The Intelligent Investor - The Definitive Book On Value Investing

judges whether his own investment has been successful in terms both of dividends received and of the long-range trend of the ave ...

Pacific 3s in 1940 represented mainly doubts as to the safety of the issue. It is extraordinary that the price recovered to an a ...

1902 low1920 high1928 low1932 high1946 low1970 high1971 close S & PAAA Composite 4.31%6.404.535.522.448.447.14 S & P Mun ...

sents the first half of our favorite dictum: “The more it changes,the more it’s the same thing.” If it is virtually impossible t ...

protection plus a chance to benefit from an advance in the price of the common. This may be a good place to make a suggestion ab ...

than by individuals. The poorer-quality ones almost always fluctu- ate over a wide range, percentagewise, not too differently fr ...

COMMENTARY ON CHAPTER The happiness of those who want to be popular depends on others; the happiness of those who seek pleasure ...

growth. In the three months ending in December 1999, Inktomi sold $36 million in products and services, more than it had in the ...

THINK FOR YOURSELF Would you willingly allow a certifiable lunatic to come by at least five times a week to tell you that you sh ...

Final value of $1,000invested Company Business 1999 2000 2001 2002 1/1/1999 Angelica industrial uniforms –43.7 1.8 19.3 94.1 1,3 ...

start-up firms, went up an astonishing 939.9% in 1999. Meanwhile, Berk- shire Hathaway—the holding company through which Graham’ ...

The typical money manager, however, has no choice but to mimic Mr. Market’s every move—buying high, selling low, marching almost ...

Instead, recognize that investing intelligently is about controlling the controllable. You can’t control whether the stocks or f ...

beats the S & P 500 and you don’t. No one’s gravestone reads “HE BEAT THE MARKET.” I once interviewed a group of retirees in ...

as the stock rises, giving you a “natural high.” You effectively become addicted to your own predictions. But when stocks drop, ...

222 Commentary on Chapter 8 NEWS YOU COULD USE Stocks are crashing, so you turn on the television to catch the latest market new ...

ment.” If, after checking the value of your stock portfolio at 1:24 P.M., you feel compelled to check it all over again at 1:37 ...

WHEN MR. MARKET GIVES YOU LEMONS, MAKE LEMONADE Although Graham teaches that you should buy when Mr. Market is yelling “sell,” t ...

INVESTMENT OWNER’S CONTRACT I, _ ___, hereby state that I am an investor who is seeking to accumulate wealth for many years into ...

CHAPTER 9 Investing in Investment Funds One course open to the defensive investor is to put his money into investment-company sh ...