The Intelligent Investor is constituted by four main contents: the general method of investment, stock options principle, as the business owner investor and conclusion. The book first introduces the distinction between investment and speculative, points out that the intelligent investors should know how to determine the expected returns. And mainly introduces the defensive investor and aggressive investors portfolio strategy, discusses how to respond to market fluctuations. Then explains the relationship between investors and investment advisers, how non-professional investors to analyze stock under the general method, also the securities portfolio choices that defense investors and

aggressive investors select. In the latter part of the book, Benjamin Graham analyzed several cases, elaborated on dividend policy emphatically and finally reached the central concept of investment —— Margin of safety.

The concept of Margin of safety is an essence concentrated all the points from the whole book. Graham points out that I confronted with a like challenge to distill the secret of sound investment into three words, we venture the motto, margin of safety. This goes throughout all the previous discussions about investment strategy.

In this book, Graham summarizes the principle of safety and points out that the margin of safety function don't have to give the precise estimates number of future essentially, but if margin is bigger, then it is enough to assume that future earrings will not fall far below those of the past in order for an investor to feel sufficiently protected against the vicissitudes of time.

In that way Graham meant: first, margin of safety is not an exact science. Second, margin of safety should be kept big enough (which Charlie Munger said behind: you don't have to know the lady's accurate weight to tell she is Slim or not). Third, margin of

safety will eventually pass time validation. Fourth, only in a few period, most period, can feel margin of safety doesn't actually exists.

So now, most analysts or investors easily make a mistake that is to try to accurately predict enterprise future performance and compute accurate intrinsic value. Besides, the proper use of margin of safety is also the key of valuating investment easily.

Graham thinks the part that the yield of common stock investment (Price-earning countdown) exceeds the bond is investors’ margin of safety. The exceed part will return to investors as dividends and the rest is the future value-added assets to enterprise. As Graham has mentioned repeatedly, when yield of common stock is two times more than interest rates of long-term national debt, the margin of safety existed.

The book implied that the high risk investors pay for high quality stock, is not the main risk. The main source of loss comes from buying inferior stocks under favorable

business condition. In another words, investors tend to buy those stocks trend blindly with the overall market in economic boom, in this way the risk of investors is the huge, because once the general trend goes down, these enterprise immediately fall into operating difficulties.

Graham sarcasm: many investors always under cover of investment, but the fact is that not much different with speculation. Therefore, he thinks, important difference between investment and speculation is whether hold a real margin of safety, margin of safety can be proved by data, persuasive reasoning and a lot of practical experiences In addition, Graham always think, margin of safety interval, is 30% discount. But in practice, Buffett seems inclined to 40% to 50% discount.

 

第二篇：The Loons 英文读后感

On Theme of The Loons

The Loons, one of the well-known fictions of Margaret Laurence, portrays the living conditions of the protagonist, Piquette Tonnerre, who is an Indian girl. On the other hand, we can find that the loons are mentioned several times in the story, which echoes the title. As far as I am concerned, the loons and the growth of Piquette serve as two clues from which two branch themes are expressed respectively.

Piquette is a plain-looking girl coming from a humble family. She has to do family chores and cannot attend school regularly. She limps because of tuberculosis of the bone. The father of the narrator Vanessa is the doctor of Piquette. He took Piquette with the families to Diamond Lake for a vacation because of sympathy for her. Piquette was an unsociable and mocking girl and sensitive to the topic of woods and loons mentioned by Vanessa. During the vacation they remained ill at ease with each other. Four years later Vanessa got startled at Piquette’s great change when meeting her occasionally n a café. She became much more beautiful and opener than before but seemed to being living a disordered life. She blew about her approaching marriage with her handsome boy friend. In

the end when Vanessa because a college student Piquette died with her children in a fire.

From the contrast of the different lives of the two girls we can find the huge gap between the minorities and the mainstream of Canadian society. Indians were the aborigines of the Continent of North America before Europeans immigrating here and driving them away to secluded areas. So Indians remain discriminated against by the white-dominated society. They are of humble status and cannot adapt themselves to the mainstream culture. Piquette is just a representative of those present living condtions of them.

In the story the narrator tells us about her two experiences of listening the cry of loons. Once during the vacation Vanessa listened to them with her father. The crying of the loons was described as ululating, plaintive and mocking. She went to the Diamond Lake again after hearing about the death of Piquette. However, the loons disappeared because more cottages were built and more people came in. The habitats of the loons were destroyed by human beings gradually and they might die out sooner and lataer.

The loons are the symbol of nature as well as ecosystem, and the extinction of loons reflects the ecological crisis caused in the process of human civilization as well as the predatory exploitation human beings have exerted to nature.

The author conveys great concern for the harmonious coexistence of human beings with nature and equality between people of different races, sexes or classes by criticizing the relationship of dominating and being dominated between human beings and nature as well as their fellows. What the loons and Piquette have in common is that they represent the culture and civilization of minorities. In the modern society of multiculturalism different kinds of cultures and different races are treated unequally. To reach the goal of harmonious development we human beings have to protect and respect nature and minority groups. This is just what the author wants to convey to us.