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The Intelligent Investor文档
The Intelligent Investor
Part 1 - A Summary of the Principles of Benjamin Graham
Speculation vs. Realistic Results
Investment vs. Speculation
Investing, as defined by Benjamin Graham, promises Safety of Principal and an adequate return by thoroughly analyzing investment opportunities. Investing may be contrasted to Speculating. Speculation includes any activity that unduly risks principal. Speculation is acceptable only if the speculator acknowledges that such behavior will result in losses over the long run. If the speculator confuses his activity for investing, undertakes it seriously, or risks more than he can afford to lose, then the speculator is acting foolishly.
The Defensive Investor
The Defensive Investor seeks Safety of Principal and freedom from bother. Without exertion, the defensive investor cannot expect to achieve better than average results. Yet achieving results that are better than average is itself uncommon. In fact, most mutual funds fail to achieve better than average results.
The Defensive Investor’s portfolio is comprised of 1st quality common stocks and bonds, of which neither comprises less than 25% of the portfolio at any one time. Thus, the defensive investor may hold as much as 75% stock at the end of a recession and as little as 25% stock at the end of a bull market. Notwithstanding, market timing itself is speculation. Stocks provide a hedge against inflation. 1st quality bonds are less subject to severe price fluctuations in turbulent markets.
The Defensive Compromise
Investment quality bonds are always safer than stock except during periods of inflation. Inflation causes interest rates to rise, and this devalues fixed income securities. A business that can raise prices has protection against inflation. Appreciation of common stocks is based largely on reinvestment of earnings, which usually increases during periods of inflation (albeit maybe not during periods of stagflation). Thus, a conservative investor shou
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