영어원서읽기. 원서추천) 벤자민 그레이엄 현명한 투자자 < The Intelligent Investor> by Benjamin Graham

아직 절반도 채 읽지 못했는데 빌려본 책 만기가 벌써 다 돼버렸다.

이사를 자주 가야하는 상황이다보니 이사 때마다 책과 씨름을 하는게 만만치 않아

차차 종이책보다 전자책을 이용해보려 하는 중.

벤자민 그레이엄의 <현명한 투자자> 책도 아마존 킨들로 읽기 시작했다.

아마존 킨들 장점은 가벼워서 좋은데 아직까지 사실 실물책에 익순한 내게는 뭔가 속도도 뎌디고.

적응이 쉬이 되지 않는 느낌. 몇 권의 책을 더 읽어보면 손과 눈에 좀 더 익숙해질 날이 올까?

 

 

 

 

 

아마존 킨들로 책읽기/ 영어원서 읽기

 

 

 

초반에 읽으며 하이라이트를 그어놨던 부분을 잊지 않기 위해 블로그에 남겨둔다. 나머지 부분은 다시 빌려읽어야지!

 

 

/ 새로 배운 영단어: discrepancies/ veritable/ protracted / debacle

 

 

/ Quotes and notes 

 

- The merket is a pendulum that forever swings between unsustainable optimisim (which makes stocks too expensive) and unjustified pessimism (which makes them too cheap). The intelligent investor is a realist who sells to optimists and buys from pessimist.

 

- The future value of every investment is a fuction of its present price. The higher the price you pay, the lower your return will be.

 

- Like all classic, it alters how we view the world and renews itself by education us. And the more you read it, the better it gets. 

 

- "Those who do not remember the past are condemned to repeat it"

 

- "If you have built castles in the air, your work need not be lost; that is where they should be. Now put the foundations under them" Quote by Henri David Thoreau, Walden.

 

- "Obvious prospects for physical growth in a business do not translate into obvious profits for investors. While it seems easy to foresee which industry will grow the fastest, that foresight has no real value if most other investors are already expecting the same thing. By the time everyone decides that a given industry is "obviously" the best one to invest in, the prices of its stock have been bid up so high that its future returns have nowhere to go but down"

 

- 3. Longterm Selevtivity:... companies which have not yet shown imprsssive results, but are expected to establish a hight earning power later

 

- To enjoy a reasonable chance for continued better than average results, the investor must follow policies which are (1) inherently sound and promising, and (2) not popular on Wall Street.

 

- The Rothschilds: "Buy cheap and sell dear"

 

- Graham urges you to invest only if you would be comfortable owning a stock even if you had no way of knowing its daily share price.

 

 - Never mingle the money in your speculative account with what's in your investment accounts; never allow your speculative thinking to spill over into your investing activities; and never put more than 10% of your assets into your mad money account, no matter what happens

 

 

 

 

 

 

- U.S saving bons, series E and series H. >> 찾아봐

 

- Experience teaches that the time to buy preferred stocks is when their price is unduly depressed by temporary adversity. (at such time they may be well suited to the aggressive investor but too unconventional for the defensive investor.) In other words, they should be bought on a gargain basis or not at all.

 

- "When you leave it to chance, then all of a sudden you don't have any more luck" by Basketball coach Pat Riley.

 

- There are two ways to be an intelligent investor:

1) by continually researching, selecting, and monitoring a dynamic mix of stocks, bonds, or mutaul funds;

2) or by creating a permanent portfolio that runs on autopilot and requires no further effort (but generates very little excitement) Graham calls the first approach "active" or "enterprising"; it takes lots of time and loads of energy. The "passive" or "defensive" strategy takes little time or effort but requries an almost ascetic detachment from the alluring hullabaloo of the market.

 

- .. keep your costs and emotions under control.

 

- .. what's more, no matter how young you are, you might suddenlty need to yank your money out of stocks not 40 years from now, but 40 minutes from now.

 

- The unexpected can strike anyone, at any age. Everyone must keep some assets in the riskless haven of cash.

 

- Becuase so few investors have the guts to cling to stocks in a falling market, Grahma insists that everyone should keep a minimum of 25% in bonds. That cushion, he argues, will give you the courage to keep the rest of your money in stocks even when stocks stink.

 

- If, after considering these factors, you feel you can take the higher risks inherent in greater ownership of stocks, you belong around Graham's minumum of 25% in bonds or cash. If not, then steer mostly clear of stocks, edging toward Grahma's maximum of 75% in bonds or cash. .... Once you set these target percentages, change them only as your life circumstances change..... The very heart of Grahma's approach is to replace guesswork with descipline.

 

- The key is to rebalance on a predictable, patient schedule- not so often that you will drive yourself crazy, and not so seldom that your targets will get out of whack. I suggest that you rebalance every six months, no more and no less, on easy-to-remember dates like New Year's and the Fourth of July.

 

- You can buy Treasury bills, short-term notes, and long-term bonds directly from the government, with no brokerage fees, at www.publicdebt.treas.gov 

Bureau of the Fiscal Service

 

 

- Source: Bankrate.com, Bloomberg, Lehman Brothers, Merrill Lynch, Morningstar, www.savingsbonds.gov  

TreasuryDirect - Home

 

 

- But if a broker ever tries to sell you an individual mortage bond or "CMO", tell him you are late for an appointment with your proctologist.

 

- Viewed logically, the decision of whether to own stocks today has nothing to do with how much money you might have lost by owning them a few years ago. When stocks are priced reasonably enough to give you furture growth, then you should own them, regardless of the losses they may have cost you in the recent past.

 

!!! Permanet auto pilot portfolios!!!!

 

- Lynch's rule can work only if you follow its corollary as well: "Finding the promising company is only lthe first step. The next step is doing the research"

 

- The more familiar a stock is , the more likely it is to turn a defensive investor into a lazy one who thinks there's no need to do any homework. Don't let that happen to you.

 

 

 

 

 

- A defensive investor runs-and wins- the race by sitting still

 

- A long-term investor is the only kind of investor there is. Someone who can't hold on to stocks for more than a few months at a time is doomed to end up not as a victor but as a victim.

 

- An IPO is an "initial public offering", or the first sale of a compnay's stock to the public. At first blush, investing in IPOs sound like a great idea- after all, if you'd bought 100 shares of Microsoft when it went public on March 13, 1986, your $2,100 investment would have grown to $720,000 by early 2003.

 

- "It takes a great deal of boldness mixed with a vast deal of caution to acquire a great fortune; but then it takes ten times as much wit to keep it after you have got it as it took you to make it" by Nathan Mayer Rothschild

 

- A great company is not a great investment if you pay too much for the stock