The Intelligent Investor - The Definitive Book On Value Investing

Rising expenses.It often costs more to trade stocks in very large blocks than in small ones; with fewer buyers and sellers, it’s ...

Because of their fat costs and bad behavior, most funds fail to earn their keep. No wonder high returns are nearly as perishable ...

in the market, all the time, without any pretense of being able to select the “best” and avoid the “worst”—will beat most funds ...

TILTING THE TABLES When you add up all their handicaps, the wonder is not that so few funds beat the index, but that any do. And ...

They shut the door.The best funds often close to new investors— permitting only their existing shareholders to buy more. That st ...

U.S. equities (small stocks): 1.25% Foreign stocks: 1.50%^9 Next, evaluate risk. In its prospectus (or buyer’s guide), every f ...

equity funds, many of them tiny, trading only a few hundred shares a day, with high expenses and weird strategies (like Morgan F ...

KNOW WHEN TO FOLD ’EM Once you own a fund, how can you tell when it’s time to sell? The standard advice is to ditch a fund if it ...

WHY WE LOVE OUR OUIJA BOARDS Believing—or even just hoping—that we can pick the best funds of the future makes us feel better. I ...

As the investment consultant Charles Ellis puts it, “If you’re not pre- pared to stay married, you shouldn’t getmarried.”^16 Fun ...

CHAPTER 10 The Investor and His Advisers The investment of money in securities is unique among business operations in that it is ...

periodical; and (5) an investment counselor.* The miscellaneous character of this list suggests that no logical or systematic ap ...

government bonds (including state and municipal issues); nor do they make a serious effort to take advantage of swings in the ge ...

tions—such as Scudder, Stevens & Clark—operate separately as investment counsel and as one or more investment funds.) The fi ...

course, are much more authoritative and informing. These are an important part of the great body of economic intelligence which ...

clients. The Wall Street brokerage fraternity has probably the high- est ethical standards of any business,but it is still feeli ...

house customers. But to the extent that their operations resemble true investing they may produce investment gains that more tha ...

By what must seem a quirk to the outsider there are no formal requirements for being a security analyst. Contrast with this the ...

pelled to analyze with one eye on the stock ticker—a pose not con- ducive to sound thinking or worthwhile conclusions.* In the n ...

Dealings with Brokerage Houses One of the most disquieting developments of the period in which we write this revision has been t ...