The Intelligent Investor - The Definitive Book On Value Investing
known Standard & Poor’s composite index of 500 stocks. The sec- ond is the even more celebrated Dow Jones Industrial Average ...
CHART 1^125100 908070605040 30 2018161412108 6 5 4 2 125100908070605040 30 2018161412108 6 5 4 2 STANDARD & POOR’S STOCK PRI ...
on Wall Street with such fine achievements, and a quite illogical and dangerous conviction that equally marvelous results could ...
cannot tell from this record what percentage gain in earnings divi- dends and prices he may expect in the next ten years, but it ...
Period 1871–18801881–18901891–19001901–19101911–19201921–19301931–19401941–19501951–19601961–19701954–19561961–19631968–1970 Ave ...
in 1970 was the same as it was 6^1 ⁄ 2 years earlier, and the much her- alded “Soaring Sixties” proved to be mainly a march up a ...
past, and that its absolute level was historically high. Setting these factors against our favorable value judgment, we advised ...
to many more imprudent people who called themselves “in- vestors.” But the turnabout that came later that year was equally unsus ...
WHAT COURSE TO FOLLOW Investors should not conclude that the 1964 market level is dan- gerous merely because they read it in thi ...
Such were our efforts to evaluate former stock-market levels. Is there anything we and our readers can learn from them? We con- ...
1948 15.202.241.65 .932.77% 87.9 6.3 9.2 10.9 %5.6 %3.96 2.1 11.2 % (^1953) 24.812.512.441.483.08%92.7 9.9 10.2 9.8 ...
market. This important indicator, taken by itself, could not be con- strued to indicate that the market was especially high in J ...
What Course to Follow Turn back to what we said in the last edition, reproduced on p. 75. This is our view at the same price lev ...
COMMENTARY ON CHAPTER You’ve got to be careful if you don’t know where you’re going, ’cause you might not get there. —Yogi Berra ...
quibble over how much you pay for them in the first place? (To find out why, see the sidebar on p. 82.) In 1999 and early 2000, ...
SURVIVAL OF THE FATTEST There was a fatal flaw in the argument that stocks have “always” beaten bonds in the long run: Reliable ...
THE HIGHER THEY GO, THE HARDER THEY FALL As the enduring antidote to this kind of bull-market baloney, Graham urges the intellig ...
“Sophisticated professionals” were just as bullish, jacking up their own assumptions of future returns. In 2001, for instance, ...
WHAT’S NEXT? Instead, let’s tune out the noise and think about future returns as Gra- ham might. The stock market’s performance ...
86 Commentary on Chapter 3 FIGURE 3-1 Price/earnings ratio Total return over Year next 10 years 1898 21.4 9.2 1900 20.7 7.1 ...
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