The Intelligent Investor - The Definitive Book On Value Investing

Single Criteria for Choosing Common Stocks An inquiring reader might well ask whether the choice of a bet- ter than average port ...

value (or working-capital value). We have already pointed out that the low-multiplier criterion applied to the DJIA at the end o ...

investor is, of course, to avoid second-quality issues in making up a portfolio, unless—for the enterprising investor—they are d ...

policies. It is clear that, at the least, a considerable momentumis attached to those companies that combine the virtues of grea ...

found in the Stock Guideat the end of 1968. But the picture changed in the 1970 decline, and at the low prices of that year a go ...

These give some food for reflection on the nature of stock- price fluctuations. How does it come about that well-established co ...

they fail to advance soon after you buy them. Sometimes the patience needed may appear quite considerable. In our previous editi ...

Situation3. Universal-Marion Co., which had ceased its business operations, asked its shareholders to ratify dissolution of the ...

Further Comment on the Examples Above Kayser-Roth. The directors of this company had already rejected (in January 1971) the Bord ...

COMMENTARY ON CHAPTER 15 It is easy in the world to live after the world’s opinion; it is easy in solitude to live after our own ...

have practiced using a ledger of hypothetical buys and sells on a legal pad; nowadays, you can use “portfolio trackers” at websi ...

398 Commentary on Chapter 15 FROM EPS TO ROIC Net income or earnings per share (EPS) has been distorted in recent years by facto ...

Mason Value Trust like to see rising returns on invested capital, or ROIC—a way of measuring how efficiently a company generates ...

“good partners”—meaning that they communicate candidly about problems, have clear plans for allocating current and future cash f ...

Commentary on Chapter 15 401 WARREN’S WAY Graham’s greatest student, Warren Buffett, has become the world’s most successful inve ...

have in common; by reading the managers’ commentary, you may get ideas on how to improve your own approach.^3 No matter which te ...

CHAPTER 16 Convertible Issues and Warrants Convertible bonds and preferred stocks have been taking on a predominant importance i ...

common stock. The issuer is able to raise capital at a moderate interest or preferred dividend cost, and if the expected prosper ...

our first edition of the relative price behavior of convertible and straight (nonconvertible) preferreds offered in 1946, the cl ...

comparisons would demonstrate that convertible securities as a whole have relatively poor quality as senior issues and also are ...