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

... 330COMMENTARY ON CHAPTER 13 339 14 . Stock Selection for the Defensive Investor 347COMMENTARY ON CHAPTER 14 367 15 . Stock Selection for the Enterprising Investor 376COMMENTARY 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 CHAPTER 1 352. The Investor and Inflation 47COMMENTARY ON CHAPTER ... y0 w1 h1" alt="" v ContentsCOMMENTARY ON CHAPTER 8 213 9. Investing in Investment Funds 226COMMENTARY ON CHAPTER 9 242 10 . The Investor and His Advisers 257COMMENTARY ON CHAPTER 10 272 11 ....

The Intelligent Investor: The Definitive Book On Value part 3 docx

... for the possibly quite dif-ferent conditions of, say, 19 73 19 77.8 IntroductionCommentary on the Introduction 13 Graham will show you how to manage it—and how to get your fearsunder control.ARE ... shareholders. (They had shown losses also in 19 45 and 19 61. ) The stocks of these companies once again showed agreater decline in 19 69–70 than did the general market. The recordshows that even the highly ... over the years as has the general market. Allied to the foregoing is the record of the published stock-market predictions of the brokerage houses, for there is strong evidence that their calculatedforecasts...

The Intelligent Investor: The Definitive Book On Value part 23 docx

... & S. F.4s, 19 95 10 5 1 ⁄269 10 575 11 7 1 ⁄499 1 ⁄2 14 1 51 64Nor. Pac.3s, 20477949 1 ⁄273463⁄485 1 ⁄4 31 1⁄2943⁄4323⁄437 1 ⁄4TABLE 8 -1 Fluctuations in Bond Yields, and ... PAAAComposite4. 31% 6.404.535.522.448.447 .14 S & PMunicipals3 .11 %5.283.905.27 1. 457.065.35 19 05 high 19 20 low 19 30 high 19 32 low 19 36 high 19 39–40 low 19 46 high 19 70 low 19 71 closeA. ... about the significance of average mar-ket prices as a measure of managerial competence. The shareholder206 The Intelligent Investor 19 02 low 19 20 high 19 28 low 19 32 high 19 46 low 19 70 high 19 71...

The Intelligent Investor: The Definitive Book On Value part 30 docx

... earning $1 pershare can raise that profit by 15 % a year for the next 15 years, its earningswould 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 ratessince 19 61 would justify some offsetting reduction in the coverageof ... 4 1 ⁄2%. To meet this changed situation we nowsuggest an alternative requirement related to the percent earned on 284 The Intelligent InvestorTABLE 11 -1 Recommended Minimum “Coverage” for Bondsand...

The Intelligent Investor: The Definitive Book On Value part 40 docx

... 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. Asmall amount ... funds for the general public.over their ample capital, average about one-half of 1% a yearthereon, or less. These costs are not negligible in themselves; butwhen they are compared with the approximately ... latest 12 -month figures, wher-ever applicable. It is this last item that puts us on the track of ourexercise in common-stock selection.384 The Intelligent Investor* The successor corporation...

The Intelligent Investor: The Definitive Book On Value part 43 docx

... Thousands)CommonStockOutstandingAdditional Common Stock IssuableTotalAdditionalCommonStockAgainstWarrantsPreferredStockBonds On Conversion ofAvco 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 22,260International Tel. & Tel. 67,393 19 0 48 ,11 5 48,305Ling-Temco-Vought 4, 410 a 1, 180 685 7,564 9,429National General 4, 910 4,530 12 ,17 0 16 ,700Northwest ... for 40 years (from 19 19 to the stock split in 19 59) the result was the eventual conversion of virtually all the convertible issues intocommon stock. Thus the buyers of these convertibles have faredwell...

The Intelligent Investor: The Definitive Book On Value part 45 docx

... Results 19 58 19 60 19 67 19 69 19 70Sales$ 6.9 $14 3.0 $1, 833.0 $3,750.0$374.0Net before taxes and interest0.5527.28795.6 12 4.488.0Interest 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 asmany additional shares at six points below the market price at the close of 19 68. The initial market value of the warrants was thenabout $12 each, ... 4. At the end of 19 67 the bank loans had reached $16 1 million,and a year later they stood at $ 414 million—which should havebeen a frightening figure. In addition, the long-term debtamounted...

The Intelligent Investor: The Definitive Book On Value part 48 docx

... per-share earnings 19 68 versus 19 63 +10 4% + 71% 19 68 versus 19 58 +13 9% +14 6%aAssuming 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 “effectivemarket value of the common-stock part of the capital. (See ourdiscussion of this point on p. 415 above.) ... position.462 The Intelligent InvestorTABLE 18 -6. Pair 6.McGraw McGraw-HillEdison 19 68 19 68Price, December 31, 19 68 375⁄8 393⁄4Number of shares of common 13 , 717 ,000 24,200,000aMarket value...

The Intelligent Investor: The Definitive Book On Value part 61 docx

... defaults on, 88–89n, 17 3, 287, 423, 5 21; anddefensive 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; andasset allocation, 10 , 22–29,89– 91; and bargains, 16 6, 17 3, 17 3n; calls on, 97–98, 13 9; ... 210 ; length of, 19 3n; andmarket fluctuations, 19 2–94, 19 3n, 19 4, 19 7, 210 ; and newofferings, 14 0, 14 0–41n, 14 2, 14 3, 14 4; and portfolio policy foraggressive investors, 14 0, 14 0–41n, 14 2, 14 3,...

The Intelligent Investor: The Definitive Book On Value part 63 docx

... 29–34, 89, 13 5, 17 4, 18 2, 377, 3 81, 393; averageannual, 25n, 34, 11 2n; averageexpected, 83, 84; for defensiveinvestors, 22–29, 25n, 89, 91, 92,96, 11 1, 11 2n, 11 3, 11 3n, 12 1, 12 2, 17 6, 368; ... andmispricing of stock, 212 13 ,363n; and new offerings, 14 0, 14 2, 14 3–44; and portfoliopolicy for aggressive investors,4, 13 3–44, 13 6n, 15 8, 15 9, 16 3, 16 5–69, 17 1, 17 2, 17 4–78, 18 1, 18 3; and portfolio ... Cramer’srecommendations, 16 ; anddefensive investors, 89, 93–94,95, 97, 98, 98n, 99, 99n, 10 0, 10 6–7, 10 6n, 10 9, 11 0, 11 1, 11 3, 12 1–22, 364n; and expectationsfor investors, 22–29, 33; fixed, 211 ; and history...

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