By Michael Sincere
Suggestion: learn Michael Sincere's newest booklet: All approximately marketplace symptoms (McGraw-Hill, 2011), or realizing shares (McGraw-Hill, 2003).
Read or Download 101 Investment Lessons from the Wizards of Wall Street: The Pros' Secrets for Running With the Bulls Without Losing Your Shirt PDF
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Extra info for 101 Investment Lessons from the Wizards of Wall Street: The Pros' Secrets for Running With the Bulls Without Losing Your Shirt
The most important idea put forth in Graham's book is that you must determine what a company is worth before you invest in it, a theory that Hawkins adheres to and willingly accepts. ''It's not a secret," he says. "To be successful, you need to take the time to value businesses so you can stand against the crowd. First of all, you need to intellectually understand a business. " Unless you have determined a company's true economic value, Hawkins says it is impossible to know if its common stock is mispriced.
Wanger says you begin to believe that whatever you point your magic finger at turns to gold. This is especially common during a bull market. Although confidence is a key requirement of successful investors, arrogance, bragging, and highly aggressive trading are danger signals. Some of the most dramatic cases of investor self-destruction have occurred with people who are convinced they are brilliant. No one can be right all the time, especially when it involves the stock market. " Some pros suggest that it is wise for investors to be cautiously fearful of the markets.
A number of successful investors, including Warren Buffett, saw the light after reading The Intelligent Investor. Buffett, however, made a number of successful modifications to Graham's original strategies. Although the pros say you don't need to be a rocket scientist to understand how to value businesses, this exercise is not for everyone. Buffett has said it's part art and part science. There is no formula, but it does take a unique ability to understand and analyze businesses. Buffett uses the stock's book value, P/E, and dividend yield, among other objective measurements, to calculate a company's fair value.