The Intelligent investor by Benjamin Graham | Episode 1 |
The Audiobooks Podcast
Common Stocks Are a Good Investment Program
In 1915 at earnings after interest but before income tax were about 30% of corporate debt, while in 1969 there were only 13.2%. If our corporations had maintained the debt ratio of 1950, their earnings rate on stock capital would have fallen still lower. The investor has no sound basis for expecting more than an average overall return of 8% on a portfolio of Dow Jones Industrial Average-Tied Common Stocks purchased at the late 1971 price level. It took 25 years for General Electric to recover ground lost in 1929-1932 debacle.
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