The Intelligent Investor: The Definitive Book On Value part 6 ppt

... 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 ... of dollars more on advertising over the next year. On this declaration of corporate hara-kiri, Juno’s stock roared up from $ 16. 375 to $66 .75 in two days. 6 Why...

Ngày tải lên: 04/07/2014, 15:20

... 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 ... common stocks. At the beginning of 1972 the return was 7.19% on highest-grade bonds versus only 2. 76% on industrial stocks. (This compares with 4.40% and 2.92% respectiv...

Ngày tải lên: 04/07/2014, 15:20

... 735 1 962 54.8 29 5 36 27 1 966 68 108.4 995 1970 69 .3 36 631 37 early 1972 100 — 900 — WHAT COURSE TO FOLLOW Investors should not conclude that the 1 964 market level is dan- gerous merely because they ... compass the extremes, on the one hand, of a protracted and further advance in the market’s level—say by 50%, or to 1350 for the DJIA; or, on the other hand, of a largel...

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...

Ngày tải lên: 04/07/2014, 15:20

... than the S & P index, if the 1 967 gains are included; and two excelled the index in 1 968 –1970. None of these funds was large, and the average size was about $60 million. Thus, there is a strong ... – 6% even – 5.3% + 3.5% 1 969 – 7.9% –12.5 – 8.3 1 968 (+ 7) d +13.3 +15.4 +10.4 1 967 – 5 +28.2 +37.2 +23.0 1 966 –12 – 5.9 – 4.1 –10.1 1 965 –14 +14.0 +24.8 +12.2 1 964 –10 + 16....

Ngày tải lên: 04/07/2014, 15:20

... Additional Information, both available from the Securities and Exchange Commission through the EDGAR database at www.sec.gov, disclose whether the managers own at least 1% of the fund’s shares. They ... choices—all of them bad. He can keep that money safe for a rainy day, but then the low returns on cash will crimp the fund’s results if stocks keep going up. He can put the new...

Ngày tải lên: 04/07/2014, 15:20

... conversion privileges, and this has been true also of a major part of the corporate bond financing in 1 968 –1970. There are at least 60 different series of stock-option warrants dealt in on the American ... 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 an...

Ngày tải lên: 04/07/2014, 15:20

... $5 .66 to more than $ 36 if conversion is to become a practical option before the bonds mature in 20 06. Such a stock return is not impossible, but it borders on the miracu- lous. The cash yield on ... very long. (You paid roughly $750 more than the conversion value of the bond, so it will take nearly 16 years of $47.50 interest payments for you to “earn back” that con- 2....

Ngày tải lên: 04/07/2014, 15:20

... 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 which concerns the ... payments tax-deductible to the corporation, but that is not part of the proposed legis- lation. 500 Commentary on Chapter 19 THE ENRON END-RUN Back in 1999, Enron Corp. ranked...

Ngày tải lên: 04/07/2014, 15:20