The Intelligent Investor: The Definitive Book On Value part 22 ppt

... 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

... this book in 1949 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 urged that at least 25% of the ... Analysis was the textbook that transformed this musty circle into a modern pro- fession. 1 And The Intelligent Investor is the first book ever to describe, for individual i...

Ngày tải lên: 04/07/2014, 15:20

... returns. None of the factors that the Motley Fools “discovered” with such fanfare—dropping the stock with the best score, doubling up on the one with the second-highest score, dividing the dividend yield ... Take the five stocks in the Dow Jones Industrial Average with the lowest stock prices and highest dividend yields. 2. Discard the one with the lowest price. 3. P...

Ngày tải lên: 04/07/2014, 15:20

... endeavored to answer the question whether it was too high for conservative purchase. The reader may find it informing to review the conclusions we reached on these earlier occasions. This is not ... reach a definitive conclusion as to the attrac- tiveness of the 1953 level. We did say, positively enough, that “from the standpoint of value indications—our chief investment gui...

Ngày tải lên: 04/07/2014, 15:20

... 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 same proportions as the ... dealings. The reason for this is that they usually have an ample confidence in their own intelligence and a strong desire to make a good return on their money, without the rea...

Ngày tải lên: 04/07/2014, 15:20

... 1970 was only 3.9% per annum on asset value, or say 3.6% on the offering price. The better choice for the bond component would be the purchase of United States savings bonds, or corporate bonds rated ... that the future dividends and changes in asset values continue to be about the same for the two groups, you will thus obtain about one-fifth more for your money from the...

Ngày tải lên: 04/07/2014, 15:20

... Plato says in The Republic that the ideal rulers are those who do not want to govern, the best fund managers often behave as if they don’t want your money. They don’t appear constantly on financial ... first, then at the manager’s reputation, then at the riski- ness of the fund, and finally (if ever) at the fund’s expenses. 8 The intelligent investor looks at those same th...

Ngày tải lên: 04/07/2014, 15:20

... Second, how does their existence affect the value of the related common-stock issues? Convertible issues are claimed to be especially advantageous to both the investor and the issuing corporation. ... both. 1 Conversely, if the company gets its money at lower cost because of the conversion feature, it is surren- dering in return part of the common shareholders’ claim to futu...

Ngày tải lên: 04/07/2014, 15:20

... $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 on this particular bond ... very long. (You paid roughly $750 more than the conversion value of the bond, so it will take nearly 16 years of $47.50 interest payments for you to “earn back” that con- 2. The...

Ngày tải lên: 04/07/2014, 15:20

... eye on the problems of the enterprise. They should submit a separate annual report, addressed directly to the stockholders and containing their views on the major question which concerns the ... 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 1999, Enron Corp. ranked...

Ngày tải lên: 04/07/2014, 15:20