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The Intelligent Investor: The Definitive Book On Value part 41

The Intelligent Investor: The Definitive Book On Value part 41. 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 | 386 The Intelligent Investor 2. Earnings stability No deficit in the last five years covered in the Stock Guide. 3. Dividend record Some current dividend. 4. Earnings growth Last year s earnings more than those of 1966. 5. Price Less than 120 net tangible assets. The earnings figures in the Guide were generally for those ending September 30 1970 and thus do not include what may be a bad quarter at the end of that year. But an intelligent investor can t ask for the moon at least not to start with. Note also that we set no lower limit on the size of the enterprise. Small companies may afford enough safety if bought carefully and on a group basis. When we have applied the five additional criteria our list of 20 candidates is reduced to only five. Let us continue our search until the first 450 issues in the Guide have yielded us a little portfolio of 15 stocks meeting our six requirements. They are set forth in Table 15-1 together with some relevant data. The group of course is presented for illustration only and would not necessarily have been chosen by our inquiring investor. The fact is that the user of our method would have had a much wider choice. If our winnowing approach had been applied to all 4 500 companies in the Stock Guide and if the ratio for the first tenth had held good throughout we would end up with about 150 companies meeting all six of our criteria of selection. The enterprising investor would then be able to follow his judgment or his partialities and prejudices in making a third selection of say one out of five in this ample list. The Stock Guide material includes Earnings and Dividend Rankings which are based on stability and growth of these factors for the past eight years. Thus price attractiveness does not enter here. We include the S P rankings in our Table 15-1. Ten of the 15 issues are ranked B average and one American Maize is given the high rating of A. If our enterprising investor wanted to add a seventh mechanical criterion to his .