of a bargain issue presupposes that the market's current appraisal is wrong, or at least that the buyer's idea of value is more likely to be right than the market's. In this process the investor sets his judgement against that of the market. To some this may seem arrogant or foolhardy.benjamin graham