Benjamin Graham, who helped train Warren Buffett, often talked about the difference between a company and a stock. Graham had a saying that, to paraphrase, even a good company can be a bad investment if you pay too much for it. That's the lens through which I view GE Aerospace (NYSE: GE) today. Here's why I wouldn't buy the stock, despite the company's business success.
The big number for GE Aerospace is its $210 billion backlog. That's a massive number, representing the future income the company already has lined up. Adding to the allure of that figure is that it comprises two income streams: product sales and services.
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