The Intelligent Investor: The Definitive Book On Value part 42 pptx

... Second, how does their existence affect the value of the related common-stock issues? Convertible issues are claimed to be especially advantageous to both the investor and the issuing corporation. ... both. 1 Conversely, if the company gets its money at lower cost because of the conversion feature, it is surren- dering in return part of the common shareholders’ claim to futu...

Ngày tải lên: 04/07/2014, 15:20

... 1970 was only 3.9% per annum on asset value, or say 3.6% on the offering price. The better choice for the bond component would be the purchase of United States savings bonds, or corporate bonds rated ... that the future dividends and changes in asset values continue to be about the same for the two groups, you will thus obtain about one-fifth more for your money from the...

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... Additional Information, both available from the Securities and Exchange Commission through the EDGAR database at www.sec.gov, disclose whether the managers own at least 1% of the fund’s shares. They ... choices—all of them bad. He can keep that money safe for a rainy day, but then the low returns on cash will crimp the fund’s results if stocks keep going up. He can put the new...

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... $36 if conversion is to become a practical option before the bonds mature in 2006. Such a stock return is not impossible, but it borders on the miracu- lous. The cash yield on this particular bond ... “conversion value of $137.20 ($5.66 ϫ 24.24). Yet the bonds traded roughly six times higher, at $881.30—creating a “conversion pre- mium,” or excess over their conversion value, of...

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... International and Pan-American Copyright Conventions. By payment of the required fees, you have been granted the non-exclusive, non-transferable right to access and read the text of this e -book on- screen. ... 259n Tversky, Amos, 151, 221 Tweedy Browne Partners, 397, 542, 543–44, 551 two -part appraisal process, 299–301, 321 Tyco International Ltd., 14, 303, 410n, 426 n, 440 42, 4...

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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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... this book in 1949 the figures were almost the exact opposite: the bonds returned only 2.66% and the stocks yielded 6.82%. 2 In previous editions we have consistently urged that at least 25% of the ... Analysis was the textbook that transformed this musty circle into a modern pro- fession. 1 And The Intelligent Investor is the first book ever to describe, for individual i...

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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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... 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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... fur- ther and assert that in an astonishingly large proportion of the trading in common stocks, those engaged therein don’t appear to know—in polite terms—one part of their anatomy from another. ... select the most promising stocks either for the near term or the longer future, the investor faces obstacles of two kinds the first stemming from human fallibility and the second fr...

Ngày tải lên: 04/07/2014, 15:20