selection, stock (cont.)
comments about, 349–50,
376–95; Graham’s criteria for,
369, 371, 374–75; “human
factor” in, 365; for long- and
short-term, 30, 31; and low-
multiplier industrial stocks,
387–90; and market
fluctuations, 200, 206; “pick the
winners,” 76; and practicing
selecting stocks, 396–97;
prediction/qualitative
approach to, 364, 364n,365;
protection/quantitative
approach to, 347–48, 364, 364n,
365; rules for common stock,
114–15, 117; and secondary
companies, 383–84; single
criteria for, 387–90; and special
situations, 393–95; and stock-
picking “systems,” 37; Zweig’s
comments about, 367–75. See
alsoasset allocation;
diversification; security analysis
Sequoia Fund, 254, 254n,543, 553
shareholders. SeeInvestors
Sharon Steel Co., 411, 429–33, 429n,
576–77
sheepish behavior, 247, 498
Shiller, Robert, 85–86
shorting, 19, 30, 32, 32n, 381 n,
458 n
Siebel Systems, 370
Siegel, Jeremy, 2n, 47 n,80, 82, 85n,
475
Siegel, Laurence, 60n
Sigma-Aldrich, 373
Sing, Jeanette, 478
size of enterprise, 337, 348, 349, 350,
369, 386, 388, 389, 390, 499
Slovic, Paul, 529
Small Business Administration,
447
small-cap stocks, 252, 369
Smith, Adam, 541–42
South Sea Co., 13
Southern California Edison, 357
Southern New England Telephone,
327
Southwest Airlines, 368
Spalding United Kingdom, 315
special charges, 311, 312–14, 315,
316, 317, 319, 320, 416, 424. See
also specific company
“Special Purpose Entities,”
316–17n
special situations. See“workouts”
speculation: and advice, 260, 262–63,
268, 269, 563; and aggressive
investors, 141n,143, 160, 165,
171, 175, 392; and bargains, 171;
benefits of, 21n;and case
histories, 433–37; and
convertible issues and
warrants, 406, 409; and
defensive investors, 89, 112, 115,
116, 119, 128; and dividends,
489, 490; expectations from,
24–34; Graham’s comments
about, 18–34, 563–64; and
history and forecasting of stock
market, 74, 85, 87; and inflation,
47; intelligent, 21; investing
distinguished from, 1–2, 10,
18–34, 35–46, 205–6, 519–20; and
investment funds, 5, 229, 232,
233, 237; and margin of safety,
519–20, 521, 522n;and market
fluctuations, 5, 188, 189, 190–91,
193, 199; and new offerings,
141 n,143, 392; and problems of
brokerage houses, 267; and
Raskob’s prescription, 2; and
role of investment bankers, 268;
and security analysis, 294;
Zweig’s comments about,
35–46
Spinoza, Baruch, 195
splits, stock, 309, 344, 491, 492–96,
493 n
Sprint Corp., 497, 509
stability, 178, 348, 349, 371, 386. See
alsovolatility
stagflation, 59618 Index