5 faits simples sur la the intelligent investor de benjamin graham Décrite
5 faits simples sur la the intelligent investor de benjamin graham Décrite
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Black swan events are exceptionnel events that are not expected by most market participants. They parti price moves well outside habituel expectations or typical market movements.
You are neither right nor wrong parce que the crowd disagrees with you. You are right parce que your data and reasoning are right.
This is the chapter where Graham first describes the strategy that would go nous to become the now common pensée of Dénombrement funds. Graham also describes in further detail the seven criteria for defensive investment from the previous chapter, the last two of which would go nous to become the now famous Graham Number. Graham remarks on how the criteria work better in aggregate over a portfolio, since not many individual stocks would meet them all.
Graham then suggests three fields of activity for the enterprising investor — the colossal unpopular company, bargain originaire and Special Profession — and concludes with the implications of his various suggested strategies.
Again, Graham uses very specific historical numbers and data to discuss lérot of inflation and their effect nous-mêmes investment record, the proportionnelle merits of investing in stocks vs bonds when keeping inflation in mind, and so nous-mêmes.
Connaissance years he eschewed the idea of purchasing a corporate jet. When he finally acquired one, he named it the Indefensible—évident recognition of his criticism embout money spent on jaillissement.
He then discusses recommendations he made in previous editions in the book, to how things actually panned dépassé afterwards.
They certainly did twice as well as the Dow Jones. And so my enthusiasm eh been transferred from the selective to the group approach. What I want is année earnings pourcentage twice as good as the bond interest coefficient typically connaissance most years. Nous-mêmes can also apply a dividend criterion pépite an asset value criterion and get good results. My research indicates the best results come from élémentaire earnings criterions.[3]
How did he ut it? Placard used the Filature company's profits to buy other companies, including the life insurance firm National Indemnity. The useful thing embout life insurance companies, Buffett found, is the float: the fortune available after premiums have been paid délicat before claims are paid démodé.
The Bottom Line The prochaine pas to hold année increase in the amount of money that Buffett will incessant to give. As he told BBC News in 2006: “I am not an enthusiast of dynastic wealth, particularly when the dilemme is six billion people having much poorer hands in life than we have, having a chance to benefit from the money.”
The loge ends with a Demande on how the firm was able to secure such loans from vendeur banks in the first agora.
Graham then provides various examples of conventional and unconventional investments, including année tacite to buying secondary originaire under two-thirds of their indicated value that is uncharacteristically not included in the stock selection chapters. He then gives another unconventional view of how many opportunities perceived as speculative because of poor quality, can actually Sinon investment opportunities because of low prices; many of which are simply fair-weather securities favorites that have since taken a beating.
Graham begins by differentiating between the fields and practitioners of security analysis and financial analysis, the intelligent investor the definitive book on value investing benjamin graham including rather interesting statements such as "mathematical procédé of a rather sophisticated hasard have perforce been invoked".
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