Money and Finance
From The Great Depression: A Diary, and written in September of 1931:
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From Common Stocks and Uncommon Profits:A word of caution may not be amiss, however, in regard to too readily selling a common stock in the hope of switching these funds into a still better one. There is always the risk that some major element in...
- 1932 Summer Stock Market Rally
As described in two entries by Benjamin Roth in The Great Depression: A Diary:SEPTEMBER 1, 1932 The month of August just ended has been the lowest point so far in the depression for all kinds of business and professional men. The heat has been severe...
- Wsj: The View From Inside A Depression
Thanks to Will for passing this along. In January 1931, a lawyer named Benjamin Roth, 38 years old, solidly Republican, a solo practitioner in Youngstown, Ohio, decided to start a diary. Realizing that he was “living through an historic thing that will...
- The Effect That Buying With A Margin Of Safety Has On Your Returns
A little math for a Monday morning: Buy a stock at 50 percent (1/2) of intrinsic value, sell at 90 percent of initial intrinsic value: IRR if it takes 2 years: 34.16% IRR if it takes 3 years: 21.64% Buy a stock at 67 percent (2/3) of intrinsic value,...
- The Intelligent Investor
I've started reading Benjamin Graham's book The Intelligent Investor and have been amazed by some of the insights that he had. On page 203 Graham writes "The true investor scarcely ever is forced to sell his shares, and at all other times he...
Money and Finance
Benjamin Roth quote on investing
From The Great Depression: A Diary, and written in September of 1931:
“The wise investor will disregard the day-by-day fluctuations of the stock market or real estate market and base his buying and selling on these long periods of rise and fall. Above all, and I repeat it again and again—he must have liquid capital in time of depression to buy the bargains and then he must sell before the next crash. It is difficult if not impossible to do this but the conservative longtime investor who follows the general rule of buying stocks when they are selling far below their intrinsic value and nobody wants them, and of selling his stocks when people are bidding frantically for them at prices far above their intrinsic value—such an investor will pretty nearly hit the bull’s-eye.”
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Related previous post: WSJ: The View From Inside a Depression
- Some Thoughts From Phil Fisher On Selling A Great (and Growing) Business...
From Common Stocks and Uncommon Profits:A word of caution may not be amiss, however, in regard to too readily selling a common stock in the hope of switching these funds into a still better one. There is always the risk that some major element in...
- 1932 Summer Stock Market Rally
As described in two entries by Benjamin Roth in The Great Depression: A Diary:SEPTEMBER 1, 1932 The month of August just ended has been the lowest point so far in the depression for all kinds of business and professional men. The heat has been severe...
- Wsj: The View From Inside A Depression
Thanks to Will for passing this along. In January 1931, a lawyer named Benjamin Roth, 38 years old, solidly Republican, a solo practitioner in Youngstown, Ohio, decided to start a diary. Realizing that he was “living through an historic thing that will...
- The Effect That Buying With A Margin Of Safety Has On Your Returns
A little math for a Monday morning: Buy a stock at 50 percent (1/2) of intrinsic value, sell at 90 percent of initial intrinsic value: IRR if it takes 2 years: 34.16% IRR if it takes 3 years: 21.64% Buy a stock at 67 percent (2/3) of intrinsic value,...
- The Intelligent Investor
I've started reading Benjamin Graham's book The Intelligent Investor and have been amazed by some of the insights that he had. On page 203 Graham writes "The true investor scarcely ever is forced to sell his shares, and at all other times he...