The Intelligent investor by Benjamin Graham | Episode 1 |
The Audiobooks Podcast
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Bonds vs Stocks
On an after-tax basis the average return non-stocks would work out at some 5.3%.5 this would be about the same as is now obtainable on good tax-free medium-term bonds. These expectations are much less favorable for stocks against bonds than they were in our 1964 analysis. If we could be sure that this conclusion is right we would have to advise the defensive investor to put all his money in bonds and none in common stocks until the current yield relationship changes signify cantley in favor of stocks.
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