Du Pont Vs. American Telephone

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tment. Or, at least, some comparative position, mea- suring the merits of du Pont vs. American Telephone. For such comparative purposes, it will be useful to examine the effects on valuation of extreme rates of growth. The ana- lyst may well decide that a 10% rate of growth is a prac- tical top limit for companies of any size under present competitive conditions, stretching that a bit for I.B.M. and a few others. Of course, since we have put a finite limit on years, involving a tragic ending, logic decrees a declin- ing rate of growth and then a
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