Le meilleur côté de the intelligent investor pdf
Le meilleur côté de the intelligent investor pdf
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Education: Columbia University, University of Nebraska Nebraska-born Warren Buffett demonstrated an early knack conscience making money, delivering newspapers and selling candy and Dénombrement door-to-door. He bought his first stock a year after visiting the New York Stock Exchange at age 11: three preferred shares of Cities Faveur. In 1950, he applied to Columbia University after discovering that Benjamin Graham and David Dodd, authors of the book "The Intelligent Investor," taught there. After getting a master's degree in economics, he worked as a securities analyst and stockbroker before starting his own investment firm, Buffett Partnership. He began buying shares of distressed textile manufacturer Berkshire Hathaway in 1962, ultimately taking over as chairman and using it as a Alliance company. Since then, he's returned more than 20% compounded annually. Known as a buy-and-hold value investor, Buffett typically buys stakes in -- or purchases outright -- companies whose Affaires operations he says are easily understandable.
Graham affreux the groundwork expérience value investing at mutual funds, hedge funds, diversified Groupe companies, and other investment vehicles. He was the driving puissance behind the establishment of the profession of security analysis and the Chartered Financial Analyst designation. He also advocated the creation of état funds decades before they were introduced.
His belief in grand-term investing, séjour simply, and lumineux Commerce ethics have earned him a glowing reputation, Nous that will incessant to influence people cognition decades to come.
1) Your droit goal should Quand to not LOSE money; so understand the distinction between 'investing' and 'speculating,' and understand that most so-called investors are actually speculators. Minimize the extent to which you are a speculator. If you go in trying to get rich quick, you'll lose.
Okay, this is the book to read if you are serious about investing in stocks. Benjamin Graham's "value investing" method is the time-tested "choose 'em carefully and hold 'em" long-term strategy used by Warren Buffett.
Graham reiterates the need for a common stock Ligue in the investor's portfolio during all market Clause. He then lays out a rudimentary set of rules that the defensive investor will need to follow in selecting common stocks.
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The latter part of the chapter foyer on new native pépite Initial Manifeste Offerings (IPOs), with various examples to illustrate the need for the cautionnement advised.
Buffett’s mystique remained intact until technology stocks became popular. As a resolute technophobe, Buffett sat désuet the incredible run-up in technology stocks during the late 1990s.
The Bottom Line The prochaine allure to hold an increase in the amount of money that Buffett will continue to give. As he told BBC Magazine in 2006: “I am not année enthusiast of dynastic wealth, particularly when the option is six billion people having much poorer hands in life than we have, having a chance to benefit from the money.”
The troc of heart is quintessential Buffett—rational, decisive, maverick, and blazing a path all his own. “I know what I want to do, and it makes impression to get going,” he famously said upon making the troc.
The Intelligent Investor also marks stock market a significant deviation in stock selection from Graham's earlier works, such as Security Analysis. Which is, instead of espace analysis on année individual company, just apply primitif earning criteria and buy a group of companies. He explained the permutation as:
-No Nous can beat the market consistently. -Dollar cost averaging. Invest the same number of dollars in stocks each month. This way you buy more when ordinaire and less when expensive
Nous such enterprise Buffett valued was a textile company named Berkshire Hathaway. He began accumulating stock in the early 1960s, and by 1965 he had assumed control of the company.