Money and Finance
- Graham And Dodd On Business Quality And Price...
From Security Analysis (The abridged audiobook of what I believe is the 1934 edition is also on YouTube. It's a great narration by John Lescault, a great overview of 'how to think about investing', and something great to listen to before...
- Graham And Dodd Quote
From Security Analysis, 1940 edition:To sum up this discussion of qualitative and quantitative factors, we may express the dictum that the analyst’s conclusions must always rest upon the figures and upon established tests and standards. These figures...
- Graham And Dodd Quote
From Security Analysis, 1940 edition: "Analysis is concerned primarily with values which are supported by the facts and not with those which depend largely upon expectations. In this respect the analyst’s approach is diametrically opposed to that of...
- Focus (quotes From Steve Jobs And Ray Dalio)
“People think focus means saying yes to the thing you’ve got to focus on. But that’s not what it means at all. It means saying no to the hundred other good ideas that there are. You have to pick carefully. I’m actually as proud of the things...
- Having Too Much Expectations On Your Dividends
So just today, I've received an email from a reader i shall refer to as Reader A. He asked and I quote: Hi TI! Good blog! I enjoy reading it. However I have one question, I have also been investing in the ABF SG Bond and am looking forward to the...
Money and Finance
A negative art...
From Security Analysis: Sixth Edition:
Our primary conception of the bond as a commitment with limited return leads us to another important viewpoint toward bond investment. Since the chief emphasis must be placed on avoidance of loss, bond selection is primarily a negative art. It is a process of exclusion and rejection, rather than of search and acceptance. In this respect the contrast with common-stock selection is fundamental in character. The prospective buyer of a given common stock is influenced more or less equally by the desire to avoid loss and the desire to make a profit. The penalty for mistakenly rejecting the issue may conceivably be as great as that for mistakenly accepting it. But an investor may reject any number of good bonds with virtually no penalty at all, provided he does not eventually accept an unsound issue. Hence, broadly speaking, there is no such thing as being unduly captious or exacting in the purchase of fixed-value investments. The observation that Walter Bagehot addressed to commercial bankers is equally applicable to the selection of investment bonds. “If there is a difficulty or a doubt the security should be declined.”
- Graham And Dodd On Business Quality And Price...
From Security Analysis (The abridged audiobook of what I believe is the 1934 edition is also on YouTube. It's a great narration by John Lescault, a great overview of 'how to think about investing', and something great to listen to before...
- Graham And Dodd Quote
From Security Analysis, 1940 edition:To sum up this discussion of qualitative and quantitative factors, we may express the dictum that the analyst’s conclusions must always rest upon the figures and upon established tests and standards. These figures...
- Graham And Dodd Quote
From Security Analysis, 1940 edition: "Analysis is concerned primarily with values which are supported by the facts and not with those which depend largely upon expectations. In this respect the analyst’s approach is diametrically opposed to that of...
- Focus (quotes From Steve Jobs And Ray Dalio)
“People think focus means saying yes to the thing you’ve got to focus on. But that’s not what it means at all. It means saying no to the hundred other good ideas that there are. You have to pick carefully. I’m actually as proud of the things...
- Having Too Much Expectations On Your Dividends
So just today, I've received an email from a reader i shall refer to as Reader A. He asked and I quote: Hi TI! Good blog! I enjoy reading it. However I have one question, I have also been investing in the ABF SG Bond and am looking forward to the...