The Intelligent Investor: The Definitive Book On Value part 40 docx

... 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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... 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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... 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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... 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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... brilliant a deal for the clients of the sell- ing houses. They were asked to pay about ten times the book value of the stock, after the bootstrap operation of increasing their equity per share ... 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 brokerag...

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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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... 530 “money managers,” 235–36, 237, 360n, 400 , 501n money-market funds, 107, 108–9 “Moneyline” (CNN program), 81 monopolies, 304, 356, 401 Montaigne, Michel de, 272 Monument Internet Fund, 15, 15–16n, ... 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...

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