Download e-book for iPad: Benjamin Graham on Investing: Enduring Lessons from the by Benjamin Graham, Rodney G. Klein

By Benjamin Graham, Rodney G. Klein

ISBN-10: 0071621423

ISBN-13: 9780071621427

“They laid out a street map for making an investment that i've got now been following for fifty seven years. There’s been no cause to seem for another.” —Warren Buffett, at the writings of Benjamin Graham mythical making an investment writer and thinker Benjamin Graham lived via fascinating occasions. quickly after his commencement from Columbia collage, the country entered the 1st global struggle. because the inventory industry fluctuated in wild dips and peaks, the govt. seized regulate of the railroad undefined, inflation and rates of interest rose dramatically, and fiscal melancholy loomed at the horizon. in the course of those events—and might be encouraged through them—Graham all started writing articles for The journal of Wall road, placing to paper his earliest rules on price making an investment and defense research. For the 1st time, those vital works were anthologized right into a unmarried quantity. Benjamin Graham on making an investment is a treasure trove of infrequent and out-of-print articles that rfile the early flashes of genius from a guy whose rules and theories might revolutionize funding philosophy and encourage the careers of such luminaries as Warren Buffett, Seth Klarman, Charlie Munger, and numerous different top-tier traders. The early works of Benjamin Graham have by no means been as suitable as they're this present day. The world’s markets are present process changeon a scale now not in contrast to that of Graham’s period. David Darst, one of many world’s most dear specialists on asset allocation, presents insightful analyses connecting Graham’s articles to occasions at the present time. ,i>Benjamin Graham on making an investment is a undying vintage that maintains to have relevance extra than 30 years after the author’s loss of life.

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Additional resources for Benjamin Graham on Investing: Enduring Lessons from the Father of Value Investing: The Early Works of the Father of Value Investing

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21 per ton. Even more significant is the fact that the average rate of royalty received from the new leases was only 81¢ per ton. As for future production under the new management, I have been told by a Trustee that it will exceed substantially the 1916 figures (especially since the lessor companies control their own cargo space), but it will not equal the enormous output of 1914. In other words, it appears that neither the production nor the royalty rate can be counted on in the future to reach the figures reported under the Steel Corporation lease.

Time brings its revenges. Utah Copper, which controls Nevada, is now in its turn controlled by Kennecott, and the Nevada stockholder has welcomed his patronizing big brother into the ranks of the minority. 40 Benjamin Graham on Investing Some day the public will realize that a low cost, brilliantly managed copper mine like Nevada,—rich in cash and free from debt—is fully as safe an investment as many a railroad or industrial bond, and a great deal more profitable. 5 SECRETS OF INVESTED CAPITAL Tangible Assets as Revealed by the War-Tax Reserve—Real Versus Book Values T he War Revenue Act of last October established certain relations between the Invested Capital, the Net Earnings and the Excess Profits Tax of a corporation, so that if any two of these elements are known the third can be deduced from them.

Seven of the mines owned in fee had been leased for the life of the property at a sliding scale of royalty, which has averaged under 16¢ per ton. As will be seen, these “old leases” have supplied a large proportion of the output but only a small part of the total income. 2 Valuation of Great Northern Ore Certificates 21 All the remaining mines (some owned, others held under lease) had been leased to U. S. Steel Corporation, represented by the Great Western Mining Co. 18 net per ton. In 1912 the output under this lease approximated 7,500,000 tons and the net royalties exceeded $9,000,000.

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Benjamin Graham on Investing: Enduring Lessons from the Father of Value Investing: The Early Works of the Father of Value Investing by Benjamin Graham, Rodney G. Klein

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