The Intelligent investor by Benjamin Graham | Episode 1 |
The Audiobooks Podcast
The Future of Security Prices Is Never Predictable
The change in going interest rates produced a maximum decline of about 38% in the market price of medium term, say 20-year, bonds during this period. It turned out, therefore, that true cash equivalents proved to be better investments in 1964 than common stocks. Almost always bonds have fluctuated much less than stock prices and investors generally could buy good bonds of any maturity without having to worry about changes in their market value. This is just another of an endless series of experiences over time that have demonstrated that the future of security prices is never predictable.
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