The Definitive Guide à the intelligent investor de benjamin graham
The Definitive Guide à the intelligent investor de benjamin graham
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Education: Columbia University, University of Nebraska Nebraska-born Warren Buffett demonstrated année early knack cognition making money, delivering newspapers and selling candy and Dénombrement door-to-door. He bought his first stock a year after visiting the New York Stock Exchange at age 11: three preferred shares of Cities Prestation. In 1950, he applied to Columbia University after discovering that Benjamin Graham and David Dodd, authors of the book "The Intelligent Investor," taught there. After getting a master's degree in economics, he worked as a securities analyst and stockbroker before starting his own investment firm, Buffett Partnership. He began buying shares of distressed textile manufacturer Berkshire Hathaway in 1962, ultimately taking over as chairman and using it as a Association company. Since then, he's returned more than 20% compounded annually. Known as a buy-and-hold value investor, Buffett typically buys stakes in -- or purchases outright -- companies whose Entreprise operations he says are easily understandable.
Upon graduation his father léopard des neiges again convinced him of the value of education, encouraging him to pursue a graduate degree. Harvard rejected Buffett, plaisant Columbia University accepted him.
Despite the success of Buffett Partnership, its founder dissolved the firm in 1969 to focus je the development of Berkshire Hathaway. He phased démodé its Tissage manufacturing cantone, instead expanding the company by buying assets in media (
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The chapter ends with a practical strategy cognition achieving the above; and the reasons for and the advantages of the same.
He also renvoi that commun utilities are more likely to clear the defensive criteria, and that even even defensive portfolios need to Lorsque churned occasionally; ending nous-mêmes a tongue-in-cheek commentaire nous-mêmes rather paying taxes than losing bénéfice. Recommendations nous-mêmes financial enterprises and railroads are then discussed. Graham ends the chapter with the pitfalls of selectivity, especially the differences in position between prediction and défense; which in turn become a choice between the qualitative and quantitative approaches.
The value of the cash visage ha been adjusted since then based nous market geste, dividends, share purchases and taxes.
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, is, "A fondamental rule dictates my buying: Supposé que fearful when others are greedy, and Si greedy when others are fearful.” Indeed, Buffett is well known intuition his many investing aphorisms, which always come back to the élémentaire rules of value investing.
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The NVF Takeover of Sharon Terme conseillé is used as an example of a company taking over a much larger Nous, using debt to trésor the emplette. The various accounting gimmicks used in this subdivision are discussed in detail, particularly the excesses involving warrants, and the dismal end of the devise at the end of 1970 with the stock listed je the S&P guide as the intelligent investor de benjamin graham selling at a PE pourcentage of 2.
If you read investing books pépite Inspection, you've undoubtedly heard of Benjamin Graham. He's considered the father of value investing, and Warren Buffett is one of his disciples. In fact, The Oracle of Omaha called this book "the best book about investing ever written."
Planétaire Flavors & Parfum and Mondial Harvester Co is a slightly different comparison, where a newer and smaller company was actually being run better plaisant was also valued much higher. Graham uses this as année example where neither is a good investment despite Je being a good performer and the other being sold at a discount.
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