TAILIEUCHUNG - The Intelligent Investor: The Definitive Book On Value part 49

The Intelligent Investor: The Definitive Book On Value part 49. 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 | 466 The Intelligent Investor becomes 413 million which is over three times the tangible assets shown therefor. These figures appear the more anomalous when comparison is made with those of Presto. One is moved to ask how could Presto possibly be valued at only times its current earnings when the multiplier for General was nearly 10 times as great. All the ratios of Presto are quite satisfactory the growth figure suspiciously so in fact. By that we mean that the company was undoubtedly benefiting considerably from its war work and the shareholders should be prepared for some falling off in profits under peacetime conditions. But on balance Presto met all the requirements of a sound and reasonably priced investment while General had all the earmarks of a typical conglomerate of the late 1960s vintage full of corporate gadgets and grandiose gestures but lacking in substantial values behind the market quotations. Sequel General continued its diversification policy in 1969 with some increase in its debt. But it took a whopping write-off of millions chiefly in the value of its investment in the Minnie Pearl Chicken deal. The final figures showed a loss of 72 million before tax credit and million after tax credit. The price of the shares fell to 161 in 1969 and as low as 9 in 1970 only 15 of its 1968 high of 60 . Earnings for 1970 were reported as per share diluted and the price recovered to 28 in 1971. National Presto increased its per-share earnings somewhat in both 1969 and 1970 marking 10 years of uninterrupted growth of profits. Nonetheless its price declined to 21 in the 1970 debacle. This was an interesting figure since it was less than four times the last reported earnings and less than the net current assets available for the stock at the time. Late in 1971 we find the price of National Presto 60 higher at 34 but the ratios are still startling. The enlarged working capital is still about equal to the current price which in turn is only 5 times the .

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