The Intelligent Investor: The Definitive Book On Value part 19 potx

... with only one small decline over the entire period. Its book value was about equal to the market price. With this conservatively 168 The Intelligent Investor the end of 196 8 and revalued on June ... to the particular issue. If the resultant value is suffi- ciently above the market price—and if the investor has confidence in the technique employed—he can tag the...

Ngày tải lên: 04/07/2014, 15:20

... © 2003 by Jason Zweig. All rights reserved under International and Pan-American Copyright Conventions. By payment of the required fees, you have been granted the non-exclusive, non-transferable ... 360n 620 Index About the Authors BENJAMIN GRAHAM (1894 -197 6), the father of value investing, has been an inspiration for many of today’s most successful businesspeople. He is also the...

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... 1 that the definition of an “enterprising” investor depends not on the amount of risk you seek, but the amount of work you are willing to put in, Graham falls back on the conventional notion that ... stocks straight from the issuing compa- nies. In 199 4, the U.S. Securities and Exchange Commission loos- ened the handcuffs it had long ago clamped onto the direct sale of s...

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... and other professional investors are saddled with: • With billions of dollars under management, they must gravitate toward the biggest stocks the only ones they can buy in the multimillion-dollar ... people in the investment business regard them with the contempt nor- mally reserved for jokes that aren’t funny. beats the S & P 500 and you don’t. No one’s gravestone reads “HE B...

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... (at 71) on the current outlook, the shares have appeal for the long term Acontinued acqui- sition policy together with a strong position in industrial fields and an accelerated international program ... in the stock market.* The same 336 The Intelligent Investor * Graham was right. Of the “Nifty Fifty” stocks that were most fashionable and highly valued in 197 2, Emery fare...

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... Data on the Fifteen Stocks in the Dow Jones Utility Av erage at September 30, 197 1 Earns. Per Share Price Price/ 197 0 Sept. 30, Book Price/ Book Div. vs. 197 1 Earned a Dividend Value Earnings Value ... year 197 1. The year-end 197 0 figures ranged between 44.3 for the 9 New York banks and 218 for the 11 life-insurance stocks. During the sub- intervals there was...

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... even stronger in the 199 0s, when it almost seemed that the stronger the company was, the less likely it was to pay a dividend—or for its shareholders to want one. The “payout ratio” (or the percentage ... subscription rights).† As we men- tioned above, the shareholders would find themselves in exactly the same position if they received stock dividends in lieu of the popula...

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... in the latter case. The greater the potential for reward in the value portfolio, the less risk there is. One quick example: The Washington Post Company in 197 3 was selling for $80 million in the ... and value. When the price of a stock can be influenced by a “herd” on Wall Street with prices set at the margin by the most emotional person, or the greediest person,...

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... 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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... 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