Đang chuẩn bị liên kết để tải về tài liệu:
The Intelligent Investor: The Definitive Book On Value part 27

The Intelligent Investor: The Definitive Book On Value part 27. 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 | 246 Commentary on Chapter 9 2000 and her former fund lost more than three-quarters of its value over the next three years.3 Asset elephantiasis. When a fund earns high returns investors notice-often pouring in hundreds of millions of dollars in a matter of weeks. That leaves the fund manager with few choices-all of them bad. He can keep that money safe for a rainy day but then the low returns on cash will crimp the fund s results if stocks keep going up. He can put the new money into the stocks he already owns-which have probably gone up since he first bought them and will become dangerously overvalued if he pumps in millions of dollars more. Or he can buy new stocks he didn t like well enough to own already-but he will have to research them from scratch and keep an eye on far more companies than he is used to following. Finally when the 100-million Nimble Fund puts 2 of its assets or 2 million in Minnow Corp. a stock with a total market value of 500 million it s buying up less than one-half of 1 of Minnow. But if hot performance swells the Nimble Fund to 10 billion then an investment of 2 of its assets would total 200 million-nearly half the entire value of Minnow a level of ownership that isn t even permissible under Federal law. If Nimble s portfolio manager still wants to own small stocks he will have to spread his money over vastly more com-panies-and probably end up spreading his attention too thin. No more fancy footwork. Some companies specialize in incubating their funds-test-driving them privately before selling them publicly. Typically the only shareholders are employees and affiliates of the fund company itself. By keeping them tiny the sponsor can use these incubated funds as guinea pigs for risky strategies that work best with small sums of money like buying truly tiny stocks or rapid-fire trading of initial public offerings. If its strategy succeeds the fund can lure public investors en masse by publicizing its private returns. In other cases the .