The Business of Value Investing.pdf

swing, value investing is most effective when mastery of the essential elements come together to produce a consistently reliable ...

Have the discipline to say no. Practice the art of patience. Have the courage to make a significant investment at the point of ...

remembering the wonderful help I received that enabled me to go into business for myself. For the new student of value investing ...

1 CHAPTER Invest in the Business, Buy the Stock Investment is most prudent when it is most businesslike. — Benjamin Graham, The ...

2 The Business of Value Investing I realized that while I was buying good businesses that I under- stood, I was letting a moving ...

Invest in the Business, Buy the Stock 3 20 percent. Business valuation is both art and skill; I go over valu- ing a business in ...

4 The Business of Value Investing I expected to hear was what he said: “ Stock markets are essent ially obsolete places. We don ...

Invest in the Business, Buy the Stock 5 If you were looking to buy a small business, I doubt that you would buy it with the inte ...

6 The Business of Value Investing knowing with 100 percent certainty that XYZ Corp. would be worth twice what is today, people w ...

Invest in the Business, Buy the Stock 7 end result? Buffett ’ s company, Berkshire Hathaway, still owns its shares in the Washin ...

8 The Business of Value Investing Based the on the past fi ve years, the business appears to be doing well. It ’ s growing its f ...

Invest in the Business, Buy the Stock 9 the future sum back to the present. Why use 10 percent? I used it simply for illustrativ ...

10 The Business of Value Investing Notice what you don ’ t do. You don ’ t spend much time trying to forecast the individual pri ...

Invest in the Business, Buy the Stock 11 discipline or analysis for fear of missing any climb in stock price. Without realizing ...

12 The Business of Value Investing investment track record from 1956 to 1969 is why most are familiar with the success of the Bu ...

Invest in the Business, Buy the Stock 13 Some of you are going to ask, “ What do you plan to do? ” I don ’ t have an answer to t ...

14 The Business of Value Investing climbing, the company was paying off its debt, and cash fl ow was growing. In addition, Steve ...

2 CHAPTER The Only Three Types of Investments You Need to Know The third - rate mind is only happy when it is thinking with the ...

16 The Business of Value Investing what you ’ re selling and selling what you ’ re buying. When someone is realizing a gain, som ...

The Only Three Types of Investments You Need to Know 17 market crash, the Asian currency crisis, and the Internet bubble, have b ...