Rhoda Sarnet ( F o r b e s ) 1929 1 9 3 0 30,
1 9 2 9 1930 50 38 2
1 93261 1932
4 5 0 1 /3 t h e New Era 1929
1 1 9 3 1 $8 500 000 15 000 000 14 000 000 $37 000 000 1 300 000 $36 200 000 500 850 500 2 800 78 123 1 7. 37 65 480 5
6 1 60 /5 capital obligations 600 200 1 /3 50
1 1-1 1-1 1932 / / / 20 1 /4 9 225 14 950 32 341 50 108 30 1 /4 14 709 14 829 22 630 41 63 60 8 021 8 046 11 720 128 186 15 1 /4 8 354 14 603 40 769 30 1 /2 85 7 10 078 10 802 16 288 7 1 2 6 2 886 4 910 5 254 1 0 11 4 1 /4 6 377 8 462 10 712 5 1 /2 7 2 2 664 7 236 10 000 5 1 /2 7 1 /2 8 1 /2 1 581 3 620 6 772 19 3 6 4 1 /2 1 836 3 771 4 825 9 1 2 7 1 /2 2 520 3 834 4 310 11 1 /2 13 1 3 2 457 2 950 3 615 1 5 1 /2 1 9 10 7 /8 1 805 2 888 5 769 1 7 3 4 1 0 27 000 36 560 37 076 1 3 1 /2 1 4 4 1 /2 1 170 1 474 2 367 5 9 5 1 050 2 016 3 150 9 1 /2 1 5 1 1 /2 2 716 5 321 10 332 3 5 1 /2 7 2 240 2 760 4 477 8 1 /2 14 2 3 /8 3 023 4 648 8 303 3 1 /2 7 7 3 /4 4 938 8 620 22 167 1 3 3 4 7
8 1921 1931 1921 working capital 10 1921 1 /6 19281 929
1 1 9 2 81 9 2 9 20 9
10
1 11
12
1 19261 930 50 2 9 0 13 1 93261 5 1932
14
1 1-2 1-2 1920 1 932 1 9 2 01 0 9 741 7 451 17 192 1 9 3 25 6 779 12 498 19 277 1 000 800 1 500 1 500 10 1 5 15
16 1 ;2 ;3
1 Simms Petroleum Hamilton Wo o l e n 65 1 /6 1929 Peerless Motors 17
18 E u r e k a Vacuum Cleaner Standard Oil
1 1-1 19
20 1 4 5 40 75 15 10 19281 929 1 Alice in Wonderland financial logic
1 downright crookedness 1 000 400 90 12 21
22 1 93271 1932
1 1 2 3 50 5 0 23
24
1 25
26 Josh Billings 1
1 2 3 4 5 27
28
1 29
1 2 D. Dwight D. Eisenhower 3 1 2 3 19561110
30 J. Kenneth Galbraith F. L. A l l e n 1 9 2 9 1 2 3 P o o r h o u s e s 4 H e r b e r t H o o v e r
2 William Zeckendorf Wo l f s o n J. P. M o rg a n S. H. S l i c h t e r F. A. H a y e k 31
32 D. Franklin D. Roosevelt 1933
2 1 9 3 3 1929 Adam Smith 33
F. Peter F. Drucker 34
1959 3
,, 1974, ( B a r r o n s ),, 36
1958 (Hartley Smith),,,
38 ;,, :,,, s p e c u l a,,,,,,,
3,,, : (American Can) (Pennsylvania Railroad)1 912 1913 1940 23 53 65 12. 2 1 5 3 50 9 47 7 8. 86 1. 9 10 100 39
40 1 9 111 9 1 3 International Business M a c h i n e s 10 1912 H o l l e r i t h - - C o m p u t i n g - Tabulating-Recording Co. 1914 - -
3 1916 M r. A. N. - - 45 105 000 1915 6. 50 130 3 6 81 100 - - 1926 ( I B M ) 41
42 1 9 2 6 1 9 2 6 1 360 1915 T. L. 691 000 370 11 3. 6 3 6. 39 1926 31 59 45 1915 7 6. 7 31 11 20 10 1936 1926 7 1 7. 5 1936 1946 2. 5 1946 17. 5 1956 194 4
3 3 2. 5 4 2 40 7 Wo o l w o r t h US Steel 7 40 3 43
44 Consolidated Gas of New Yo r k 3 M M y s t e r y ( M a n i p u l a t i o n ) ( t h i n M a rg i n ) 3 M Minnesota Mining and Manufacturing Co. 101 1956 44 1957
3 17 2 15 4. 5 30 6 8 15 1911 1920 10 1 15 45
46 1 3. 5 10 10 5 20 A 20 4 B 100 4 A B A 60 B
3 30 B 80 25 1 ;2 ;3 P h i l o s o p h e r s stone Analysts Journal (David Durand) ( P e t e r s b u rg ) 44 47
48 5 0 1920
3 1 9 3 1 49
50 1 9 5 8 1920 General Electric) 1957 59 1947 1946
3 1902 30 5 2 40 1902 1910 1916 9 1936 29 1946 1946 10 1947 2 9 10 1 2 11 51
U 52
3 P h a e t o n O v i d Medius tutissimus ibis 53
1959127 5 0 2 0 325, 19211929 450 1960 The Regents of the University of C a l i f o r n i a, California Management Review1 960 3 11 Vol.11,No.3
4 Business Week 1960 ( K h r s h c h e v ) 55
1874 12 685 4-1 12 1 8 7 41 8 7 7 3 6 4 3 5 1 8 8 11 8 8 4 2 6 5 0 0 1 8 8 91 8 9 7 4 0 4 1 0 1 9 0 11 9 0 3 4 4 3 8 5 1 9 0 61 9 0 7 4 5 3 7 5 1 9 0 91 9 1 4 2 9 4 8 5 1 9 1 61 9 1 7 3 6 4 3 5 1 9 1 91 9 2 1 4 4 3 8 5 1 9 2 91 9 3 2 8 5 11 5 1 9 3 71 9 3 8 4 4 3 8 5 1 9 3 91 9 4 2 3 9 4 1 5 1 9 4 61 9 4 9 2 7 4 9 0 885 56 1 2 400 685 40 40
4 6 63 46 6 38 37 Roger Babson 1 000 2 0 Central Va l u e 400 160 84 1929 86 893 82 42 57
58 C a s s a n d r a - l i k e 10 60 H e r o c o t u s Solon the wise King Croesus 20 60 6 19 1942 1 946 1949 1963
4 10 10 19 1 957 521 4 2 0 1949 1959 1 929 25 1919 23 1942 59
B a r r o n s 30 1 25 425 30 1959 3 12 1 9 4-2 125 425 () ( A A A )() () 1959. 0 3. 06 4. 55 18. 2 2. 95 1 9 4 97. 1 6. 8 2 2. 6 5 5. 6 7. 5 0 1946 15. 9 3. 58 2. 49 16. 1 3. 55 1937 17. 3 4. 15 2. 27 17. 6 4. 08 1929. 4 3. 23 4. 95 19. 0 3. 10 1949 4-3 60 1946 1937 1929 19491 959 50 2. 65 4. 55 75 1949
4 4-3 1949 23. 54 12. 79 161 2. 46 1. 03 13. 9 12 19599 35. 14 20. 00 678 3. 50 1. 92 65. 3 4 9 5 7 3 2 2 4 2 8 6 3 7 0 10 10 12 1940 1949 1 950 1959 120 1947 1949 1949 200 100 (The Intelligent Invester)1959 1959 : G e r s t e i n 3 83 ( M o l o d o v s k y )5 60 ( Value line)4 71 ( We s t o n )6 00 ( G r a h a m )3 6 5 61
1955 450 1 /3 1959 1963 664 634 1963 1963 62
4, 1946 20 60 New Forces in American B u s i n e s s Dexer Keezer and the McGraw-Hill Cash equivalents 60 63
64 20 1 928 1929 1929 20
4 2 0 1936 1937 19326 19375 90 1949 1959 19 1901 1910 1 7. 55 0 50 19373 50, 1 9 4 9 1914 6 3 Arnold Bernhard The Evaluation of Common Stocks 1949 65
66 1946 1949 40 ( Town Hall) William Miller 2 1 9 2 9 6 00 1 200 1921 1929 S i m o n - P u r e
4 1946 5 0 60 50 40 67
68 5 0 450 670 450 1949 10 C o w l e s 1871 1916 1918 19499 6
4 1 9 5 9 1959 1 929 1959 1 960 1949, 69
70 25 3
4 - S t u d e b o k e r- P a c k a r d 71
(Institute of Chartered Financial Analysis),
5 - ( G r a h a m - N e w m a n ) 40 (Value Line) 100 25 1000 : 30, ( f i r e - s a l e ) 73
74, E S B 17. 50 41 E S B M a r c o r, I N C O E S B
5 5 0 1 972 Avon Products 55 140 65 15 75
76 15 300 3 000
5 13 000 β β β 77
78 A & P 1 936 1939 10 A & P 4 3 8 10 P e n n -Ce n t r a l
5 86 C a e s a r s Wo r l d - ( S t u d e b a k e r- Wo r t h i n g t o n ) ( E n g e l h a r d ) 80 79
1 2 10 70 Honesty is the Best Policy 80
1 9 1 4 J. P. 50 1924 E. L. Common Stocks as L o n gterm Investments 1 9 7 49/ 1 0 1 9 7 4
82 20 20 D J I A 1924 90 19299 381 1 932 41 30 1929 25 90 200 300 1 929 1932 1948 165 7 A A A 2. 82 90 165 1050
6 1974 1948 1 C J I A 500 Standard & Poor s 500 2 83
84 1 01 1929 850 500 93 1 973 A A A A A 7. 3 8. 5 1974 8. 5 1964 A A A 4. 4 1 4. 4 17 1 17 52 8. 80 A A A 8. 5 9 1973 86 775
6 8. 5 4 A A A /3 11 775 1974 10 25 4. 5 10 4. 5 5 775 500 425 500 25 5 85
N Y S E 12 20 7 15 720 1 530 N Y S E 63 4 20 24 30 500 1 / 3 7 150 1 12 5, 8. 5 7 F i r e s t o n e 30 E m h a r t, 72, 86
6 1 /4 400 5 2 /3 50, 1961 1974 87
88 5 10 1958 18 1 2
6 Avon Products 1973 140 1974 32 77 60 D e s c a r t e s Discours de la Methode Ce N est pas assez d avoir l esprit bon, mais le principal est de l appiquer bien 500 89
90 10 1 2 1948 1953 425 1947 1951 1969 1973 28
6 15 11 91
1 2 92 10
6 2 000 11 000 (Heinrich Heine) Funf-und-vierzig Professoren Vaterland,du bist verloren! (45 45 11 000 93
94 1968 1973 American Airlines 2 000 1970 43 22 1970 1. 3 1971 1 3 1972 20 1970 13 1972 49. 84 250 67 50 143 1974 117 57 20
6 1973 4 800 1972 50 1974 7.5 500 500 4 2 5 5 0 f i x e d - f u n d 95
96 25 25 50,
6 8. 5 (Milton Friedman) - R e m i n t o n - R a n d 6. 5 1989 4 0 1935 97
98 1949 1969 1970 1973 1974 Edward Gibbon ( O l i v e r G o l d s m i t h ) 19681 973 1969
6 5 8 9 A A A 15 25 Vi rg i l O fortunate nimium...agricolae! 99
1946
102
(The Analyst Journal)19528 1 9 5 2
51 5 ( G o e t h e ) ( O r e s t e s ) 104
7 H. D. Wo l f e 105
106 1 2 3 4 12
7 1 000 107
34 35 1 000 35 35 4 0. 4 0. 5 108
7 109
1 8 9 9 K 10 1 /3 E 2. 9 20 2 0 110
7 P a t h o l o g y of Market of Price 111
112 4 0
7 S u p e r i o r O i l (Kern County Land) 113
6 114
84 1 9 5 5311-1 9 5 5311 -
116 (General Wo o l d s Allstate Insurance Co. ) (Sears Roebuck) 19539 1 9 5 39
8 117
118
8 400 45 119
120 20 1 4 5 2 500
8 121
122
8 S E C 123
124
8 Lawrence Portland Cement Co. 125
26 4 Dragon Portland Cement Co. 1 3 0 126
8 127
Atlantic Gulf and West Indies Steamship Co. 128
8 129
40 130
8 1 9 4 0 5 000 1 100 12 131
132 1936 192 1 100
8 1 2501 300 Lehman Corp (State Street Investment) 133
1914 1923 1926 134
8 50 50
1932 50 1929 1929 250 1929 1929 1929 1930 1931 1929 136
8 1929 1936 1941 1936 1936 137
138 1936 1936 1923 1936 1 9 4 1 5 000 50 000 100 500 5 100
8 10 1200 / 1300 3 1927 25 000 15 000 40 20 139
140 20 40 340
8 Massachusetts Investors Tr u s t 100 100 0.25 0.25 0.25 141
142 1 20 3 17 3 3 20 20 20 15 4 15
8 20 15 20 15 85 20 17 3 1 3 143
144 1 650
8 10 145
146
8 147
148
8 Bill Martnl 100 149
150 6 4 5
8 12 45 12 151
1954 1954 1953 8. 2 1936 152
8 1 4 1 5 1936 153
154
8 155
156
8 157
Manufacture Tr u s t 158
8 159
160 6
8 6 650 750 650 750 161
162
8 163
1 52 0 164
8 5 165
51 0 10 10 0 4 166
8 167
168
8 10 10 1 0 10 500 10 169
170 1 0
8 50 15 171
172 5
8 20 173
174 10 20
8 30 30 175
3 0 176 -
8 1 219539 3 420 1929 3 00 1929 195 410 1929 382 1929 1929 1937 1946 1 5 15 177
178 1 9 2 9 1937 1946 1946 19291 932 90 19293 81 Central Value 10 2 2 1881 1929 120 381 1932 41 1936 138 1938 1937 194 1938 99 1955 396
8 1 9 2 6 1936 1945 1954 1 0 1 0 1 9 4 51 0 1 9 4 51 01 8 3 3 1 2 179
180 50-50 1 9 5 3 ( F u n s t o n ) 1 9 4 9 1953 1954 5 1954 1953 1948 1950 81 953 10 14 1936 1940 100 250 100 300
8 1 9 2 2 9 1922 115 1929 310 1932 70 110 200 1953 1953 1954 1 9 5 4 1946 100 181
182 1913 25 12. 5
8 8-1 1 5 1 0A A A 1 9 5 534 1 4 1 5 X 1 5 X 1 8 X 2. 9 5 1946 212 20 21 22 2. 46 ( 1946 ) 163 1937 194 191 /2 43 21 1 /2 3. 42 ( 1938 ) 99 1 9 2 9 3 8 1 2 5 2 81 /2 3 4 4. 6 9 ( 1 9 3 2 ) 4 1 1 9 2 7 2 0 2 1 41 /2 1 6 1 6 4. 5 8 8-2 1 5 10 1 9 5 52 1 6 7 2 3 2 8 3 8 1946 52 26 1 /2 30 31 1937 65 42 84 51 331 946 1929 101 45 60 85 27 1 /4( 1938 ) 1927 36 23 29 34 81 932 183
K i r k e g a a rd 196221
186 1946 1947 (New York Institute of Finance) New York Stock Exchange, N Y S E N Y S E 10 5
J o h n Wiley & Sons w w w. w i l e y. com/ b g r a h a m 187
9 1 9 4 6 ~ 1 9 4 7
9 1940 6 189
190 6 1938 6
9 (the principal of continuity) (the principal of deceptive selectivity) 30 1940 191
192 1946 1915 3 0
9 1 0 1 0 10 1917 22 22 1921 10 1915 10. 59 1945 1915 193
National Distillers United Aircraft 1940 1942 1935 1939 1940 1 9 4 2 1940 1 9 4 0 1/3 194
9 1 9 4 0 1938 speculative common stock General Electric C o c a - C o l a - J o h n s - M a n v i l l e 1938 281 303.50 8 195
1 9 3 8 124 150 20 1938 70. 50 207 190 196 12
9 S e c u r i t i e s and Exchange Commission 194682 0 (registration statement) ( p r o s p e c t u s ) 9 13 the Standard Corporation Record 16 197
198 Northern Engraving & Manufacturing Company 250 000 16 4 000 000 4 000 000 1 350 000 3 1936 1940 5 21 1 940 1945 6 25 1946 6 1. 27 6.5 16 2. 54 67 2. 54 6
9 1 5 19461 6 6 3~ 4 (know-how) ( Ta y l o r c r a f t ) 1 9466 13 20 000 1 199
200 2. 5 2. 75 11 3 000 000 194063 0 103 000 196 000 196 000 722 722 130 000 2 300 000 3 000 000 1 150 000
9 S E C 11 3 Curtiss Wr i g h t 1 9 3 9 United Aircraft 1939 8. 75 5. 75 12 000 000 130 000 2/3 201
202 2 /3 Wright Aeronautical Company 1922 8 18 280 2 /3
9 10 1922 1922 250 000 7 250 10 203
44 000 000 6 204 - Transue and Wi l l i a m s ( B u d a ) 33. 50 S t a n d a r d S t a t i s t i c s
9 2 979 000 60 2 919 000 430 000 3. 17 9. 15 12. 32 10 14. 73 12. 32 2. 41 194573 1 194673 1 194673 1 194573 1 194573 1 205
206 4 962 000 25. 54 4. 20 29. 74 2 4. 5 7 5.17-1942 1945 1 240 000 - - -
9 1 9 4 67 1 000 000-1945 13 000 - - Denver and Rio Grande Railroad www.wiley.com/bgraham L I F O Last-in, first-out 207
208 L I F O 1942 L I F O Federated Department Stores L I F O 1942
9 First-in, first-out 3 875 000 2 590 000 1 150 000 209
w w w. Wi l e y. c o m / b g r a h a m 210 Southern Pacific Northern Pacific 4 1 ( R e a d i n g ) ( P e n n s y l v a n i a )
9 2 2. 5 1945 20 2 4 2:1 (New Amsterdam Casualty Company) United States Fidelity & Guaranty 2 1 42 26 1 211
Te x a s 212 www.wiley.com/bgraham
9 6 9 1 185 19451 0 185 185 185 213
214 1 8 5 178
9 Earning Power 215
216 5 7 10 5 5 5 5
9 1 2 1939 ABC 5 3. 50 14 140 140 D o w C h e m i c a l 14 217
218 Distillers Seagrams 14 140 40 4 2000 101 150 14 190 140
9 Par Va l u e 1916 - ( Westinghouse and Pennsylvania) 150 75 219
220 5 0 50 the Central Point of Value ( O n s o l i d a t e d Rock Products)
9 221
222
9 2.75 223
224 4 40
9 1 9 3 9 19469 1939 1 29 29 1939 1946 1939 1944 5 31 2. 5 19391 19469 194691 6 19391 274 225
226 240 7 4 242 10.5 85 2 1 0 7 6
9 Childs Company Comparative Value Tr u s t e e s h i p 227
7 5 75 18 000 000 1945 6 p r o f i t - m a rg i n s 1 100 000 38 35 715 000 228
9 53 0. 2 1945 53 10 1946 6 2 140 0. 18 1945 53 229
230 1946 0. 21
9 1945 6 231
1 / 34 0 1938 34. 7 1945 38.5 1946 1945 232 1946
9 233
234 1 2. 5 8 900 12. 5 10 110 71. 5 8 1 2 900 12. 5 - McKesson and Robbins
9 8 8 8 12.5 10 Segmental Method S E C 235
236 1 800 6 9 0 0 120 18 180 900 6 840 510 1 350
9 1 350 32 1 030 764. 9 265.6 70 ~ 75 25~ 30 72. 45 27. 55 76. 6 237
238 (Excess Working Capital) 130 900 1 000 998 30 840 155 7. 16
9 American Radiator 1947 1946 1951 1 000 15 1. 40 239
240 2 400 40 1 400 1 000 1. 40 25 1. 6 0 ~ 1. 7 0 19462 20 15 15 19461023 194 x 17. 5 12 12 Foreign Earnings
9 1. 7 5 194x 194 x 13. 50 1. 75 13.50 241
1. 6 1. 6 242 1946 1951
9 1947 1951 100 55 50 1952 1. 6 1939 8 000 1938 6 800 1. 6 50 1 243
244 Sub-normal Earnings 1 1 2 ~ 1 5 1215 75 4 3 151 8 1946 1. 75
9 War Earnings 151 8 1942 3. 75 4 30 5 5 5 245
5 5 5 57 5 5 246
9 Committee for Economic Development 247
Department of Commerce 248
9 1 4 1 914 191 14 7 6 1 United States Steel 5 1 920 1922 6 200 249
250 Group Va l u a t i o n
9 Group Operation (Individual Operation) Group Analysis 251
252 1 9 4 57 (Estimating Earnings of an Active Postwar Year) J. Charles J. Collins 15. 96 17. 58 16. 60 1940 1940 A m e r i c a n S m e l t i n g 4. 21 9. 50 C h r y s l e r 8. 69 17. 75 Johns Manville 6.34 14.75 Goodyear 3.44 8.60
9 A m e r i c a n Telephone & Te l e g r a p h 10. 80 10. 5 American To b a c c o 5. 59 5. 90 National Distillers 3. 28 3. 35 Wo o l w o r t h 1940 2.48 2.62 Committee for Economic Development of the Department of Commerce 112 112 1946 165 1929 1940 19291 940 40 253
Profit Marg i n 1 929 1940 1926 1930 1936 1926 1930 254
9 Good Stocks G r o w t h Stocks (intermediate activity) Near Te r m 255
256
9 2 5. 7 5 General Motors General Electric Barkers Brothers 257
258
9 1 2 US Plywood 1942 1946 National Department Store 1947 1946 34 17 34 17 259
260
9 n e a r- t e r m 12 5 5 Yale University Method 261
262 1 3 13
9 A t c h i s o n 263
264
9 20 P o l i c y h o l d e r s Unearned Premiums Unpaid Losses 1 2 20 20 20 30 1937 1938 19373 265
20 American Equitable Insurance 266
9 (Unearned Premium Reserves) 40 (Recent Results) ( L o n g - t e r m Average Results) 1946 1945 10 10 267
10 1 5 A m e r i c a n Reserve Insurance Company the North River Insurance Company 126 268
9 Profit or Loss Statement 10 269
C o n t i n e n t a l Home Group 2 0 20 (St.Paul Fire and Marine) ( M u t u a l Companies) 270
9 1927 1945 271
6 4 6 4 1 /2 50 1 1945 272
9 1945 2 500 9 00 1927 1927 1. 45 1. 18 273
1 9 2 7 6 4 31 15 16 15 40 16 85 6 274
9 1945 20 1927 966 00 1 1 226 00 /3 910 1945 1927 1 090 1945 1927 16 20 1 000 1927 1 9 4 5 275
1927 1945 18 1 / 5 25 C r u m and Forster 276
9 Insurance People A B B New Amsterdam Casualt 277
278 1941 1945 5 4. 33 1
9 1. 1 2 1 / 4 1 5 9 1 U. S Fidelity and Guaranty 2 1 45 26 28 279
280 1 1946 1946
9 1 9 4 6 2.5 1 281
282
9 3 0 Intelligent Speculation (Unintelligent Speculation 283
284 1946 80
9 1945 4 Standard Gas and Electric 4 (Speculative Component 1930 1940 the Element of Speculation, 285
286 1939 38 25 13 1 / 3 1914 C o n s o l i d a t e d
9 Gas Company Consolidated Edison Company 1919 1923 1920 100 1. 40 7 71 106 1936 1938 1937 50 21 1938 17 9-1 9-1 1 9 1 9 4. 1 0 7 1 0 6 ~ 8 0 1 9 2 0 11. 4 0 7 9 4 ~ 7 1 1 9 2 1 6. 8 0 7 9 5 ~ 7 3 1 9 2 2 1 0. 1 6 7. 5 0 1 4 6 ~ 8 6 287
288 1 9 3 6 2. 3 3 1. 7 5 4 8 ~ 2 7 1 9 3 7 2. 1 9 2. 0 0 5 0 ~ 2 1 1 9 3 8 2. 0 9 2. 0 0 3 4 ~ 1 7 1939
9 1939 1946 44. 50 21. 5 1946 52 33 33 25 1941 1942 1939 1946 289
290 1929
9 A l l e g h e n y 5 - G r a h a m - P a i g e 5 General Shareholding 4 E l e c t r i c Bond and Share 6 3 2 150 1 200 950 640 291
292 6 4 0 10 30 3 5 /6 5 1945 8 500 12 500 4 000 5 8 500 2 200
9 7 0 70 15 4-5 2 400 800-3 3 0 0 73 293
294 7 0 10 10 3 10 01 0 5 10 3
9 15 18 15 15 18 18 50 10 10 3 50 5 10 5 50 295
296 - - 16 8. 25 M r. Yo u n g Mr. Fraser
9 5 10 10 10 297
1 0 10 1 5 0 60 298
9 5 6 S t. P e t e r 299
300 the Biography of B a l z a c ( t h e Search for the Absolute)
9 Security Analysis (Market Analysis 301
302 Law of Av e r a g e
9 303
304 1 9 1 4 1914
1962 20 30
1 9 3 7 M c G r a w-h i l l 1998 1 9 4 4 D. 4 4 306
307
1944621 1
10 309
310 2 194442 1 1 95 105 2 3 1 2 3 4
10 5 4 10 3 4. 1 311
312 2 3
10 313
(19413)
11 2 5 1 1 8 5 1921 1940 1 315
316 2 3 4
11 12 1 2 3 4 5 6 317
318 7 8 9 1 0 11
11 319
David Ricardo1816 Herbert Hoover1925 D. Owen D.Young1929 Lord Stamp1928 E. Lionele E. Dele1931 320,
11 ) D. (Franklin D. Roosevelt)(193334 D. Franklin D. Roosevelt1933 73 V.King George V.1933 Henpy Ford1936 (Simeon Strunsky)(1936) Paul Einzig1936 Alvin Johnson1937 321
A. Henpy A. Wa l l a c e1 937 1939 H. (Benjamin H. Bechhart)(1940) W. ( Wrandolph Burg e s s )( 1940) A. Malcolm A. Muir1940 322
324
20 60 19746
7 9 L. M c G r a w - H i l l 778 20 40 326
12 10 80 1 972 1973 1970 1972 1973 1972 8 12 327
β 328 ( D o n a l d s o n ) ( L u f k i n ) ( J e n r e t t e ) D. D. 1 9 3 4
12 329
25 30 330 7. 3 40 2 1 5
12 1 5 15 4 1970 331
332 12 4 50 60 4.5 7.5 8
12 4 /3 1 /3 1973 DJI 10 60 4 /3 7. 5 600 12 10 750 333
334 5 1968 5 D J I 3 10 50 3 1968 1961 1 0 0
12 5 0 50 β β 335
336 6 0 ( N e w b u rger Henderson) ( L o e b ) 1956
12 3 0 G E I C O 20 1970 5 80 80 337
3 5 50 82 B. 1 9 7 692 0
13 15 Medical Economics Bart Sheridan Laton McCartney 50 339
340 1 2 7
13 8 9 5-3A 2 100 A A A 7 2 14 1001 4 7 7 AAA 6 6 2 12 100 8 10 341
50 342 3 000
13 5 000 60 50 1973 1974 30 100 50 50 343
1 9 7 69 1978 1974 75 25 50 15 50 344
13 5 1973 1974 1975 1976 5 15 1 000 5 60 7 345
346 7 50 13-1 13-1 - ( 1976 ( )( ) () 81 6) ( 197 81 6 6) 92 120 77 3 36 7 /8-65 77 7 10 230 441 52 6 44 1 /4 164 302 54 5 39 7 /8 8 1 1 2 4 6 5 4 2 5 5 /8 153 291 53 5 37 3 /4 86 147 55 5 10 3 /4 80 117 69 4 13 3 /4 206 358 58 6 22 7 /8 126 190 66 6 16 1 /8 54 87 62 6 12-26 47 54 6 7 4 0 6 5 6 2 5 1 8 1 /4 M 78 122 64 5 37 7 6 1 3 7 5 5 6 113 /4 31 62 50 6 8 48 68 71 6 16 42 65 65 6 20 1 /2 47 78 60 7 20 1 /4 119 196 61 6 37 3 /4 78 129 60 6 11 3 /4 73 108 68 6 30
13 8 2 1 4 8 5 6 5 1 6 3 /4 48 64 75 6 10 5 /8 23 35 66 6 8 1 /4 57 87 66 6 21 - (1976 ( ) ( ) ( ) 816) (197 681 6) - 105 209 50 7 18 3 /8 103 163 63 6 16 3 /8 23 40 57 7 23 2 9 2 1 8 1 6 1 7 1 7 347
L. Hartman L. Butler, Jr.,C.F.A GEICO 7 2 197611 12
14 1 0 1 0 G E I C O ( G E I C O ) 5 000 1 1914 349
1 2 10 10 15 1929 1 929 1932 1929 ( B a b s o n ) 5 350 1932
14 1 9 3 7 1 9 2 9 1937 1938 1948 G E I C O 1940 1941 351
1 9 5 0 1956 6-1 500 352 1925
14 11 1 9 2 8 150 1934 1934 Baby Pompadour True to the M a r i n e s 353
354
14 2. 5 40 50 355
A A A 5 5 10 A A A 7 71 0 Molodovsky 60 356
14 50 32 30 2 /3 357
30 30 60 358 ( Wall Street We e k )
14 500 1 00 150 359
360 2 0 15
14 B a g e h o t 361
362 1974 F e r r i s 1970 1973 1974 5
14 C h a r l o t t e s - v i l l e 363
364