The Intelligent Investor: The Definitive Book On Value part 60 ppt

... of Sharon was $60 per share. The dif- ference between this book value and the market value of Sharon stock amounted to about $21 million on the 1,415,000 shares of Sharon acquired. 2. The accounting ... between the cost price of 45 for the Sharon stock and its book value of 60. (This would correspond, in reverse fashion, to the required practice of charging income...

Ngày tải lên: 04/07/2014, 15:20

... the finance committee at General Motors. He also served as national chairman of the Democratic Party and was the driving force behind the construction of the Empire State Building. Calculations ... 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...

Ngày tải lên: 04/07/2014, 15:20

... returns. None of the factors that the Motley Fools “discovered” with such fanfare—dropping the stock with the best score, doubling up on the one with the second-highest score, dividing the dividend yield ... Take the five stocks in the Dow Jones Industrial Average with the lowest stock prices and highest dividend yields. 2. Discard the one with the lowest price. 3. P...

Ngày tải lên: 04/07/2014, 15:20

... endeavored to answer the question whether it was too high for conservative purchase. The reader may find it informing to review the conclusions we reached on these earlier occasions. This is not ... reach a definitive conclusion as to the attrac- tiveness of the 1953 level. We did say, positively enough, that “from the standpoint of value indications—our chief investment gui...

Ngày tải lên: 04/07/2014, 15:20

... of the “typical” widow, and there would be the same area of personal choice in fix- ing the size of the stock component. The annual savings should be invested in about the same proportions as the ... dealings. The reason for this is that they usually have an ample confidence in their own intelligence and a strong desire to make a good return on their money, without the rea...

Ngày tải lên: 04/07/2014, 15:20

... will have to their book value. But the greater the premium above book value, the less certain the basis of deter- mining its intrinsic value i.e., the more this value will depend on the changing ... Valuations versus Stock-Market Valuations The impact of market fluctuations upon the investor’s true situ- ation may be considered also from the standpoint of the shar...

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 ... than the S & P index, if the 1967 gains are included; and two excelled the index in 1968–1970. None of these funds was large, and the average size was about $60 mill...

Ngày tải lên: 04/07/2014, 15:20

... 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...

Ngày tải lên: 04/07/2014, 15:20

... conversion privileges, and this has been true also of a major part of the corporate bond financing in 1968–1970. There are at least 60 different series of stock-option warrants dealt in on the American ... 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...

Ngày tải lên: 04/07/2014, 15:20

... $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 ... very long. (You paid roughly $750 more than the conversion value of the bond, so it will take nearly 16 years of $47.50 interest payments for you to “earn back” that con- 2. The...

Ngày tải lên: 04/07/2014, 15:20