Sublime

Real estate investment trusts, master limited partnerships, and royalty trusts often trade on their yield rather than their asset value. In some of those cases, analysts disagree about the economic meaning of depreciation and depletion—in particular, whether those items are akin to earnings or not. Without looking at the specific situation, I

Contrarian that I am, the format for this book is intentionally unorthodox as books on investing go these days. It is not about I lail Mary passes; it's about grinding out gains quarter after quarter, year after year. My kind of investing rests on three elements: character, goals, and experience.

The secret is to buy bonds the big money isn’t allowed to. To illustrate the point further, let’s look at the BlackRock Floating Rate Income Strategies Fund (FRA), which buys floating-rate debt. (More about floating-rate debt in a moment). For now, just know that most of the bonds it buys are issued by corporations, and most of them are below the

Many years ago, the famous investors Benjamin Graham and Warren Buffett made a lot of money using a very simple version of this strategy. They would look for a company that had net cash of $20.00 per share, and then try to buy shares of its stock for 15. In other words, they were trying to buy a dollar for 75 cents, or even less. Or they would just

operated by trust companies and banks in many states; or, if his funds are substantial, use the services of a recognized investment-counsel firm.

The intelligent investor realizes that stocks become more risky, not less, as their prices rise—and less risky, not more, as their prices fall. The intelligent investor dreads a bull market, since it makes stocks more costly to buy. And conversely (so long as you keep enough cash on hand to meet your spending needs), you should welcome a bear