pyramid2dna

pyramid to dna

brainroads-toward-tomorrows mental patterns

V The Intelligent Investor
* Key quotes from this book
V Introduction & Background
V What this book expects to accomplish
* Guidance in the adoption and execution of an investment policy.
* Little will be presented on techniques of analyzing securities.
* Mostly about investment principle & investor's attitudes.
* Historical Patterns of financial markets
* Directed toward investors not speculators
V New Developments since first publication
* Interest rates
* Inflation
* Conglomerate Companies & other relative novelties
* Excessive long & short term debt
* Under today's condition the distinction between defensive & enterprising may not be rewarding
* Problems with selecting the most favorable industries and concentrating on the best companies in it.
* Proper mental and emotional attitude
V The tendency to measure or quantify.
* Cheap enough to buy
* Dear enough to sell
* Buy stock as one buys groceries
V Chief requirements
* Limit purchases to around tangible book value
* Owner of a public utility @ TBV can consider themselves owners of a growing expanding business.
V Easy to equal the market but hard to beat it.
* Records of many professional investors.
* Temperament is the main problem
* Decision to become an enterprising investor.
V Doesn't Address overall financial policy of savers & investors
* Only discusses that portion which they are prepared to invest in marketable securities
V Investment vs. Speculation: Results to be expected by the Intelligent Investor
* Investment vs. Speculation
* Results to be expected by Defensive Investor
* Results to be expected by Aggressive Investor
V Investor & Inflation
* Price change history
* Inflation & corporate earnings
* Alternatives to common stocks as inflation hedges
* Conclusion
V Stock-Market History & Level
* History
* Levels
* Recommendation
V Portfolio Policy: Defensive Investor
V General Portfolio Policy : Defensive Investor
* Basic problem of bond - stock allocation
V Bond component
* Taxable vs. tax-free
* Maturities: long vs. shorter term
* Major types of bonds:
V Defensive Investor and Common Stock
* Rules for common stock component
* Growth stocks and the defensive investor
* Portfolio changes
* Dollar cost averaging
* The investors personal situation
V Notes:
* Concept of risk
* Large, prominent and conservatively financed corporations
V Mutual funds (for defensive investor)
* Performance as a whole
* Performance funds
* Closed vs. open end
V Portfolio Policy: Enterprising Investor
V Portfolio Policies for the Enterprising Investor - Negative
* Second grade bonds & preferred stocks
* Foreign government bonds
V New issues generally
* New common stock offerings
V Portfolio Policies for the Enterprising Investor - Positive
* Attractive bond issues
V Operations in commons stocks
* Buy in low markets / sell in high markets
* Carefully chosen growth stocks
* Bargain issues
* Special situations
* Broader implications of our rules for investment
V Investor & Market Fluctuations
* Market fluctuations as a guide to investment decisions
* Buy low sell high
* Formula plans
* Market fluctuations of the investor's portfolio
* Business valuations vs. stock market valuations
* A&P example
V Summary
* Management and stock price level
* Fluctuations in bond prices
V The Investor & His Advisors
* Investment Counsel and Trust Services of Banks
* Financial Services
* Advice from Brokerage Houses
* The CFA Certificate for Financial Analysts
* Dealing with Brokerage Houses
* Investment Bankers
V Other Advisors
* Local Bankers
* Relatives & Friends
* Summary
V Security Analysis
V Security Analysis for the lay investor: general approach
* Interpretation of financial statements
* Bond analysis : primary tests of safety
V Common stock analysis : chief factors entering into valuation
* Issue valuation
* Factors affecting capitalization rate
* Capitalization rates for growth stocks
* Industry analysis
* Two part appraisal process
V Things to consider about EPS
V Distortion of statistics & comparability of numbers
* Special charges
* Dilution
* Future tax savings
* Depreciation
* Inventory
* R & D
* Use of average earnings
* Calculation of growth rates
* Comparison of four listed companies : security analysis in operation
V Four extremely instructive case histories
* Neglect of warning signals of financial weakness
* Quick & unsound "empire building"
* "minnow swallows whale" (huge debt / accounting gimmicks)
* Taking small company public
* A comparison of 8 pairs of companies
V Patterns Of Change In Price And Earnings
* Price changes of co with highly stable earnings
V Price fluctuations of companies with typical variations in EPS
* Leading company
* Typical small sized listed company
V Extreme vicissitudes
* Long history of wide swings, fad boom, bust
* From deficits to bankruptcy to healthy operations
* Liquidating the business increases stock price
V Behavior of growth stocks
* Price remains high until the earnings definitely fall off
* Danger of being most enthusiastic at the wrong time
V Group Studies Of Earnings And Price Developments
V 4 random samples plus the DJIA
* NYSE
* Other exchanges
* OTC offered b4 1957
* OTC offered in 57-61
* Findings
V Long range variations within a corporate group
* Many shall be revived that are now fallen and many fall that
V Results of Portfolio Changes to Improve Quality
* Findings
* Recommendation
V How permanent are trends
* Prices
* Profits
V Stock Selection
V Stock selection for the defensive investors
* Criteria for selection
* Application of the criteria to DJIA
* Public utility solution
* Investing in financial enterprises
* Railroad issues
* Selectivity for the defensive investor
V Stock selection for the enterprising investor
* Summary of Graham-Newman methods
* Secondary companies
* A winnowing of the stock guide
* Single criteria for choosing common stock
* Bargain issues, or Net-Current-Asset Stocks
* Special Situation or "work outs"
V Convertible issues & warrants
* Effect of convertible issues on the status of the common stock
* Indicated switches from common into preferred
* Stock-option warrants
V Stockholders and managements: dividend policy
* Stockholders and dividend policy
* Stock dividends and stock splits
V Margin of safety
* Theory of diversification
* Criterion of investment vs. speculation
* Extension of the concept of investment
* To sum up (very, very important to calendarize this—see link to key quotes at the top of this page)
V Postscript
* From Investment Portfolio to "Family Business"
* A background of preparation and disciplined capacity.
* Sufficiently established and recognized so that these opportunities will knock at his door.
V Appendixes
* Important rules concerning taxability of investment income and security transactions (in 1972)
* The new speculation in common stocks
* A case history: Aetna Maintenance Co.
* Tax accounting for NVF’s acquisition of Sharon Steel shares
* Technological companies as investments

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“The greatest danger in times of turbulence is not turbulence; it is to act with yesterday’s logic”. — Peter Drucker

The shift from manual workers who do as they are being told — either by the task or by the boss — to knowledge workers who have to manage themselves ↓ profoundly challenges social structure …

“Managing Oneself is a REVOLUTION in human affairs.” … “It also requires an almost 180-degree change in the knowledge workers’ thoughts and actions from what most of us—even of the younger generation—still take for granted as the way to think and the way to act.” …

… “Managing Oneself is based on the very opposite realities: Workers are likely to outlive organizations (and therefore, employers can’t be depended on for designing your life), and the knowledge worker has mobility.” ← in a context

 

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These pages are attention directing tools for navigating a world moving toward unimagined futures.

It’s up to you to figure out what to harvest and calendarize
— working something out in time (1915, 1940, 1970 … 2040 … the outer limit of your concern) — nobody is going to do it for you.

It may be a step forward to actively reject something (rather than just passively ignoring) and then figure out a coping plan for what you’ve rejected.

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