Скачать или смотреть 8 CHAPTER 6: Portfolio Policy for the Enterprising Investor- Negative Approach

📘 The Intelligent Investor – Chapter 6 | Portfolio Policy for the Enterprising Investor: Negative Approach

Welcome to Chapter 6 of The Intelligent Investor — where Benjamin Graham presents a cautious and principled guide for enterprising investors on what to avoid in their investment approach.

In this chapter, Graham stresses that the enterprising investor should start with a solid foundation of high-grade bonds and reasonable-priced common stocks, carefully evaluating any departures from this base. He strongly advises against investing in high-grade preferred stocks left to corporate buyers, inferior bonds and preferred stocks unless at bargain prices, foreign government bonds due to their historical poor performance, and new issues including IPOs, which often suffer from speculative hype and excessive initial pricing. Graham explains the dangers of chasing high yields on lower-quality bonds and warns that many popular investment trends, such as buying IPOs, often result in disappointing outcomes and losses. He illustrates these lessons with historical examples including junk bonds, foreign bonds, and the volatile IPO market, highlighting the importance of discipline, skepticism, and patience for the enterprising investor.

💡 Key Insights from This Chapter:

Start with a core portfolio of high-grade bonds and reasonably priced stocks

Avoid second-grade bonds and preferred stocks unless priced well below par

Foreign government bonds have historically performed poorly and entail high risk

Be wary of new issues and IPOs which often sell at overpriced levels and crash

The risks of buying bonds or stocks based solely on high yields without a margin of safety

Historical cycles in IPO markets show repeated booms and busts harming investors

Emphasizes that many investors fall victim to market euphoria and speculative behavior

Advocates discipline, careful analysis, and avoiding popular but risky securities

Modern Commentary: Graham’s guidance remains relevant amidst today’s popular but risky investment vehicles like junk bonds and IPOs. Contemporary investors are reminded to focus on safety, value, and long-term perspective.

🎙️ Commentary:
This chapter is a powerful cautionary note urging enterprising investors to maintain rigorous standards and resist speculative temptations.

🎯 Takeaway:
The intelligent enterprising investor systematically avoids traps by emphasizing quality, value, and evidence-based analysis over chasing high returns or market fads.

#TheIntelligentInvestor #BenjaminGraham #EnterprisingInvestor #PortfolioPolicy #IPO #JunkBonds #ValueInvesting #FinancialWisdom #JasonZweig #SimplifyForMeMathematics​