The Intelligent Investor: The Definitive Book On Value part 24 potx

... 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 ... investing intelligently is about controlling the controllable. You can’t control whether the stocks or funds you buy will outperform the market today, next week, this month, or this y...

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. ... Index value/ valuation (cont.) market; overvaluation; price/earnings ratio; undervaluation; specific company or type of security Van Wagoner Funds, 243 –45 Vanguard Group, 63...

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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 ... be sure, a transaction fee of $4 takes a monstrous 8% bite out of a $50 monthly investment—but if that’s all the money you can spare, then these microinvesting sites are the only...

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... 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 1968 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 s...

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... wishes, consider himself basically a part owner of these busi- nesses, at a cost corresponding to what the balance sheet shows to be the money invested therein.* The rate of earnings on invested capital ... shares have appeal for the long term Acontinued acqui- sition policy together with a strong position in industrial fields and an accelerated international program suggests furt...

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... the Introduction we have commented on the disparity between the strong price action and the relatively disappointing earnings record of this industry. 364 The Intelligent Investor * This is one ... diversification more than individual selection. Incidentally, the universally accepted idea of diversification is, in part at least, the negation of the ambitious pre- tension...

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... even stronger in the 1990s, 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 popular...

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... cents, but the expectation of reward is greater 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 ... 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 perso...

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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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... 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