The Intelligent Investor: The Definitive Book On Value part 4 pdf

... increasingly attractive.” In 1965 the investor could obtain about 4 1 ⁄2% on high-grade tax- able bonds and 3 1 4% on good tax-free bonds. The dividend return on leading common stocks (with the DJIA at 892) was only about 3.2%. ... between high-grade bonds and leading common stocks; that the proportion held in bonds be never less than 25% or more than 75%, with the converse...

Ngày tải lên: 04/07/2014, 15:20

... shareholders. But if the company reorganizes successfully and comes out of bankruptcy, the bondholders often receive stock in the new firm, and the value of the bonds usually recovers once the company ... Stocks 1937–1 942 – 2.2 –10.0 – 6.3 1 943 –1 947 17.3 8.3 14. 9 1 948 –1952 16 .4 4.6 9.9 1953–1957 20.9 10.0 13.7 1958–1962 10.2 – 3.3 3.6 1963–1969 (8 years) 8.0 4. 6 4. 0...

Ngày tải lên: 04/07/2014, 15:20

... for the NASDAQ and 2000 on the upside.” It turned out that there were no points on the upside and more than 2000 on the downside, as NASDAQ kept crashing until it finally scraped bottom on October ... nearly out of the stock market at some level in the middle 1950s. True, they had realized excellent profits, but in a broad sense the market “ran away” from them thereafter...

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... experience in the field. Only in the excep- tional case, where the integrity and competence of the advisers have been thoroughly demonstrated, should the investor act upon the advice of others without ... for more than one reason. For many decades the New York Stock Exchange has been moving in the direction of closer and stricter controls over the operations and financial co...

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... 1973–1975—say $4 the analyst may value one as low as 40 and the other as high as 100. Let us deal briefly with some of the considerations that enter into these divergent multipliers. 1. General Long-Term ... 59.5% for the stocks in the Dow Jones average, and 55% for all American corpo- rations.)* Where the dividend bears a normal relationship to the earnings, the valuation m...

Ngày tải lên: 04/07/2014, 15:20

... Another is the dilu- tive effect of issuing millions of stock options for executive compensation, then buying back millions of shares to keep those options from reducing the value of the common ... of these factors: the use of special charges, which may never be reflected in the per-share earnings, the reduction in the normal income-tax deduction by reason of past losses, and...

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... Can 33 1 4 2.68 3.76 2 .42 1923 40 .01 2.20 Amer. Tel. & Tel. 43 4. 03 3.91 2.52 1881 45 .47 2.60 Anaconda 15 2.06 3.90 2.17 1936 54. 28 none Bethlehem Steel 25 1 ⁄2 2. 64 3.05 2.62 1939 44 .62 1.20 Chrysler ... (0.13) 1926 42 .40 0.60 DuPont 1 54 6.31 7.32 8.09 19 04 55.22 5.00 Eastman Kodak 87 2 .45 2 .44 0.72 1902 13.70 1.32 General Electric 61 1 4 2.63 1.78 1.37 1899 14....

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... for them was that the price was moderate in relation to current earnings and asset value. The partners went ahead with the acquisition, amounting in dollars to about one-fifth of their fund. They ... investment decision far exceeded the sum of all the others realized through 20 years of wide-ranging operations in the part- ners’ specialized fields, involving much investigation,...

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... 16 .4 1972 18.9 12.8 17.1 1973 – 14. 8 42 .1 42 .1 19 74 –26 .4 – 34. 4 – 34. 4 1975 37.2 23 .4 31.2 1976 23.6 127.8 127.8 1977 –7 .4 20.3 27.1 1978 6 .4 28 .4 37.9 1979 18.2 36.1 48 .2 1980 32.3 18.1 24. 1 1981 ... 19.0 1 12.2 2 Manager B 1.6 46 7.6 48 18.3 53 12.7 84 7 .4 86 Manager C 3.2 4 10 .4 9 24. 0 3 18.9 1 — — Master Trust (All Managers) 2.2 11 9.7 14 21.1 14 15.2 2...

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... 500 conglomerates, 3, 41 1, 43 8, 44 0 Conseco, 14, 42 6n Consolidated Edison, 357, 372, 567–68 Consolidated Gas of New York, 567–68 Consolidated Natural Gas Co., 357 Consolidated Rail Corp. (Conrail), 42 5n Consolidation ... 15 Hudson Pulp & Paper, 543 “human factor” in selection, 365 Huron Consulting Group, 324n hyperinflation, 60n I-bonds, 110 Ibbotson Associates, 61n, 62, 131,...

Ngày tải lên: 04/07/2014, 15:20