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...

Ngày tải lên: 04/07/2014, 15:20

... 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....

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... 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...

Ngày tải lên: 04/07/2014, 15:20

... 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...

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... 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...

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... 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...

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... 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...

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... 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...

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... 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....

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... 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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