The Intelligent Investor: The Definitive Book On Value part 7 doc

... shares.2Since the market value of these issues is well above their book value say, 900 market vs. 560 book in mid-1 971 the earnings on current market price work out only at some 61⁄4%. (This relation-ship ... “consumer prices.”) The only way that inflation can add to common stock values is by raising the rate of earnings on cap-ital investment. On the basis of the past record this has not been the ... to year. On this point we can be categorical. There is no close time con-nection between inflationary (or deflationary) conditions and the movement of common-stock earnings and prices. The obviousexample...

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

... 330COMMENTARY ON CHAPTER 13 33914. Stock Selection for the Defensive Investor 3 47 COMMENTARY ON CHAPTER 14 3 67 15. Stock Selection for the Enterprising Investor 376 COMMENTARY ON CHAPTER 15 39616. Convertible ... Acquisition of Sharon Steel Shares 576 7. Technological Companies as Investments 578 Endnotes 579 Acknowledgments from Jason Zweig 589About the AuthorsCreditsFront CoverCopyrightAbout the Publisher The ... in the Endnotes sec-tion beginning on p. 579 . The new footnotes that Jason Zweig has intro-duced appear at the bottom of Graham’s pages (and, in the typefaceused here, as occasional additions...

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

... for the possibly quite dif-ferent conditions of, say, 1 973 –1 977 .8 IntroductionCommentary on the Introduction 13Graham will show you how to manage it—and how to get your fearsunder control.ARE ... 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 readers to buy their stocks as they bought their gro-ceries, not as they bought their perfume. The really dreadful lossesof the past few years (and on many similar occasions before) wererealized...

The Intelligent Investor: The Definitive Book On Value part 8 doc

... in bonds,as a form of insurance against deflating prices. THE MONEY ILLUSIONThere’s another reason investors overlook the importance of inflation:what psychologists call the “money illusion.” ... in the stock basket, despite the prospectof continuing inflation. The more the investor depends on his portfolio and the incometherefrom, the more necessary it is for him to guard against the 56 ... inflation, but it should carry more protection than the bond component.This is what we said on the subject in our 1965 edition (p. 97) ,and we would write the same today:It must be evident to the...

The Intelligent Investor: The Definitive Book On Value part 10 doc

... counsels—infavor of a consistent and controlled common-stock policy on the one hand, and discouraging endeavors to “beat the market” or to“pick the winners” on the other.Nonetheless we think our ... about the stock market in the long run, the more certain they are to be proved wrong in the short run. On March 24, 2000, the total value of the U.S. stock market peaked at$14 .75 trillion. By ... Graham would ask one simple question: Consideringhow calamitously wrong the “experts” were the last time they agreed on something, why on earth should the intelligent investor believethem now?84...

The Intelligent Investor: The Definitive Book On Value part 11 doc

... complicated; the hard part isto adopt it and to stick to it not to mention the possibility that itmay turn out to have been much too conservative. The Bond Component The choice of issues in the bond ... The Series H bonds pay interest semi-annually, as do other bonds. The rate is 4.29% for the first year, andthen a flat 5.10% for the next nine years to maturity. Interest on the Series E bonds ... However, Federal income tax on the Series E bonds may be paid at the holder’s option either annuallyas the interest accrues (through higher redemption value) , or notuntil the bond is actually disposed...

The Intelligent Investor: The Definitive Book On Value part 13 doc

... regard them as the lesser of twoevils the greater being the risks attached to an all-bond holding.Rules for the Common-Stock Component The selection of common stocks for the portfolio of the defensiveinvestor ... below the yield on bonds.* See pp. 56– 57 and 88–89.† For another view of diversification, see the sidebar in the commentary on Chapter 14 (p. 368).age met this dividend requirement in 1 971 .) ... around the United States, these bonds are issued by agencieslike the Federal National Mortgage Association (“Fannie Mae”) or the Government National Mortgage Association (“Ginnie Mae”). However,they...

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

... inJanuary 1965 to 7% in June 1 970 . Their price index declined, corre-spondingly, from 110.8 to 67. 5. In mid-1 970 the yields on high-grade long-term bonds were higher than at any time in the nearly200 ... 204–205.protection plus a chance to benefit from an advance in the price of the common.This may be a good place to make a suggestion about the “long-term bond of the future.” Why should not the effects ... note: In effect the U.S. government hasdone a similar thing in its combination of the original savings-bonds contracts with their extensions at higher interest rates. The suggestion we make here...

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

... forecast of the future—with par-ticular emphasis on the next 12 months—and a rather arbitraryconclusion. The latter was, and still is, often drawn with one eye on the stock ticker or the market ... here,which is that the mathematical valuations have become mostprevalent precisely in those areas where one might consider themleast reliable. For the more dependent the valuation becomes on Security ... shares of common stock. Pre-ferred stock is considered “senior” to common stock because the companymust pay all dividends on the preferred before paying any dividends on the common.How do you...

The Intelligent Investor: The Definitive Book On Value part 32 doc

... financial condition. The second part of the analysis should consider to what extent the value based solely on past performance should be modified because of new conditionsexpected in the future.Such ... effect on the attitude and the labors of the security analyst. More so than in the past, the progress or retrogression of the typical company in the coming decade may depend on its relation to ... that the 23% price rise to the end of 1 970 ,plus the 28% in aggregate dividend return received, gave not farfrom the 7 1⁄2% annual overall gain posited in our formula. In the case of the other...

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