The Intelligent Investor - The Definitive Book On Value Investing

would indicate values far above ruling prices. Thus the wisdom of having courage in depressed markets is vindicated not only by ...

earnings and price which were not followed automatically by a handsome recovery of both. One such was Anaconda Wire and Cable, w ...

favorable 1958–71 record the company has never shown an aver- age annual price as high as 15 times its current earnings. In earl ...

diversified basis—was uniformly good for many years prior to It can probably be affirmed without hesitation that it consti- tut ...

nounced preference for industry leaders and a corresponding lack of interest most of the time in the ordinary company of seconda ...

asm and overvaluation. In a different way this phenomenon was repeated in 1961 and 1968—the emphasis now being placed on new off ...

cases made for a disappointing record of earnings may be cor- rected by the advent of new conditions, or the adoption of new pol ...

Special Situations, or “Workouts” Not so long ago this was a field which could almost guarantee an attractive rate of return to ...

tion of the plans or of unexpected delays, but on the whole such “arbitrage operations” proved highly profitable. There were sim ...

middle ground, or a series of gradations, between the passive and aggressive status. Many, perhaps most, investors seek to place ...

able at bargain prices—which we define as prices not more than two-thirds of the appraisal value of the securities. What would h ...

The last sentence indicates that this principle relates to the ordi- naryoutsideinvestor. Anyone who can controla secondary com- ...

COMMENTARY ON CHAPTER It requires a great deal of boldness and a great deal of caution to make a great fortune; and when you hav ...

has ever been so unqualifiedly wrong as the future Federal Reserve chairman was that day: 1973 and 1974 turned out to be the wor ...

WHATGOESUP... Like spacecraft that pick up speed as they rise into the Earth’s strato- sphere, growth stocks often seem to defy ...

1995 1996 1997 1998 1999 General Electric Revenues ($ millions) 43,013 46,119 48,952 51,546 55,645 Earnings per share ($) 0.65 0 ...

An academic study of thousands of U.S. stocks from 1951 through 1998 found that over all 10-year periods, net earnings grew by ...

184 Commentary on Chapter 7 HIGH POTENTIAL FOR HYPE POTENTIAL Investors aren’t the only people who fall prey to the delusion tha ...

SHOULD YOU PUT ALL YOUR EGGS IN ONE BASKET? “Put all your eggs into one basket and then watch that basket,” pro- claimed Andrew ...

THE BARGAIN BIN You might think that in our endlessly networked world, it would be a cinch to build and buy a list of stocks tha ...