The Intelligent Investor: The Definitive Book On Value part 32 doc

... financial condition. The second part of the analysis should consider to what extent the value based solely on past performance should be modified because of new conditions expected in the future. Such ... effect on the attitude and the labors of the security analyst. More so than in the past, the progress or retrogression of the typical company in the coming deca...

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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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... 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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... “consumer prices.”) The only way that inflation can add to common stock values is by raising the rate of earnings on cap- ital investment. On the basis of the past record this has not been the ... stocks, on the other hand, have the possibility that a loss of the dollar’s purchasing power may be offset by advances in their dividends and the prices of their shares. On...

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... in the stock basket, despite the prospect of continuing inflation. The more the investor depends on his portfolio and the income therefrom, the more necessary it is for him to guard against the 56 ... a small portion of their assets in bonds, as a form of insurance against deflating prices. THE MONEY ILLUSION There’s another reason investors overlook the importance of infl...

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... counsels—in favor of a consistent and controlled common-stock policy on the one hand, and discouraging endeavors to “beat the market” or to “pick the winners” on the other. Nonetheless we think our ... about the stock market in the long run, the more certain they are to be proved wrong in the short run. On March 24, 2000, the total value of the U.S. stock market pe...

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... complicated; the hard part is to adopt it and to stick to it not to mention the possibility that it may turn out to have been much too conservative. The Bond Component The choice of issues in the bond ... The Series H bonds pay interest semi- annually, as do other bonds. The rate is 4.29% for the first year, and then a flat 5.10% for the next nine years to maturity. Intere...

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... regard them as the lesser of two evils the greater being the risks attached to an all-bond holding. Rules for the Common-Stock Component The selection of common stocks for the portfolio of the defensive investor ... around the United States, these bonds are issued by agencies like the Federal National Mortgage Association (“Fannie Mae”) or the Government National Mortgage A...

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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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... 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...

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