The Intelligent Investor: The Definitive Book On Value part 9 ppt

... 33 191 9 9. 51 1 19. 6 192 1 6.45 32 63 .9 47 192 9 31 .92 381 193 2 4.40 86 41.2 89 193 7 18.68 197 .4 193 8 8.50 55 99 50 193 9 13.23 158 194 2 7.47 44 92 .9 41 194 6 19. 25 212.5 194 9 13.55 30 161.2 24 195 2 ... 28% 1887 5 .90 1 893 4.08 31 1 897 38.85 1 899 77.6 190 0 53.5 31% 190 1 8.50 78.3 190 3 6.26 26 43.2 45 190 6 10.03 103 190 7 6.25 38 53 48 190 9 10.30 100...

Ngày tải lên: 04/07/2014, 15:20

... common stocks. At the beginning of 197 2 the return was 7. 19% on highest-grade bonds versus only 2.76% on industrial stocks. (This compares with 4.40% and 2 .92 % respectively at the end of 196 4.) ... this book in 194 9 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 urge...

Ngày tải lên: 04/07/2014, 15:20

... Commentary on Chapter 1 43 What Used to Work on Wall Street . . . $0 $50 $100 $150 $200 $250 Nov -96 Feb -97 May -97 Aug -97 Nov -97 Feb -98 May -98 Aug -98 Nov -98 Feb -99 May -99 Aug -99 Nov -99 Feb-00 May-00 Aug-00 Value ... 1 196 .4% in 199 9. They lost an average of 79. 1% in 2000, 35.5% in 2001, and 44.5% in 2002—destroying all the gains of 199 9, and then some. FI...

Ngày tải lên: 04/07/2014, 15:20

... three-year average for 199 7– 199 9 against 2000–2002). As always, the hotter they are, the harder they fall. large companies that are relatively unpopular, and therefore obtainable at reasonable earnings ... 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...

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 ... Valuations versus Stock-Market Valuations The impact of market fluctuations upon the investor’s true situ- ation may be considered also from the standpoint of the shar...

Ngày tải lên: 04/07/2014, 15:20

... $10,000 invested on Fund 199 9 2000 2001 2002 1/1/ 199 9 Van Wagoner Emerging Growth 291 .2 –20 .9 – 59. 7 –64.6 4,4 19 Monument Internet 273.1 –56 .9 –52.2 –51.2 3,756 Amerindo Technology 248 .9 –64.8 –50.8 ... Technology. These 10 funds were among the hottest performers of 199 9—and, in fact, among the highest annual per formers of all time. But the next three years erased all...

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 196 8– 197 0. There are at least 60 different series of stock-option warrants dealt in on the American ... to both the investor and the issuing corporation. The investor receives the superior protection of a bond or preferred stock, plus the opportunity to participate in any...

Ngày tải lên: 04/07/2014, 15:20

... coupon rates. The following comments are in order: 1. In the S & P Bond Guide the interest charges of the system are shown to have been earned 1 .91 times in 196 7 and 1 .98 times in 196 8. The ... $36 if conversion is to become a practical option before the bonds mature in 2006. Such a stock return is not impossible, but it borders on the miracu- lous. The cash yield...

Ngày tải lên: 04/07/2014, 15:20

... 19- 1 Who Pays Dividends? 0% 10% 20% 30% 40% 50% 60% 70% 80% 90 % 100% 197 3– 197 7 197 8– 198 2 198 3– 198 7 198 8– 199 2 199 3– 199 8 199 9 Annual averages % of all U.S. stocks Never paid Former payers Payers Source: ... 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 199 9, E...

Ngày tải lên: 04/07/2014, 15:20