lördag 12 juli 2014

Insiktsfullt stycke - 1

Jag är inne i en läsarperiod igen och just nu läser jag om The Intelligent Investor, eller iallafall några intressanta kapitel. Tänkte att jag skulle dela med mig av ett stycke ur den boken.

"However, the risk of paying too high a price for good-quality stocks -while a real one- is not the chief hazard confronting the average buyer of securities. Observation over many years has taught us that the chief losses to investors come from the purchase of low quality securities at times of favorable business conditions. The purchasers view the current good earnings as equivalent to "earning power" and assume that prosperity is synonymous with safety. It is in those years that bonds and preferred stocks of inferior grade can be sold to the public at a price around par, because they carry a little higher income return or a deceptivley attractive conversation privilage. It is then, also, that common stocks of abscure companies can be floated at prices far above the tangible investment, on the strenght of two or three years of excellent growth. "

The Intelligent Investor s. 516.

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