price (cont.)
delisted stocks, 385n;and
dividends, 490, 491, 494n;and
earnings, 115–16, 318n;and
expectations for investors, 24,
24 n,31, 32; “gambler’s fallacy”
about, 458n;and history and
forecasting of stock market, 65,
69, 70, 71, 73, 74, 77, 78, 81, 83,
84, 84n,85, 334; and inflation,
61, 62; and investment funds,
238, 239, 241, 250; and investor-
management relations, 487, 488;
and margin of safety, 513, 515n,
516, 517–18, 521, 521n,522,
522 n;and market fluctuations,
17, 23–24, 189–92, 207–12; and
mispricing of stock, 212–13,
363 n;and new offerings, 140,
142, 143–44; and portfolio
policy for aggressive investors,
4, 133–44, 136n,158, 159, 163,
165–69, 171, 172, 174–78, 181,
183; and portfolio policy for
defensive investors, 97, 111–16,
113–14n,122, 124, 176; and
repurchase plans, 507, 507n,
508 n;and risk, 17, 122; and
security analysis, 302–9; and
speculation, 572; of stock
options, 306; and stock selection
for aggressive investors, 378,
382–83, 384, 386, 388, 389, 390,
391; and stock selection for
defensive investors, 338, 347,
348, 349, 350, 350n,351, 354,
355, 356, 359, 363, 363n,364,
365, 374–75; and timing,
189–92; unpredictability of, 24,
24 n;and value, 10, 32, 36, 39n,
40, 122, 206, 521, 522, 541;
wholesale, 76, 77. See also
appreciation; bargains;
fluctuations, market; inflation;
price/earnings ratio; specific
company
price-and-wage freeze, 50n
price/earnings ratio: and advice,
264 n;and bargains, 168;
calculation of, 159–60n,374,
374 n;and convertible issues
and warrants, 416; definition of,
70 n;forward, 374; Graham’s
criticisms of high, 476, 476n;
and growth stocks, 159; and
history and forecasting of stock
market, 70, 71, 76, 78; and
investments vs. speculation, 37;
and margin of safety, 514n;and
market fluctuations, 193, 200,
202; and per-share earnings,
321; and portfolio policy for
aggressive investors, 159,
159–60n,168, 181, 182, 183; and
portfolio policy for defensive
investors, 115, 116, 117n;and
security analysis, 291, 292, 295,
296; and stock selection for
aggressive investors, 382–83,
384, 385, 399; and stock
selection for defensive
investors, 338, 349, 350, 350n,
352–53, 354, 355, 359, 374, 375.
See also specific company
price-to-assets ratio, 349
price-to-book value ratio, 374–75
Priceline.com, 504–5
primary stock issues, 123
pro forma (“as if”) statements, 307,
316 n,322–23, 411, 424n, 431
Procter & Gamble, 289, 305, 351, 373
profitability, 333, 453n. See also
specific measure of profitability
profitable reinvestment theory,
489–92, 490n,492, 493, 494
ProFunds Ultra OTC Fund, 243–45
ProQuest, 399
prospectus, 252, 437
Providence Bank, 384n
proxy materials, 499n,500–502,
501 n,510–11
Public Service Commission, 568
Public Service Electric & Gas Co.,
357614 Index