Now available for the first time in paperback! The Classic Text Annotated to Update Graham's Timeless Wisdom for Today's Market Conditions The greatest investment advisor of the twentieth century, Benjamin Graham taught and inspired people worldwide. Graham's philosophy of "value investing" -- which shields investors from substantial error and teaches them to develop long-term strategies -- has made The Intelligent Investor the stock market bible ever since its original publication in 1949. Over the years, market developments have proven the wisdom of Graham's strategies. While preserving the integrity of Graham's original text, this revised edition includes updated commentary by noted financial journalist Jason Zweig, whose perspective incorporates the realities of today's market, draws parallels between Graham's examples and today's financial headlines, and gives readers a more thorough understanding of how to apply Graham's principles. Vital and indispensable, this HarperBusiness Essentials edition of The Intelligent Investor is the most important book you will ever read on how to reach your financial goals.
Rules for the Common - Stock Component 1. There should be adequate though not excessive diversification. This might mean a minimun of ten different issues and a maximun of about thirty 2. Each company selected should be large, prominent, and conservatively financed. Indefinite as these adjectives must be, their general sense is clear. 3. Each company should have a long record of continuous divi...
2019-03-11 00:26:011人喜欢
Rules for the Common - Stock Component
1. There should be adequate though not excessive diversification. This might mean a minimun of ten different issues and a maximun of about thirty
2. Each company selected should be large, prominent, and conservatively financed. Indefinite as these adjectives must be, their general sense is clear.
3. Each company should have a long record of continuous dividend payments. ( All the issues in the Dow Jones Industrial Average met this dividend requirement in 1971) To be specific on this point we would suggest the requirement of continuous devidend payments beginning at least in 1950.
4. The investor should impose some limit on the price he will pay for an issue in relation to its avrage earnings over, say, the past seven years. We suggest that this limit be set at 25 times such average earnings, and not more than 20 times those of the last twelve-month period. But such a restriction would eliminate nearly all the strongest and most popular companies from the protfolio. In particular, it would ban virtually the entrie category of "growth stovks," which have for some years past been the ffavorites of both speculators and institutional investors. We must give our reasons for proposing so drastic an exclusion.
Preffered stocks VS common stocks
preferred stock usually do not give shareholders voting rights, while common stock does, usually at one vote per share owned
preferred stockholders have a greater claim to a company's asstes and earnings. The dividends are usually highers than common stocks
Human felicity iz produced not so much by great Pieces of good fortune that seldom happen, as by little Advantages that occur every day. --Benjamin Franklin .... I don't want to be a defensive investor ......buy little amount every month.
2019-03-11 02:09:11
Human felicity iz produced not so much by great Pieces of good fortune that seldom happen, as by little Advantages that occur every day. --Benjamin Franklin
When you leave it to chance, then all of a sudden you don't have any more luck (Basketball coach Pat Riley) There are two ways to be an intelligent investors: 1. by continually researching, selecting, and monitoring a dynamic mix of stocks, bonds, or mutual funds; 2. by creatung a permanent portfolo that runs on autopilot and requires mo further effort (nut generates very little excitement) Gra...
2019-03-08 01:04:27
When you leave it to chance, then all of a sudden you don't have any more luck (Basketball coach Pat Riley)
There are two ways to be an intelligent investors:
1. by continually researching, selecting, and monitoring a dynamic mix of stocks, bonds, or mutual funds;
2. by creatung a permanent portfolo that runs on autopilot and requires mo further effort (nut generates very little excitement)
Graham's distinction between active and passive investors in another of his reminders that financial risk lies not only where nost of us look for it - in the economy or in our investments- but also within ourselves
If interest rates rise. but short terms. If interests fall, buy short term
For most case, bond funds beat individual bonds. (check Vanguard, Fidelity, Schwab, and T. Rowe Price)
all of human unhappiness comes from one single thing: not knowing how to remain at rest in a room.-Blaise Pascal Graham's definition of investing : - An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return - you must thoroughly analyze a company, and the soundness of its underlying businesses, before you buy its stock; -you must delibera...
2019-03-01 04:54:49
all of human unhappiness comes from one single thing: not knowing how to remain at rest in a room.-Blaise Pascal
Graham's definition of investing :
- An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return
- you must thoroughly analyze a company, and the soundness of its underlying businesses, before you buy its stock;
-you must deliberately protect yourself against serious losses
- you must aspire to "adequate", not extraordinary, performance.
January joly: if you piled in small stocks in the second half of December nd held them into January , you would beat the market by five to ten percentage (LOL)
[short at the beginning of dec, long at the end, short again in jan]
[short a month before the spring festival, long just before the spring festival, and short again after market adjusted back]
inflation caused accumulated debt inflation fighter: 1. REITs: Real Estate Investment Trusts: companies that own and collect rent from commercial and residential properties. （ Vangaurd REIT index Fund, Sohen & Steers Realty Shares, Columbia Real Estate Equty Fund, and Fidelity Real Estate investmnt Fund. ） 2. TIPS. Treasury Inlfation- Protected Securities. TIPS guarantee that the balue of...
2019-03-01 16:58:18
inflation caused accumulated debt
inflation fighter:
1. REITs: Real Estate Investment Trusts: companies that own and collect rent from commercial and residential properties. （ Vangaurd REIT index Fund, Sohen & Steers Realty Shares, Columbia Real Estate Equty Fund, and Fidelity Real Estate investmnt Fund. ）
2. TIPS. Treasury Inlfation- Protected Securities. TIPS guarantee that the balue of your investment won't be eroded by inflation( Do not trade them)
When you leave it to chance, then all of a sudden you don't have any more luck (Basketball coach Pat Riley) There are two ways to be an intelligent investors: 1. by continually researching, selecting, and monitoring a dynamic mix of stocks, bonds, or mutual funds; 2. by creatung a permanent portfolo that runs on autopilot and requires mo further effort (nut generates very little excitement) Gra...
2019-03-08 01:04:27
When you leave it to chance, then all of a sudden you don't have any more luck (Basketball coach Pat Riley)
There are two ways to be an intelligent investors:
1. by continually researching, selecting, and monitoring a dynamic mix of stocks, bonds, or mutual funds;
2. by creatung a permanent portfolo that runs on autopilot and requires mo further effort (nut generates very little excitement)
Graham's distinction between active and passive investors in another of his reminders that financial risk lies not only where nost of us look for it - in the economy or in our investments- but also within ourselves
If interest rates rise. but short terms. If interests fall, buy short term
For most case, bond funds beat individual bonds. (check Vanguard, Fidelity, Schwab, and T. Rowe Price)
Human felicity iz produced not so much by great Pieces of good fortune that seldom happen, as by little Advantages that occur every day. --Benjamin Franklin .... I don't want to be a defensive investor ......buy little amount every month.
2019-03-11 02:09:11
Human felicity iz produced not so much by great Pieces of good fortune that seldom happen, as by little Advantages that occur every day. --Benjamin Franklin
Rules for the Common - Stock Component 1. There should be adequate though not excessive diversification. This might mean a minimun of ten different issues and a maximun of about thirty 2. Each company selected should be large, prominent, and conservatively financed. Indefinite as these adjectives must be, their general sense is clear. 3. Each company should have a long record of continuous divi...
2019-03-11 00:26:011人喜欢
Rules for the Common - Stock Component
1. There should be adequate though not excessive diversification. This might mean a minimun of ten different issues and a maximun of about thirty
2. Each company selected should be large, prominent, and conservatively financed. Indefinite as these adjectives must be, their general sense is clear.
3. Each company should have a long record of continuous dividend payments. ( All the issues in the Dow Jones Industrial Average met this dividend requirement in 1971) To be specific on this point we would suggest the requirement of continuous devidend payments beginning at least in 1950.
4. The investor should impose some limit on the price he will pay for an issue in relation to its avrage earnings over, say, the past seven years. We suggest that this limit be set at 25 times such average earnings, and not more than 20 times those of the last twelve-month period. But such a restriction would eliminate nearly all the strongest and most popular companies from the protfolio. In particular, it would ban virtually the entrie category of "growth stovks," which have for some years past been the ffavorites of both speculators and institutional investors. We must give our reasons for proposing so drastic an exclusion.
Preffered stocks VS common stocks
preferred stock usually do not give shareholders voting rights, while common stock does, usually at one vote per share owned
preferred stockholders have a greater claim to a company's asstes and earnings. The dividends are usually highers than common stocks
When you leave it to chance, then all of a sudden you don't have any more luck (Basketball coach Pat Riley) There are two ways to be an intelligent investors: 1. by continually researching, selecting, and monitoring a dynamic mix of stocks, bonds, or mutual funds; 2. by creatung a permanent portfolo that runs on autopilot and requires mo further effort (nut generates very little excitement) Gra...
2019-03-08 01:04:27
When you leave it to chance, then all of a sudden you don't have any more luck (Basketball coach Pat Riley)
There are two ways to be an intelligent investors:
1. by continually researching, selecting, and monitoring a dynamic mix of stocks, bonds, or mutual funds;
2. by creatung a permanent portfolo that runs on autopilot and requires mo further effort (nut generates very little excitement)
Graham's distinction between active and passive investors in another of his reminders that financial risk lies not only where nost of us look for it - in the economy or in our investments- but also within ourselves
If interest rates rise. but short terms. If interests fall, buy short term
For most case, bond funds beat individual bonds. (check Vanguard, Fidelity, Schwab, and T. Rowe Price)
luckyzh
江苏人民出版社2000版
伊卡洛斯
人民邮电出版社2011版
ocde
江苏人民出版社2000版
阿懒
人民邮电出版社2010版
黑暗即是虚空
人民邮电出版社2010版
502的牛
人民邮电出版社2010版
Rules for the Common - Stock Component 1. There should be adequate though not excessive diversification. This might mean a minimun of ten different issues and a maximun of about thirty 2. Each company selected should be large, prominent, and conservatively financed. Indefinite as these adjectives must be, their general sense is clear. 3. Each company should have a long record of continuous divi...
1 有用 阳光太好 恍然盛夏 2008-05-23 23:38:53
学金融必读！辛辛苦苦从英国背回来，总算没有浪费
0 有用 Renco 2017-09-22 12:44:39
Graham is a genius.
0 有用 odyssey 2017-12-23 07:19:35
无与伦比.
0 有用 Chao 2020-02-03 00:49:27
不仅仅是一本关于投资的书
0 有用 roxannadong 2018-07-20 04:43:18
Investor, not speculator
0 有用 Chao 2020-02-03 00:49:27
不仅仅是一本关于投资的书
0 有用 故國放逐中 2019-02-21 21:31:23
投資入門首選書目，無須贅言，常讀常新。
0 有用 John 2018-10-17 22:04:07
Great Book
0 有用 roxannadong 2018-07-20 04:43:18
Investor, not speculator
0 有用 delpiero 2017-12-26 14:25:26
Commentary部分还没来得及看，mark一下。最重要的概念我觉得是safety of margin，以及不要试图在defensive和enterprising investor之间取得平衡。