The Intelligent investor by Benjamin Graham | Episode 1 |
The Audiobooks Podcast
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Inflation and Stock Prices
There is no close time connection between inflationary, or deflationary, conditions and the movement of common stock earnings and prices. Both stock earnings and stock prices as a whole have declined since 1965. The investor cannot count on much above the recent five-year rate earned on the Dow Jones Industrial Average Group. About 10% on net tangible assets, book value, behind the shares. This relationship is generally expressed in the reverse, or times earnings.
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