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Is it necessary to do the same level of analysis as a stock broker's analyst might do to follow the value method?

Your fundamental analysis does not have to be as detailed as an analyst at a broking house may do. This is because the analyst will be building a spreadsheet model of the company to try to forecast its earnings etc. If you follow the value method, Graham based it on assuming that past performance was a guide to the future. He was insistent that it was not possible to predict the future and that past performance was the best guide.

This means that you only really have to satisfy yourself that the past performance is good, and that potentially there are no known circumstances that might change the fortunes of the company significantly and permanently. This does not preclude you from considering companies that have stumbled, so long as you can see that they are likely to recover.