In this part, the authors continue a more detailed analysis of the principles of investing in bonds.

The main focus is on safety and not only in relation to the differences applicable to classification, but also to the issue of government regulation.

The authors are referred to the experience of…

This chapter details the 2nd and 3rd principles of investing in fixed value assets.

These principles sound like:

II. Bonds should be bought on a depression basis

III. Unsound to sacrifice safety for yield

The first part says that it is safe and vital to invest in more proven assets…

In this chapter, pay particular attention to approaching the difference between different asset classes and their properties.

Fixed value assets include:

1. High-grade straight bonds and preferred stocks.

2. High-grade privileged issues, where the value of the privilege is too remote to count as a factor in selection.

3. Common…

The most general classification of securities implies division into shares and bonds (Shares can be preferred and common)

The bondholders, in turn, receive a fixed and priority over principal and interest.

Shareholders, on the other hand, assume the main risks and share in the profits by right of ownership.


This chapter reveals the main idea of ​​the author in the most accurate distinction between investment and speculation.

A fine line is drawn precisely in the aim of these operations. It is at this asset price that it has little effect on the investor’s decisions (like placing your capital in…

Information, and in particular accurate data, is the basis for analysis and sound decision-making.

Since it is impossible to cover all possible sources of information, this chapter discusses the most important and one might even say the key sources of information that were popular 100 years ago. …

The main work of an analyst is to carefully select and make further decisions on the retention, sale or additional purchases of the selected asset. In turn, this approach consists of 4 fundamental elements:

1. The security

2. The price

3. The time

4. The person

The personal preferences of…

The approach to the analysis of securities is based on strict adherence to standards and rules, which are based on a strict factual basis from widely available open sources.

In turn, the analysis can be divided into 3 main components: descriptive, selective and critical.

Descriptive — Collecting and sorting important…

Mikhail Mironov


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