The Intelligent Investor: The Definitive Book On Value part 17 pps

... look at these results, see Figure 6-1. The lesson is clear: Don’t just do something, stand there. It’s time for everyone to acknowledge that the term “long-term investor” is redundant. A long-term ... victim. THE EARLY BIRD GETS WORMED Among the get-rich-quick toxins that poisoned the mind of the invest- ing public in the 1990s, one of the most lethal was the idea that you c...

Ngày tải lên: 04/07/2014, 15:20

... that has been reason- able, stable, and generally good in the traditional methods of handling other people’s money, in contrast—in the other com- pany—with the reckless expansion, the financial ... more for the money in terms of current (or past) earnings and dividends. The very low book value of Home illustrates a basic ambiguity or contradiction in common-stock analysis. O...

Ngày tải lên: 04/07/2014, 15:20

... to convey a fair idea of the choices con- fronting an investor in common stocks. The relationship between price and indicated value has also dif- fered greatly from one case to another. For the ... astonishing variety of products, but on the other hand the entire conglomeration adds up to mighty small potatoes by usual Wall Street standards. The earnings developments in Whitin...

Ngày tải lên: 04/07/2014, 15:20

... $1 .17 per share in 2000. By the end of 2002, Nortel had bled more than $36 billion in red ink. Nortek, on the other hand, earned $41.6 million in 2000, $8 million in 2001, and $55 million in the ... 15% to $734 million in the second quarter, while earnings jumped 31% to $86 million. The stock rose 7% the next day, then rolled right back downhill. Ball, the original maker of...

Ngày tải lên: 04/07/2014, 15:20

... The margin of safety is the difference between the percent- age rate of the earnings on the stock at the price you pay for it and the rate of interest on bonds, and that margin of safety is the ... is viewed as a whole, there is a reasonably close connection 514 The Intelligent Investor if the business conditions prevailing during the period were to continue unchang...

Ngày tải lên: 04/07/2014, 15:20

... were regarded as one of the market’s seediest backwaters. (See the commentary on Chapter 16.) conclusive line of reasoning. We greatly doubt whether the man who stakes money on his view that the market ... it looks. 524 The Intelligent Investor the one hand and indicated or appraised value on the other. That difference is the safety margin. It is available for absorb...

Ngày tải lên: 04/07/2014, 15:20

... name recognition. On the other hand, Bill has worked with big companies. The overlap among these portfolios has been very, very low. These records do not reflect one guy calling the flip and fifty people ... correctly, they win a dollar from those who called wrong. Each day the losers drop out, and on the subsequent day the stakes build as all previous winnings are put on t...

Ngày tải lên: 04/07/2014, 15:20

... earnings, the effect is practically the same as if it had no book value at all. Or the small book- value por- tion can be considered as a sort of minor preferred-stock compo- nent of the price, the ... becomes the true value of the enterprise, and therefore the more speculative inherently the common stock. It may be well to recognize a vital difference that has deve...

Ngày tải lên: 04/07/2014, 15:20

... International and Pan-American Copyright Conventions. By payment of the required fees, you have been granted the non-exclusive, non-transferable right to access and read the text of this e -book on- screen. ... 535 undervaluation, 261, 508n; and aggressive investors, 13–14, 32, 34, 167, 170 , 172 –73, 175 , 382, 400; and bargains, 167, 170 , 172 –73; Buffet’s comments about, 537;...

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...

Ngày tải lên: 04/07/2014, 15:20