The Intelligent Investor: The Definitive Book On Value part 2 ppt

... this book in 1949 the figures were almost the exact opposite: the bonds returned only 2. 66% and the stocks yielded 6. 82% . 2 In previous editions we have consistently urged that at least 25 % of the ... representa- tive common stocks. At the beginning of 19 72 the return was 7.19% on highest-grade bonds versus only 2. 76% on industrial stocks. (This compares with 4...

Ngày tải lên: 04/07/2014, 15:20

... returns. None of the factors that the Motley Fools “discovered” with such fanfare—dropping the stock with the best score, doubling up on the one with the second-highest score, dividing the dividend yield ... Take the five stocks in the Dow Jones Industrial Average with the lowest stock prices and highest dividend yields. 2. Discard the one with the lowest price. 3....

Ngày tải lên: 04/07/2014, 15:20

... 21 2.5 1949 13.55 30 161 .2 24 19 52 26.6 29 2 19 52 53 22 .7 15 25 6 13 1956 49.7 521 1957 39.0 24 420 20 1961 76.7 735 19 62 54.8 29 536 27 1966–68 108.4 995 1970 69.3 36 631 37 early 19 72 100 — 900 — WHAT ... 10 .21 110 .2 1917 6.80 33 73.4 33 1919 9.51 119.6 1 921 6.45 32 63.9 47 1 929 31. 92 381 19 32 4.40 86 41 .2 89 1937 18.68 197.4 1938 8.50 55 99 50 1939 13 .23 1...

Ngày tải lên: 04/07/2014, 15:20

... of the “typical” widow, and there would be the same area of personal choice in fix- ing the size of the stock component. The annual savings should be invested in about the same proportions as the ... dealings. The reason for this is that they usually have an ample confidence in their own intelligence and a strong desire to make a good return on their money, without the rea...

Ngày tải lên: 04/07/2014, 15:20

... will have to their book value. But the greater the premium above book value, the less certain the basis of deter- mining its intrinsic value i.e., the more this value will depend on the changing ... were able to tell them- selves that their investments had kept their full value, there being no market quotations to indicate otherwise. On the other hand, many listed co...

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... Communications 24 3.9 –43.7 – 52. 4 –54.5 4,198 Van Wagoner Post-Venture 23 7 .2 –30.3 – 62. 1 –67.3 2, 907 ProFunds Ultra OTC 23 3 .2 –73.7 –69.1 –69.4 829 Van Wagoner Technology 22 3.8 28 .1 –61.9 –65.8 3, 029 Thurlow ... $10,000 invested on Fund 1999 20 00 20 01 20 02 1/1/1999 Van Wagoner Emerging Growth 29 1 .2 20 .9 –59.7 –64.6 4,419 Monument Internet 27 3.1 –56.9 – 52...

Ngày tải lên: 04/07/2014, 15:20

... want to govern, the best fund managers often behave as if they don’t want your money. They don’t appear constantly on financial television or run ads boasting of their No. 1 returns. The steady lit- tle ... first, then at the manager’s reputation, then at the riski- ness of the fund, and finally (if ever) at the fund’s expenses. 8 The intelligent investor looks at those same...

Ngày tải lên: 04/07/2014, 15:20

... Second, how does their existence affect the value of the related common-stock issues? Convertible issues are claimed to be especially advantageous to both the investor and the issuing corporation. ... to $39 billion. In 20 00, $58 billion in convertibles were issued, and in 20 01, another $105 billion emerged. As Graham warns, convertible securities always come out of the woodwo...

Ngày tải lên: 04/07/2014, 15:20

... convertible into 24 .24 shares of the company’s common stock, a “conversion ratio” of 24 .24 . As of year-end 20 02, DoubleClick’s stock was priced at $5.66 a share, giving each bond a “conversion ... “conversion value of $137 .20 ($5.66 ϫ 24 .24 ). Yet the bonds traded roughly six times higher, at $881.30—creating a “conversion pre- mium,” or excess over their conversion value, of...

Ngày tải lên: 04/07/2014, 15:20

... no longer steward.’ (Luke, 16 :2) .” Among the other parables Graham seems to have in mind is Matt., 25 :15 28 . 2 Benjamin Graham, “A Questionnaire on Stockholder-Management Rela- tionship,” The ... eye on the problems of the enterprise. They should submit a separate annual report, addressed directly to the stockholders and containing their views on the major question wh...

Ngày tải lên: 04/07/2014, 15:20