The Intelligent Investor: The Definitive Book On Value part 49 ppsx

... to convey a fair idea of the choices con- fronting an investor in common stocks. The relationship between price and indicated value has also dif- fered greatly from one case to another. For the ... astonishing variety of products, but on the other hand the entire conglomeration adds up to mighty small potatoes by usual Wall Street standards. The earnings developments in Whitin...

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... The margin of safety is the difference between the percent- age rate of the earnings on the stock at the price you pay for it and the rate of interest on bonds, and that margin of safety is the ... is viewed as a whole, there is a reasonably close connection 514 The Intelligent Investor if the business conditions prevailing during the period were to continue unchang...

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... were regarded as one of the market’s seediest backwaters. (See the commentary on Chapter 16.) conclusive line of reasoning. We greatly doubt whether the man who stakes money on his view that the market ... it looks. 524 The Intelligent Investor the one hand and indicated or appraised value on the other. That difference is the safety margin. It is available for absorb...

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... name recognition. On the other hand, Bill has worked with big companies. The overlap among these portfolios has been very, very low. These records do not reflect one guy calling the flip and fifty people ... correctly, they win a dollar from those who called wrong. Each day the losers drop out, and on the subsequent day the stakes build as all previous winnings are put on t...

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... earnings, the effect is practically the same as if it had no book value at all. Or the small book- value por- tion can be considered as a sort of minor preferred-stock compo- nent of the price, the ... becomes the true value of the enterprise, and therefore the more speculative inherently the common stock. It may be well to recognize a vital difference that has deve...

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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. ... also specific company tangible-asset value. See book value Target Corp., 373 taxes: and aggressive investors, 134, 149, 149n, 155, 180n, 398; on corporations, 99, 99n,...

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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 1 949 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...

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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%. ... Speculation: Results to Be Expected by the Intelligent Investor This chapter will outline the viewpoints that will be set forth in the remaind...

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