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

... 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 calculated forecasts ... for the possibly quite dif- ferent conditions of, say, 19 73 1977. 8 Introduction Commentary on the Introduction 13 Graham will show you how to manage it—and how...

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... Companies 33 0 COMMENTARY ON CHAPTER 13 339 14. Stock Selection for the Defensive Investor 34 7 COMMENTARY ON CHAPTER 14 36 7 15. Stock Selection for the Enterprising Investor 37 6 COMMENTARY ON CHAPTER ... Analysis for the Lay Investor: General Approach 280 COMMENTARY ON CHAPTER 11 30 2 12. Things to Consider About Per-Share Earnings 31 0 COMMENTARY ON CHAPTER 12...

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... 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 in Prices of Two Representative Bond Issues, 1902–1970 Bond Yields Bond Prices COMMENTARY ... the previous 12 months for just five more years, its revenues would explode from $36 million a quarter to $5 billion a month. With such growth in sight, the faster...

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... forecast of the future—with par- ticular emphasis on the next 12 months—and a rather arbitrary conclusion. The latter was, and still is, often drawn with one eye on the stock ticker or the market ... first bear the brunt of unfavorable developments. This factor includes the market’s appraisal of the future prospects of the enterprise. 3. Property Value. The asset val...

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... latest 12-month figures, wher- ever applicable. It is this last item that puts us on the track of our exercise in common-stock selection. 38 4 The Intelligent Investor * The successor corporation to ... average results on their common-stock commitments. For a variety of rea- sons, most members of the public who put their money in common stocks of their own choice fail to do nea...

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... to the stock split in 1959) the result was the eventual conversion of virtually all the convertible issues into common stock. Thus the buyers of these convertibles have fared well through the ... ignored and the other entirely so in optimistic markets. The first is the actual dilution of the current and future earnings on the common stock that flows arithmetically from...

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... some $30 million for those involved in the purchase offer. Actually, the market value of the warrants well exceeded the total market value of the outstanding NVF stock— another evidence of the ... exclude the good-will items and the huge bond-discount “asset,”† there would remain $ 13 million for the common—a mere $3 per share. This tangible equity was wiped out by t...

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... 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 discussion of this point on p. 415 ... + 139 % +146% a Assuming conversion of preferred stock. concern would be simply whether the $30 0 million valuation for the company had not already fully valued and perhaps...

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... 38 1, 38 3–84, 38 9, 38 9n, 39 3; and defensive investors, 34 8, 34 9, 35 1, 35 2– 53, 35 4, 35 5, 35 9, 37 4–75; definition of, 37 4; and market fluctuations, 198–200, 198n, 203n; and per-share earnings, 32 0n, ... 39 0, 39 1, 39 1n, 39 2, 39 8, 400; and stock selection for defensive investors, 33 8, 34 8, 34 9, 35 5, 35 6, 36 0, 36 5, 36 9, 37 0, 37 1, 37 4–75...

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... aggressive investors, 37 8, 38 2– 83, 38 4, 38 6, 38 8, 38 9, 39 0, 39 1; and stock selection for defensive investors, 33 8, 34 7, 34 8, 34 9, 35 0, 35 0n, 35 1, 35 4, 35 5, 35 6, 35 9, 36 3, 36 3n, 36 4, 36 5, 37 4–75; and timing, ... 295, 296; and stock selection for aggressive investors, 38 2– 83, 38 4, 38 5, 39 9; and stock selection for defensive investors, 3...

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