Několik slov o Grahamovi
( byl super investor , překonával index S&P500 ročně o 0,2%
)
česky :
http://nr1a.com/tec-akcie.htm
anglicky :
BENJAMIN GRAHAM
"The Father of Security Analysis"
.
Born Benjamin Grossbaum, May 8, 1894, London, England (changed name around 1917)
Immigrated to the United States in 1895
Personal heroes and role models included Ulysses (The Odyssey), Marcus Aurelius, Issac Newton, and Benjamin Franklin
Skilled in mathematics, philosophy, English, Greek, Latin, French, and music
Graduated Phi Beta Kappa, second in his class at Columbia, 1914
Went to work for the Wall Street firm of Newburger, Henderson, and Loeb for $12 per week following graduation from college
Performed various jobs including being a runner, delivering securities and checks, writing descriptions of bond issues, and later was responsible for the daily market letter of the firm.
Began to analyze firms, the first being Missouri Pacific Railroad, wrote an analysis and recommendation which he showed to a friend who worked for Bache and Company, was subsequently offered a job, but stayed with Newburger, Henderson, and Loeb
In 1920, at the age of 26 was promoted to full partner
On June 1, 1923, formed the Grahar Corporation
On January 1, 1926, the Joint Account was formed replacing Grahar
Began teaching investments classes at Columbia in 1928
Graham-Newman formed in 1929
Wrote first edition of Security Analysis in 1934 with former student David Dodd
Wrote first edition of The Intelligent Investor in 1949
In 1950, a student named Warren Buffett enrolled in graduate school at Columbia to study under Graham, later hired Buffett in 1954
Disbanded Graham-Newman in 1956
Was major influence in the development of the Chartered Financial Analyst (CFA) certification
Formed the Rea-Graham fund on June 30, 1976
Passed away at the age of 82 on September 21, 1976
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BENJAMIN GRAHAM'S STOCK SELECTION CRITERIA
REWARD CRITERIA:
1. An earnings-to-price yield at least twice the AAA bond yield.
2. A P/E ratio less than 40% of the highest P/E ratio the stock had over the past five years.
3. A dividend yield of at least two-thirds the AAA bond yield.
4. Stock price below two-thirds of tangible book value per share.
5. Stock price below two-thirds "net current asset value."
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RISK CRITERIA:
6. Total debt less than book value
7. Current ratio greater than two.
8. Total debt less than twice "net current asset."
9. Earnings growth of prior 10 years at least at a 7% annual compound rate.
10. Stability of growth of earnings in that no more than two declines of 5% or more in year-end earnings in the prior 10 years are permissible.
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INVESTMENT VS. SPECULATION
"An investment operation is one which, upon thorough analysis, promises safety of principal and a satisfactory return."
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APPROACHES TO COMMON STOCK INVESTMENT
1. Cross-Section Approach
2. Anticipation Approach
3. Margin of Safety Approach
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THE GRAHAM INVESTMENT PRINCIPLES: Lowe (1994)
1. Be an investor, not a speculator.
2. Know the asking price.
3. Rake the market for bargains.
4. Buy the formula: Intrinsic Value = EPS(2g + 8.5)(4.4/AAA)
5. Regard corporate figures with suspicion.
6. Don't stress out.
7. Don't sweat the math.
8. Diversify, rule #1. (Minimum of 25% bonds, 25% stocks)
9. Diversify, rule #2. (Hold a large number of securities)
10. When in doubt, stick to quality.
11. Dividends as a clue.
12. Defend your shareholder rights.
13. Be patient.
14. Think for yourself.
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SIX ESSENTIAL BUSINESS FACTORS TO ANALYZE A BUSINESS
1. Profitability
2. Stability
3. Growth in earnings
4. Financial position
5. Dividends
6. Price history
.
INVESTMENT RESULTS
The Joint Account: Annual Rate of Return 1925-1935
Graham 6%
S&P 500 5.8%
DJIA 3.8%
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