Money and Finance
- A Rule Of Intuition...
From Thinking, Fast and Slow: It is wrong to blame anyone for failing to forecast accurately in an unpredictable world. However, it seems fair to blame professionals for believing they can succeed in an impossible task. Claims for correct intuitions...
- Graham And Dodd On Private Owner Valuation
From Security Analysis:The other application of the principle of investing in undervalued common stocks is directed at individual issues, which upon analysis appear to be worth substantially more than they are selling for. It is rare that a common stock...
- 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...
- Graham And Dodd Quote
From Security Analysis, 1940 edition: “Undervaluations caused by neglect or prejudice may persist for an inconveniently long time, and the same applies to inflated prices caused by overenthusiasm or artificial stimulants. The particular danger to the...
- Graham And Dodd Quote
From Security Analysis, 1940 edition: "It is customary to refer with great respect to the “bloodless verdict of the market place,” as though it represented invariably the composite judgment of countless shrewd, informed and calculating minds....
Money and Finance
Graham and Dodd quote
From Security Analysis, 1940 edition:
“These intricacies of corporate accounting and financial policies undoubtedly provide a broad field for the activities of the securities analyst. There are unbounded opportunities for shrewd detective work, for critical comparisons, for discovering and pointing out a state of affairs quite different from that indicated by the publicized “per-share earnings.” That this work may be of exceeding value cannot be denied. In a number of cases it will lead to a convincing conclusion that the market price is far out of line with intrinsic or comparative worth and hence to profitable action based upon this sound foundation. But it is necessary to caution the analyst against overconfidence in the practical utility of his findings. It is always good to know the truth, but it may not always be wise to act upon it, particularly in Wall Street. And it must always be remembered that the truth that the analyst uncovers is first of all not the whole truth and, secondly, not the immutabletruth. The result of his study is only a more nearly correct version of the past. His information may have lost its relevance by the time he acquires it, or in any event by the time the market place is finally ready to respond to it.”
- A Rule Of Intuition...
From Thinking, Fast and Slow: It is wrong to blame anyone for failing to forecast accurately in an unpredictable world. However, it seems fair to blame professionals for believing they can succeed in an impossible task. Claims for correct intuitions...
- Graham And Dodd On Private Owner Valuation
From Security Analysis:The other application of the principle of investing in undervalued common stocks is directed at individual issues, which upon analysis appear to be worth substantially more than they are selling for. It is rare that a common stock...
- 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...
- Graham And Dodd Quote
From Security Analysis, 1940 edition: “Undervaluations caused by neglect or prejudice may persist for an inconveniently long time, and the same applies to inflated prices caused by overenthusiasm or artificial stimulants. The particular danger to the...
- Graham And Dodd Quote
From Security Analysis, 1940 edition: "It is customary to refer with great respect to the “bloodless verdict of the market place,” as though it represented invariably the composite judgment of countless shrewd, informed and calculating minds....