The Intelligent Investor - The Definitive Book On Value Investing

funds,” “letter-stock funds,” etc.)* Another is by their objectives, as their primary aim is for income, price stability, or cap ...

of security outstanding. A new wrinkle, introduced in 1967, divides the capitalization into a preferred issue, which will receiv ...

Investment-Fund Performance as a Whole Before trying to answer these questions we should say some- thing about the performance o ...

TABLE 9-1 Management Results of Ten Large Mutual Funds a (Indicated) Net Assets, 5 years, 10 years, December 1961–1965 5 years, ...

1969 and 1970. We also give average results based on the sum of one share of each of the ten funds. These companies had combined ...

movement of the stock averages pretty well determines the funds’ aggregate results.) Are there better than average funds and can ...

section of the industry which has attracted a disproportionate amount of attention. The story is simple enough. Some of those in ...

234 The Intelligent Investor TABLE 9-2 A Performance-Fund Portfolio and Performance (Larger Holdings of Manhattan Fund, December ...

The portfolio of Manhattan Fund at the end of 1969 was unorthodox to say the least. It is an extraordinary fact that two of its ...

We have presented this picture in order to point a moral, which perhaps can best be expressed by the old French proverb: Plus ça ...

amazing how, in a completely different atmosphere of regulation and prohibitions, Wall Street was able to duplicate so much of t ...

Closed-End versus Open-End Funds Almost all the mutual funds or open-end funds, which offer their holders the right to cash in t ...

argument: “Ah, but if you own closed-end shares you can never be sure what price you can sell them for. The discount can be grea ...

and end up with the same value as at the beginning. Investor A redeems his shares at 100% of value, losing the 9% premium he pai ...

prices in a few years’ time; at the end of 1970 one sold at only one- quarter of its high, another at a third, another at less t ...

COMMENTARY ON CHAPTER The schoolteacher asks Billy Bob: “If you have twelve sheep and one jumps over the fence, how many sheep d ...

TOP OF THE CHARTS Most investors simply buy a fund that has been going up fast, on the assumption that it will keep on going. An ...

Value on12/31/02of $10,000 invested on Fund 1999 2000 2001 2002 1/1/1999 Van Wagoner Emerging Growth 291.2 –20.9 –59.7 –64.6 4,4 ...

highly volatile funds, which bounce up and down more than aver- age, are likely to stay volatile; funds with high past returns ...

2000, and her former fund lost more than three-quarters of its value over the next three years.^3 Asset elephantiasis.When a fun ...