The Intelligent Investor - The Definitive Book On Value Investing

of Enron, Global Crossing, and WorldCom—many of whom put nearly all their retirement assets in their own company’s stock, only t ...

CAN YOU ROLL YOUR OWN? Fortunately, for a defensive investor who is willing to do the required homework for assembling a stock p ...

You may often incur a variety of nuisance fees that can exceed $25 per year. Even so, direct-stock purchase programs are usually ...

side of having to police your own portfolio. At relatively low cost, you can buy a high degree of diversification and convenienc ...

month, like clockwork, you buy more. If the market has dropped, your preset amount goes further, buying you more shares than the ...

anyone else can. The knowledge of how little you can know about the future, coupled with the acceptance of your ignorance, is a ...

CHAPTER 6 Portfolio Policy for the Enterprising Investor: Negative Approach The “aggressive” investor should start from the same ...

issues, and much less for the lower coupons.* He will let someone else buy foreign-government bond issues, even though the yield ...

But even in the matter of price discounts and resultant chance of principal gain, the second-grade bonds are in competition with ...

100 *—the chances are very great that at some future time the holder will see much lower quotations. For when bad business comes ...

acknowledged possibility of a loss of principal in exchange for a mere 1 or 2% of additional yearly income. If you are willing t ...

Foreign Government Bonds All investors with even small experience know that foreign bonds, as a whole, have had a bad investment ...

New Issues Generally It might seem ill-advised to attempt any broad statements about new issues as a class, since they cover the ...

meet the going rate for comparable issues, and high-powered salesmanship had little effect on the outcome. As interest rates fel ...

New Common-Stock Offerings The following paragraphs are reproduced unchanged from the 1959 edition, with comment added: Common-s ...

own finances. (When new money is raised for the business it comes often via the sale of preferred stock, as previously noted.) T ...

The heedlessness of the public and the willingness of selling organizations to sell whatever may be profitably sold can have onl ...

experienced in 1960–1962.^4 The ability of the stock market as a whole to disengage itself rapidly from that disaster is indeed ...

COMMENTARY ON CHAPTER The punches you miss are the ones that wear you out. —Boxing trainer Angelo Dundee For the aggressive as w ...

146 Commentary on Chapter 6 A WORLD OF HURT FOR WORLDCOM BONDS Buying a bond only for its yield is like getting married only for ...