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The Intelligent Investor: The Definitive Book On Value part 8

The Intelligent Investor: The Definitive Book On Value part 8. The purpose of this book is to supply, in a form suitable for laymen, guidance in the adoption and execution of an investment policy. Comparatively little will be said here about the technique of analyzing securities; attention will be paid chiefly to investment principles and investors’ attitudes. We shall, however, provide a number of condensed comparisons of specific securities - chiefly in pairs appearing side by side in the New York Stock Exchange list in order to bring home in concrete fashion the important elements involved in specific choices of common stocks | 56 The Intelligent Investor objects have had striking advances in market value over the years such as diamonds paintings by masters first editions of books rare stamps and coins etc. But in many perhaps most of these cases there seems to be an element of the artificial or the precarious or even the unreal about the quoted prices. Somehow it is hard to think of paying 67 500 for a U.S. silver dollar dated 1804 but not even minted that year as an investment operation. 4 We acknowledge we are out of our depth in this area. Very few of our readers will find the swimming safe and easy there. The outright ownership of real estate has long been considered as a sound long-term investment carrying with it a goodly amount of protection against inflation. Unfortunately real-estate values are also subject to wide fluctuations serious errors can be made in location price paid etc. there are pitfalls in salesmen s wiles. Finally diversification is not practical for the investor of moderate means except by various types of participations with others and with the special hazards that attach to new flotations not too different from common-stock ownership. This too is not our field. All we should say to the investor is Be sure it s yours before you go into it. Conclusion Naturally we return to the policy recommended in our previous chapter. Just because of the uncertainties of the future the investor cannot afford to put all his funds into one basket neither in the bond basket despite the unprecedentedly high returns that bonds have recently offered nor in the stock basket despite the prospect of continuing inflation. The more the investor depends on his portfolio and the income therefrom the more necessary it is for him to guard against the in a year-that it can all by itself set an otherwise lackluster portfolio glittering. However the intelligent investor avoids investing in gold directly with its high storage and insurance costs instead seek out a well-diversified mutual fund .