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Nội dung
[...]... transformed this musty circle into a modern profession.1 And The Intelligent Investor is the first book ever to describe, for individual investors, the emotional framework and analytical tools that are essential to financial success It remains the single best book on investing ever written for the general public The Intelligent Investor was the first book I read when I joined Forbes Magazine as a cub... transactions, then immediately 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 The U.S Securities and Exchange Commission cracked down on this abuse in 1969, and it is no longer a concern for fund investors Stock-option warrants are explained in Chapter 16 4 5 6 Introduction Bankruptcy... wrote 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 conservative investor s portfolio be held in common stocks, and we have favored in general a 50–50 division between the two media We must now consider whether the current great advantage of bond yields... to buy their stocks as they bought their groceries, not as they bought their perfume The really dreadful losses of the past few years (and on many similar occasions before) were realized in those common-stock issues where the buyer forgot to ask “How much?” In June 1970 the question “How much?” could be answered by the magic figure 9.40% the yield obtainable on new offerings of high-grade public-utility... necessary and unavoidable, for in many common-stock situations there are substantial possibilities of both profit and loss, and the risks therein must be assumed by someone.* There is intelligent speculation as there is intelligent investing But there are many ways in which speculation may be unintelligent Of these the foremost are: (1) speculating when you think you are investing; (2) speculating seriously... under present-day (early 1972) conditions 1 What We Said Six Years Ago We recommended that the investor divide his holdings 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 being necessarily true for the common-stock component; that his simplest choice would be to maintain a 50–50 proportion between the two,... for investors The experts do not have dependable ways of selecting and concentrating on the most promising companies in the most promising industries Missiles-Rockets-Jets & Automation Fund They, like the stocks they owned, turned out to be an investing disaster It is commonly accepted today that the cumulative earnings of the airline industry over its entire history have been negative The lesson Graham... grows out of the huge rise in the rate of interest on first-quality bonds Since late 1967 the investor has been able to obtain more than twice as much income from such bonds as he could from dividends on representative common stocks At the beginning of 1972 the return was 7.19% on highest-grade bonds versus only 2.76% on industrial stocks (This compares with 4.40% and 2.92% respectively at the end of... savings-and-loan-association accounts, life insurance, annuities, and real-estate mortgages or equity ownership The reader should bear in mind that when he finds the word “now,” or the equivalent, in the text, it refers to late 1971 or early 1972 COMMENTARY ON THE INTRODUCTION If you have built castles in the air, your work need not be lost; that is where they should be Now put the foundations under them... letting themselves get carried away on Internet stocks, on big “growth” stocks, on stocks as a whole—many people made the same stupid mistakes as Sir Isaac Newton They let other investors’ judgments determine their own They ignored Graham’s warning that the really dreadful losses” always occur after the buyer forgot to ask ‘How much?’ ” Most painfully of all, by losing their self-control just when they . 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 investors, the emotional framework. 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. 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.