The Intelligent Investor: The Definitive Book On Value part 40 docx
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...
The Intelligent Investor: The Definitive Book On Value part 1 docx
... 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...
The Intelligent Investor: The Definitive Book On Value part 3 docx
... 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...
The Intelligent Investor: The Definitive Book On Value part 23 docx
... 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...
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...
The Intelligent Investor: The Definitive Book On Value part 43 docx
... 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...
The Intelligent Investor: The Definitive Book On Value part 45 docx
... 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...
The Intelligent Investor: The Definitive Book On Value part 48 docx
... 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...
The Intelligent Investor: The Definitive Book On Value part 61 docx
... 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...
The Intelligent Investor: The Definitive Book On Value part 63 docx
...
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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