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

... terri- ble—with the market losing up to 43% of its value. 8 When inflation shot above 6%, as in the years on the right end of the graph, stocks also stank. The stock market lost money in eight of the 14 ... in the stock basket, despite the prospect of continuing inflation. The more the investor depends on his portfolio and the income therefrom, the more necessar...

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... INTRODUCTION 12 1. Investment versus Speculation: Results to Be Expected by the Intelligent Investor 18 COMMENTARY ON CHAPTER 1 35 2. The Investor and Inflation 47 COMMENTARY ON CHAPTER 2 58 3. A ... 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 typeface used here, a...

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... 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 ... must act on the assumption that they will continue to do so. Note to the Reader: This book does not address itself to the overall financial policy of savers an...

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... 1915–1970 Year 1915 1920 1925 1930 1935 1940 1946 c 1950 1955 1960 1965 1970 Wholesale 38. 0 84 .5 56.6 47.3 43 .8 43.0 66.1 86 .8 97.2 100.7 102.5 117.5 Consumer 35.4 69 .8 61.1 58. 2 47 .8 48. 8 68. 0 83 .8 93.3 103.1 109.9 134.0 Earnings 1.24 .97 .76 1.05 1.06 2 .84 3.62 3.27 5.19 5.36 Price 8. 31 7. 98 11.15 21.63 15.47 11.02 17. 08 18. 40 40.49 55 .85 88 .17 92.15 Wholesa...

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... would ask one simple question: Considering how calamitously wrong the “experts” were the last time they agreed on something, why on earth should the intelligent investor believe them now? 84 Commentary ... % 1953 24 .81 2.51 2.44 1. 48 3. 08% 92.7 9.9 ϫ 10.2 ϫ 9 .8 % 5.5 % 3.20ϫ 1 .8 ϫ 11 .8 % 19 58 55.21 2 .89 2.22 1.75 4.12% 100.4 18. 4 ϫ 17.6 ϫ 5 .8 % 3.3 % 1.41ϫ .8...

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... even the best long-term bonds lost a substantial part of their market value because of the rise in interest rates. 88 defensive investor. It is extremely simple; it aims unquestionably in the ... complicated; the hard part is to adopt it and to stick to it not to mention the possibility that it may turn out to have been much too conservative. The Bond Component The choic...

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... regard them as the lesser of two evils 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 defensive investor ... continuously stayed below the yield on bonds. * See pp. 56–57 and 88 89 . † For another view of diversification, see the sidebar in the commentary on Chapt...

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... 150-year maturity!—long a typical Baa- rated bond.) Because of their inverse relationship the low yields correspond to the high prices and vice versa. The decline in the Northern The Investor and ... 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...

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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 ... here, which is that the mathematical valuations have become most prevalent precisely in those areas where one might consider them least reliable. For the more dependent the va...

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... 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 conditions expected 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 deca...

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