The Intelligent Investor: The Definitive Book On Value part 1 docx

... 330 COMMENTARY ON CHAPTER 13 339 14 . Stock Selection for the Defensive Investor 347 COMMENTARY ON CHAPTER 14 367 15 . Stock Selection for the Enterprising Investor 376 COMMENTARY ON CHAPTER 15 396 16 . Convertible ... 1 COMMENTARY ON THE INTRODUCTION 12 1. Investment versus Speculation: Results to Be Expected by the Intelligent Investor 18 COMMENTARY ON CHAPT...

Ngày tải lên: 04/07/2014, 15:20

... for the possibly quite dif- ferent conditions of, say, 19 73 19 77. 8 Introduction Commentary on the Introduction 13 Graham will show you how to manage it—and how to get your fears under control. ARE ... shareholders. (They had shown losses also in 19 45 and 19 61. ) The stocks of these companies once again showed a greater decline in 19 69–70 than did the general market. The...

Ngày tải lên: 04/07/2014, 15:20

... & S. F. 4s, 19 95 10 5 1 ⁄2 69 10 5 75 11 7 1 ⁄4 99 1 ⁄2 14 1 51 64 Nor. Pac. 3s, 2047 79 49 1 ⁄2 73 46 3 ⁄4 85 1 ⁄4 31 1 ⁄2 94 3 ⁄4 32 3 ⁄4 37 1 ⁄4 TABLE 8 -1 Fluctuations in Bond Yields, and ... P AAA Composite 4. 31% 6.40 4.53 5.52 2.44 8.44 7 .14 S & P Municipals 3 .11 % 5.28 3.90 5.27 1. 45 7.06 5.35 19 05 high 19 20 low 19 30 high 19 32 low 19 36 hi...

Ngày tải lên: 04/07/2014, 15:20

... earning $1 per share can raise that profit by 15 % a year for the next 15 years, its earnings would end up at $8 .14 . If the market values the company at 35 times earn- ings, the stock would finish the ... suffi- cient if the bond or preferred stock met either of these criteria. It may be objected that the large increase in bond interest rates since 19 61 would justify som...

Ngày tải lên: 04/07/2014, 15:20

... they are compared with the approximately 15 % annual over- all return on common stocks generally in the decade 19 51 19 60, and even the 6% return in 19 61 19 70, they do not bulk large. A small amount ... funds for the general public. over their ample capital, average about one-half of 1% a year thereon, or less. These costs are not negligible in themselves; but when they are c...

Ngày tải lên: 04/07/2014, 15:20

... Thousands) Common Stock Outstanding Additional Common Stock Issuable Total Additional Common Stock Against Warrants Preferred Stock Bonds On Conversion of Avco Corp. 11 ,470 1, 750 10 .436 3,085 15 ,2 71 Gulf & Western Inc. 14 ,964 ... Inc. 14 ,964 9,6 71 5,632 6,9 51 22,260 International Tel. & Tel. 67,393 19 0 48 ,11 5 48,305 Ling-Temco-Vought 4, 410 a 1, 180 685 7,564...

Ngày tải lên: 04/07/2014, 15:20

... Results 19 58 19 60 19 67 19 69 19 70 Sales $ 6.9 $14 3.0 $1, 833.0 $3,750.0 $374.0 Net before taxes and interest 0.552 7.287 95.6 12 4.4 88.0 Interest charges .1 (est.) 1. 5 (est.) 17 .7 12 2.6 12 8.3 (Times ... given to others the right to buy 3 1 ⁄2 times as many additional shares at six points below the market price at the close of 19 68. The initial market value...

Ngày tải lên: 04/07/2014, 15:20

... per-share earnings 19 68 versus 19 63 +10 4% + 71% 19 68 versus 19 58 +13 9% +14 6% a Assuming conversion of preferred stock. concern would be simply whether the $300 million valuation for the company had ... represent a part of the “com- mon-stock package” and their market value is part of the “effective market value of the common-stock part of the capital. (See our...

Ngày tải lên: 04/07/2014, 15:20

... defaults on, 88–89n, 17 3, 287, 423, 5 21; and defensive investors, 22–29, 89 10 0, 10 1 11 , 11 2n, 11 3, 11 4, 11 4n, 11 9, 12 1–22, 12 4, 12 5, 13 1, 17 6, 347, 350, 365; discount, 13 6n; distressed, 15 5–56n; ... 259, 2 61, 269, 2 71; and aggressive investors, 13 3–35, 13 4n, 13 6n, 13 9, 14 0, 15 5, 16 6, 17 3, 17 3n, 17 4–77; and asset allocation, 10 , 22–29,...

Ngày tải lên: 04/07/2014, 15:20

... 29–34, 89, 13 5, 17 4, 18 2, 377, 3 81, 393; average annual, 25n, 34, 11 2n; average expected, 83, 84; for defensive investors, 22–29, 25n, 89, 91, 92, 96, 11 1, 11 2n, 11 3, 11 3n, 12 1, 12 2, 17 6, 368; ... and mispricing of stock, 212 13 , 363n; and new offerings, 14 0, 14 2, 14 3–44; and portfolio policy for aggressive investors, 4, 13 3–44, 13 6n, 15 8, 15 9, 16 3, 16...

Ngày tải lên: 04/07/2014, 15:20