Benjamin Graham on Investing: Enduring Lessons from the Father of Value Investing [-PUNISHER-]

Contents......Page 8
Preface......Page 14
Part I: September 1917–September 1918......Page 18
Introduction......Page 20
1 | Curiosities of the Bond List: Issues That Sell on Illogical Bases—Misconceptions of Investors—Some Foreign Issue Anomalies......Page 30
2 | Valuation Of Great Northern Oil Certificates: Based on 1914 and 1916 Operations—Life of Mines—Comparison with Porphyries—An Opinion on Present Market Price......Page 36
3 | Inspiration'S Difficulties And Achievements In 1917: Ore Valuation and War Taxes—Costs and Profits—Investment Value of Stock......Page 44
4 | Nevada Consolidated—A Mining Phoenix: A "Dying Mine" That Refuses to Expire—Its Changing Balance Sheet—Investment Worth of Nevada's Stock......Page 52
5 | Secrets Of Invested Capital: Tangible Assets as Revealed by the War-Tax Reserve—Real Versus Book Values......Page 58
6 | The Great Steel Tax Mystery: Various Phases of the U. S. Steel Tax Situation—Other Steel and Equipment Stocks—Excessive and Insufficient Tax Reserves......Page 66
Part II: September 1918–January 1919......Page 74
Introduction......Page 76
7 | American Agriculture And Virginia-Carolina: Are They Selling Out of Line?—Causes of America's Preeminence—Fertilizers as War and Peace Essentials......Page 82
8 | High Yield And Safe Investments: Opportunities Created by Unfounded Prejudices—Instances of Six Per Cent, Safety, and a Probable Ten Point Profit—List of Bonds, Preferred Stocks, and Common Stocks......Page 92
9 | Hidden Assets Of Consolidated Gas: Will It Sell at 150 Again?—Definite Statement of the System's Earnings and Asset Values—Analysis of Important Bonds......Page 100
10 | Bargain Hunting Through The Bond List: Gilt Edged Railroad Issues at Attractive Prices—Some Cheap Industrial Bonds—Peerless 6s—The Investment Mystery......Page 110
Part III: April 1919–December 1924......Page 118
Introduction......Page 120
11 | Attractive Industrial Preferred Stocks: Importance of Exemption from Normal Tax—Recent Improvement in Investment Status—Various Elements in Judging Values—Attractive Issues Recommended......Page 148
12 | Northern Pacific Outstrips Great Northern: The See-Saw Race of the Grangers— Physical and Financial Peculiarities Analyzed—Northern Pacific's Hidden Assets—A Preferred in Name Only......Page 156
13 | A Neglected Chain Store Issue: The Inconspicuous Merits of McCrory—Its Present Low Price Makes It Attractive—Comparison with Its More Pretentious Rivals......Page 164
14 | The Art Of Hedging: Maximum Profits and Minimum Losses—Convertible Issues as a Trading Medium—Safety First Operations in a Dangerous Market......Page 172
15 | Which Is The Best Sugar Stock?: Strong Market Position of the Commodity—Comparative Analysis of Five Listed Issues—Importance of Capitalization Structure and Operating Efficiency......Page 178
16 | The "Collapse" Of American International: Great Expectations Cruelly Disappointed—Is the Stock Cheap at 42?—Facts and Figures about the Company and Its Subsidiaries......Page 186
17 | The Goodyear Reorganization: Unofficial Insolvency Caused by Ill-Timed Expansion—Sudden Disaster Follows Wonderful Growth—Details of Proposed Reorganization and Discussion of Company's Prospects......Page 196
18 | Is United Drug Cheap At 53?: Factors in the Collapse from 83......Page 206
19 | Speculative Opportunities In Railroad Stocks: New Conditions Affecting Railroad Values—An Attempt to Estimate Future Earning Power—Detailed Discussion of Six Issues......Page 216
20 | Arithmetic And Stock Values: Capitalization Structure as Affecting Earning Power—Magical Results of a Little Slight-of-Hand—Owning a Corporation on Margin......Page 224
21 | A True Talk On Bond Yields, Or: What Every Small Investor Should Know. A Financial Playlet with a Meaning......Page 234
22 | The Unscrambling Of Reading: A Problem for the Stockholders—Earning Power before and after Segregation—Mysterious Aspects of the Coal Properties......Page 242
23 | How To Apply The Scientific Theory Of Switching To Concrete Cases In The Present Market: A Practical-Minded Scrutiny of the Comparative Merits of Many Securities Active in the Market Today......Page 250
24 | Eight Stock Bargains Off The Beaten Track: Stocks that Are Covered Chiefly by Cash or the Equivalent—No Bonds or Preferred Stock Ahead of These Issues—An Unusually Interesting Group of Securities......Page 262
25 | Eight Long-Range Opportunities In Low-Priced Issues: Two Varieties of "Cheap Stocks"—Eight Interesting Issues Discussed Intelligent Speculation versus Wild Gambles......Page 276
26 | Six Bargains In Low-Priced Dividend Paying Stocks: Profitable Purchases among Business Men's Investments......Page 288
27 | Reading—The Market'S "Sleeping Beauty": Reading's Powerful Exhibit Obscured by Misleading Comparisons—Investment Facts and Speculative Possibilities......Page 296
28 | Simple Tests For Determining The Value Of Railroad Preferred Stocks: What Investors Should Know—Recommendations and Cautions......Page 302
Part IV: January 1925–January 1927......Page 312
Introduction......Page 314
29 | A Diversified List Of Low-Priced Stocks: Seven Dividend Payers Selling Under $25 per Share Which Are Attractive for Immediate Income and Long Pull Prospects......Page 330
30 | Are C. & O. Holders Unfairly Treated?: Analysis of the Van Sweringen Merger—How the Earnings of the Constituent Companies Compare with Their Purchase Price......Page 338
31 | Effect Of Rail Consolidations Upon Security Values: How Merger Problems Are Being Solved......Page 346
32 | Bargain-Hunting Not Thrilling But—Immensely Profitable: Some Current Examples of Bargains......Page 356
33 | A Victory For The Small Stockholder: Vital Defects of the Van Sweringen Scheme—Effect on the Merger Situation—Value of Ches. & Ohio, Erie and Pere Marquette......Page 366
34 | The Riddle Of U.S. Steel'S Book Value: Is the Common Stock Worth $280 Per Share?—Assets Contrasted with Earnings—Essential Characteristics of the Steel Industry......Page 376
35 | Mr. Shareholder—Do You Know When Periodic Stock Dividends Help And When They Hurt You?......Page 388
36 | The New Era Of Discrimination In The Selection Of Securities: Lessons of the 1926 Market That Should Prove Valuable in 1927......Page 398
B......Page 410
C......Page 411
G......Page 412
I......Page 413
N......Page 414
R......Page 415
U......Page 416
W......Page 417