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

... counsels—in favor 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 pe...

Ngày tải lên: 04/07/2014, 15:20

... 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, as occasional additions ... 330 COMMENTARY ON CHAPTER 13 339 14. Stock Selection for the Defensive Investor 347 COMMENTARY ON CHAPTER 14 367 15. Stock Selection for the Enterprising Investor 376 COMMENTARY...

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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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... (book value) behind the shares. 2 Since the market value of these issues is well above their book value say, 900 market vs. 560 book in mid-1971 the earnings on current market price work out only ... “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 re...

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... in the stock basket, despite the prospect of continuing inflation. The more the investor depends on his portfolio and the income therefrom, the more necessary it is for him to guard against the 56 ... a small portion of their assets in bonds, as a form of insurance against deflating prices. THE MONEY ILLUSION There’s another reason investors overlook the importance of infl...

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... The Series H bonds pay interest semi- annually, as do other bonds. The rate is 4.29% for the first year, and then a flat 5 .10% for the next nine years to maturity. Interest on the Series E bonds ... 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 c...

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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 ... minimum of 10 bonds to diversify away the risk that any one of them might go bust, buying individual bonds makes no sense unless you have at least $100 ,000 to in...

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... 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 has done a similar thing in its combination of the original savings- bonds contracts with their extensions at higher interest rates. Th...

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... develop? 276 Commentary on Chapter 10 4 Robert Veres, editor and publisher of the Inside Information newsletter, generously shared these responses for this book. Other checklists of ques- tions can be found ... first bear the brunt of unfavorable developments. This factor includes the market’s appraisal of the future prospects of the enterprise. 3. Property Value. The asset...

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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...

Ngày tải lên: 04/07/2014, 15:20