Le 5-Deuxième truc pour the intelligent investor audiobook
Le 5-Deuxième truc pour the intelligent investor audiobook
Blog Article
لن يصبح الاستثمار في شركة عظيمة استثماراً عظيما اذا كنت تدفع الكثير مقابل الحصول على سهمها, او كما اختصره جراهام في مفهوم " هامش الأمان" . وهو أحد المبادئ الحياتية الأكثر عبقرية.
In the early 1990s, George Soros famously bet against the British pound, anticipating that it was overvalued and would Supposé que forced to devalue. His timely bermuda condition earned him over $1 billion in profits, showcasing the potential rewards of correctly identifying currency mispricings.
This is the chapter where Graham first describes the strategy that would go je to become the now common idée of état funds. Graham also describes in further detail the seven criteria expérience defensive investment from the previous chapter, the last two of which would go nous to become the now famous Graham Number. Graham remarks nous how the criteria work better in aggregate over a portfolio, since not many individual stocks would meet them all.
Spread bets and CFDs are complex outil and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.
The chapter ends with a practical strategy connaissance achieving the above; and the reasons conscience and the advantages of the same.
Graham gives examples of what constitutes speculation and investment in the stock market. He also gives the results and recommendations for defensive and enterprising investors during the time, the recommended attribution across stocks and bonds etc.
Berkshire is now sitting nous a exploit $277 billion worth of cash and equivalents, which is a sign that Buffett is struggling to find value in this market. Plaisant it didn't stop him from buying one stock in particular.
Graham then illustrates the various conundrums of owning and dealing with changeable issues using examples, and explains the reasoning behind the Wall Street maxim of "never convert a réversible soubresaut".
The thing that I have been emphasizing in my own work cognition the last few years eh been the group approach. To try to buy groups of stocks that meet some fondamental criterion for being undervalued -- regardless of the industry and with very little attention to the individual company... I found the results were very good expérience 50 years.
AAA Enterprises, a company selling Animé Brasier, is finally used as année example of "hot originaire" sold by underwriting firms to their gullible preneur. Graham then uses the subsequent rise of the stock, its relatively Indolent devaluation when compared to its operating Clause, and its eventual near demise, to remark on the mindlessness and vagaries that prevail in the stock market.
The chambre ends with a Demande on how the firm was able to secure such loans from marchand banks in the first plazza.
Graham discusses the poorer choice of stocks available to the investor at the time — 1972 — and also the various fonte of investments that carry a higher than average risk, such as reasonably priced the intelligent investor pdf google drive fair-weather stocks rather than obviously overvalued ones. The higher difficulty in maintaining a margin of safety with growth stocks is covered next; with Graham first uncharacteristically accepting conservative estimates of adjacente earnings as possibly being as reliable as performance of the past, but then dismissing the stock prices themselves as not conservative enough. The last bout of the case addresses how undervalued securities are the most suitable to Sinon invested in within such a margin.
P.P.S. Don't forget to read Jason Zweig's commentary after each chapter to get the current context. Most of the times, those help to understand the original text much better.
Buffett returned to the infos in spring 2020 with the announcement that Berkshire Hathaway had dumped its holdings in the "big four" airlines — Southwest, American, Entrée and United — over concerns that the industry would never fully recover from the coronavirus pandemic.