In my mind you are completely re-writing what he said. That's...

In my mind you are completely re-writing what he said. That's pretty common.
If Fundamental Analysis is the same as Value Investing, how many analysts are covering MMA now versus three years ago?
How come every analyst report I read emphasizes future earnings estimates, not historical and the balance sheet. Why do these reports usually work to a 1 year price estimate rather than long term?
How come every time I buy a company it's one which the analysts have ceased coverage of? If my analysis is the same as theirs?
If you read what Graham wrote with an open mind you will find what I said previously is correct.
He taught us markets are not only rational but also emotional, pessimistic and exhuberent. If you can understand a business like a business owner/operator does and buy it at an attractive price you will do well over the long term.
Don't ever extend yourself or your business too far, play it safe.
I would say to you the average business owner doesn't fret about what the earnings may be in 2022 but focus on what they can control instead. Keep the debt down.