The Intelligent Investor: The Definitive Book On Value part 30 docx

... forecast of the future—with par- ticular emphasis on the next 12 months—and a rather arbitrary conclusion. The latter was, and still is, often drawn with one eye on the stock ticker or the market ... here, which is that the mathematical valuations have become most prevalent precisely in those areas where one might consider them least reliable. For the more dependent the va...

Ngày tải lên: 04/07/2014, 15:20

... Graham, by Jason Zweigx Introduction: What This Book Expects to Accomplish 1 COMMENTARY ON THE INTRODUCTION 12 1. Investment versus Speculation: Results to Be Expected by the Intelligent Investor ... Companies 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 37...

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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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... 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 of changing interest rates be divided on some ... 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. The su...

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... average results on their common-stock commitments. For a variety of rea- sons, most members of the public who put their money in common stocks of their own choice fail to do nearly as well. But to the objec- tive ... in their basic approach to the problem of stock selection. They seek the indus- tries with the best prospects of growth, and the companies in these industries with...

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... to the stock split in 1959) the result was the eventual conversion of virtually all the convertible issues into common stock. Thus the buyers of these convertibles have fared well through the ... relationship between the earnings and the market value of the company’s capitalization.* 414 The Intelligent Investor * Today, the last remnant of activity in warrants is in...

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... some $30 million for those involved in the purchase offer. Actually, the market value of the warrants well exceeded the total market value of the outstanding NVF stock— another evidence of the ... to pay heavily in advance for the hoped-for realization of these plans. 2. Nonetheless, the price of the stock doubled soon after original issuance, and any one of the broke...

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... represent a part of the “com- mon-stock package” and their market value is part of the “effective market value of the common-stock part of the capital. (See our discussion of this point on p. 415 ... +146% a Assuming conversion of preferred stock. concern would be simply whether the $300 million valuation for the company had not already fully valued and perhaps overvalu...

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... turned on, say, $50,000 of accounting items. By dumb luck they got what they insisted on. Appendixes 1. Address of Benjamin Graham before the annual Convention of the National Federation of Financial ... November 1971. One was a 20-year nonconvertible bond, yielding 7 1 ⁄2%. The other was a 25-year bond, subordinated to the first in order of claim and yielding only 4 1 ⁄2%; but it...

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... 543 Jefferson-Pilot, 373 Jesus: Graham’s reference to, 498n Jobs, Steve, 510 Johnny-One-Note Co., 304 Johns Manville Corp., 175n, 289, 351, 353 Johnson & Johnson, 183, 183n, 305 , 373 Johnson Controls, ... 493, 495–96; and inflation, 54; and investments vs. speculation, 27; and market fluctuations, 9, 200; regulation of, 286n; and security analysis, 284, 285, 286–87, 300 , 304 ; and...

Ngày tải lên: 04/07/2014, 15:20