The Intelligent Investor: The Definitive Book On Value part 33 doc

... force-feeding them salt along the way. When they got to the Harlem River, they would guzzle huge volumes of water to slake their thirst. Drew would then bring them to market, where the water they had ... ALCOA has a large bond issue convertible into common stock; to calculate the “earn- ing power” of the common, based on the 1970 results, it must be assumed that the conversion...

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... 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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... 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...

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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...

Ngày tải lên: 04/07/2014, 15:20