the intelligent investor - the definitive book on value investing

... 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%. ... between high-grade bonds and leading common stocks; that the proportion held in bonds be never less than 25% or more than 75%, with the converse...

Ngày tải lên: 29/04/2014, 12:00

... many common-stock situations there are sub- stantial possibilities of both profit and loss, and the risks therein must be assumed by someone.* There is intelligent speculation as there is intelligent ... profit thereon in late 1971; even at the lowest level (631) in 1970 his indicated loss would have been less than that shown on good long-term bonds. On the other hand, if he had...

Ngày tải lên: 06/07/2014, 16:11

... 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. ... 360n 620 Index About the Authors BENJAMIN GRAHAM (189 4-1 976), the father of value investing, has been an inspiration for many of today’s most successful businesspeo...

Ngày tải lên: 04/07/2014, 15:20

... 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 ... Graham-and-Doddsville 537 THE INTELLIGENT INVESTOR A BOOK OF PRACTICAL COUNSEL REVISED EDITION BENJAMIN GRAHAM Updated with New Commentary by Jason Zweig Contents vi 2. Importan...

Ngày tải lên: 04/07/2014, 15:20

... transactions, then immedi- ately revalued these shares at a higher public price (see Graham’s definition on p. 579). That enabled these “go-go” funds to report unsustainably high returns in the mid-1960s. ... decade, but the application of these princi- ples must be adapted to significant changes in the financial mecha- nisms and climate. The last statement was put to the test dur...

Ngày tải lên: 04/07/2014, 15:20

... 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 ... advised the readers to buy their stocks as they bought their gro- ceries, not as they bought their perfume. The really dreadful losses of the past few years (and...

Ngày tải lên: 04/07/2014, 15:20

... 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%. This fact, and others, suggested ... 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.) We did warn (on p. 90) tha...

Ngày tải lên: 04/07/2014, 15:20

... done the same thing for the same reason. In choosing stocks for their long-term prospects, the investor s handicaps are basically the same. The possibility of outright error in the prediction—which ... one or more such approaches to stock selection for use by the active investor. 34 The Intelligent Investor for defensive investors—namely that at all times they have a si...

Ngày tải lên: 04/07/2014, 15:20

... on Chapter 1 43 What Used to Work on Wall Street . . . $0 $50 $100 $150 $200 $250 Nov-96 Feb-97 May-97 Aug-97 Nov-97 Feb-98 May-98 Aug-98 Nov-98 Feb-99 May-99 Aug-99 Nov-99 Feb-00 May-00 Aug-00 Value ... were studying their stocks just long enough to learn they shouldn’t have bought them in the first place, then promptly dumping them and start- ing all over. Even the most respected...

Ngày tải lên: 04/07/2014, 15:20

... depreciation rates. See Table 2-2 .) Our extended stud- ies have led to the conclusion that the investor cannot count on much above the recent five-year rate earned on the DJIA group— The Investor ... (book value) behind the shares. 2 Since the market value of these issues is well above their book value say, 900 market vs. 560 book in mid-1971 the earnings o...

Ngày tải lên: 04/07/2014, 15:20