Quote for the Week
It seems a truism to say that the old-time common-stock investor was not much interested in capital gains. He bought almost entirely for safety and income, and let the speculator concern himself with price appreciation. Today we are likely to say that the more experienced and shrewd the investor, the less attention he pays to dividend returns, and the more heavily his interest centers on long-term appreciation. Yet one might argue, perversely, that precisely because the old-time investor did not concentrate on future capital appreciation he was virtually guaranteeing to himself that he would have it, at least in the field of industrial stocks. And, conversely, today’s investor is so concerned with anticipating the future that he is already paying handsomely for it in advance. Thus what he has projected with so much study and care may actually happen and still not bring him any profit. If it should fail to materialize to the degree expected he may in fact be faced with a serious temporary and perhaps even permanent loss. — Benjamin Graham, 1958 (source)
From the Archives
Last Call
- Three Things: Is This a Bubble? – C. Roche
- Five Lessons from Cliff Asness – Excess Returns
- Sir John Templeton: The Last Yankee – E. Elfenbein
- A Railroad Stock Certificate From 1941 Taught Me About AI – Apers Insight
- 130 Years of Stewardship: The Evolution of The Dow (pdf) – S&P
- How Helping Your Rivals Makes You Harder to Beat – Big Think
- We Are Living in Pinocchio’s World – Om
- Selling Abstraction – Asterisk
- Squillions: Where’s All the Cash? – LRoB
- The First Hovertrain Reached Speeds of 270 mph in the ’60s – Popular Science