The Intelligent Investor: The Definitive Book On Value part 13 doc

... regard them as the lesser of two evils the greater being the risks attached to an all-bond holding. Rules for the Common-Stock Component The selection of common stocks for the portfolio of the defensive investor ... around the United States, these bonds are issued by agencies like the Federal National Mortgage Association (“Fannie Mae”) or the Government National Mortgage A...

Ngày tải lên: 04/07/2014, 15:20

... counsels—in favor of a consistent and controlled common-stock policy on the one hand, and discouraging endeavors to “beat the market” or to “pick the winners” on the other. Nonetheless we think our ... about the stock market in the long run, the more certain they are to be proved wrong in the short run. On March 24, 2000, the total value of the U.S. stock market pe...

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... complicated; the hard part is to adopt it and to stick to it not to mention the possibility that it may turn out to have been much too conservative. The Bond Component The choice of issues in the bond ... The Series H bonds pay interest semi- annually, as do other bonds. The rate is 4.29% for the first year, and then a flat 5.10% for the next nine years to maturity. Intere...

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... advance in the price of the common. This may be a good place to make a suggestion about the “long- term bond of the future.” Why should not the effects of changing interest rates be divided on some ... note: In effect the U.S. government has done a similar thing in its combination of the original savings- bonds contracts with their extensions at higher interest rates. The su...

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... forecast of the future—with par- ticular emphasis on the next 12 months—and a rather arbitrary conclusion. The latter was, and still is, often drawn with one eye on the stock ticker or the market ... here, which is that the mathematical valuations have become most prevalent precisely in those areas where one might consider them least reliable. For the more dependent the va...

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... financial condition. The second part of the analysis should consider to what extent the value based solely on past performance should be modified because of new conditions expected in the future. Such ... effect on the attitude and the labors of the security analyst. More so than in the past, the progress or retrogression of the typical company in the coming deca...

Ngày tải lên: 04/07/2014, 15:20