The Intelligent Investor: The Definitive Book On Value part 31 pdf
The Intelligent Investor: The Definitive Book On Value part 31 pdf
... 59.5% for the
stocks in the Dow Jones average, and 55% for all American corpo-
rations.)* Where the dividend bears a normal relationship to the
earnings, the valuation may be made on either basis ... 1973–1975—say $4 the analyst may value
one as low as 40 and the other as high as 100. Let us deal briefly
with some of the considerations that enter into these divergent
multip...
The Intelligent Investor: The Definitive Book On Value part 4 pdf
... increasingly
attractive.”
In 1965 the investor could obtain about 4
1
⁄2% on high-grade tax-
able bonds and 3
1
⁄4% on good tax-free bonds. The dividend return
on leading common stocks (with the DJIA at 892) was only about
3.2%. ... not
consider specifically the possibility that the same might happen to
the price of high-grade bonds. (Neither did anyone else that we
know of....
The Intelligent Investor: The Definitive Book On Value part 18 pdf
... shareholders. But if the company reorganizes successfully and
comes out of bankruptcy, the bondholders often receive stock in the new
firm, and the value of the bonds usually recovers once the company ... Second, the market is
likely to respond with reasonable speed to any improvement
shown.
A remarkable demonstration of the soundness of this thesis is
found in studies of t...
The Intelligent Investor: The Definitive Book On Value part 21 pdf
... for the
NASDAQ and 2000 on the upside.” It turned out that there were no points
on the upside and more than 2000 on the downside, as NASDAQ kept
crashing until it finally scraped bottom on October ... actually have done in the market.
A closer study of the figures indicates that the quality of the
results shown by the Dow theory changed radically after 1938—
a few ye...
The Intelligent Investor: The Definitive Book On Value part 29 pdf
... experience in the field. Only in the excep-
tional case, where the integrity and competence of the advisers
have been thoroughly demonstrated, should the investor act upon
the advice of others without ... for more than one
reason. For many decades the New York Stock Exchange has been
moving in the direction of closer and stricter controls over the
operations and financial co...
The Intelligent Investor: The Definitive Book On Value part 34 pdf
... Another is the dilu-
tive effect of issuing millions of stock options for executive compensation,
then buying back millions of shares to keep those options from reducing the
value of the common ... of these factors: the use of special charges, which may never be
reflected in the per-share earnings, the reduction in the normal
income-tax deduction by reason of past losses, and...
The Intelligent Investor: The Definitive Book On Value part 37 pdf
... on
ever-increasing earnings in the future. The reader will have to
decide this important question for himself—after weighing the
arguments on both sides.
We have nonetheless opted for the inclusion of a modest
requirement ... a long history of continuous dividends.
Of these tests the most severe under recent financial conditions are
those of financial strength. A considerable nu...
The Intelligent Investor: The Definitive Book On Value part 55 pdf
... for them was that
the price was moderate in relation to current earnings and asset
value. The partners went ahead with the acquisition, amounting in
dollars to about one-fifth of their fund. They ... must gamble on whether or not God
exists. The ante this person must put up for the wager is his conduct
in this life; the ultimate payoff in the gamble is the fate of his soul...
The Intelligent Investor: The Definitive Book On Value part 58 pdf
... 38.5
1/1–10 /31/ 76
38.2 34.5
11/1/76–10 /31/ 77 30.3 25.5
11/1/77–10 /31/ 78 31. 8 26.6
11/1/78–10 /31/ 79 34.7 28.9
11/1/79–10 /31/ 80 41.8 34.7
11/1/80–10 /31/ 81 4.0
3.3
11/1/81–10 /31/ 82 29.8 25.4
11/1/82–10 /31/ 83 ... pay the 25% tax
for the account of its shareholders and then retain the balance of
the capital gains without distributing them as capital-gain divi-
dends.
3....
The Intelligent Investor: The Definitive Book On Value part 62 pdf
... and
warrants, 411, 416, 417; and per-
share earnings, 311 –12, 312 n,
315 , 316 , 316 n, 317 , 318 ; and
repurchase plans, 507n, 508. See
also specific company
Dimson, Elroy, 61n, 82, 113n
direct purchase of ... 500
conglomerates, 3, 411, 438, 440
Conseco, 14, 426n
Consolidated Edison, 357, 372,
567–68
Consolidated Gas of New York,
567–68
Consolidated Natural Gas Co.,
357
Consolidated...
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