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Strategies & Market Trends : Value Investing
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To: Harshu Vyas who wrote (74957)1/27/2024 5:58:47 PM
From: Harshu Vyas   of 78669
 
(In case anyone was wondering what that book mentioned above was, it's "Where are the Customers' Yachts?" It was bugging me and since I'm at home, quickly looked at my books and figured out where it was from. Pages 8-9.)

I memorised it slightly wrong, too, and had failed to remember the important salesperson element to the story. Not as relevant as I thought it was.

Quote below:

A case in point is that preferred stock investment you bought as an extra-safe investment several years ago when the salesperson showed you that the stock was earning its dividend more than fifty times over... it seems that both the figure and the salesman had neglected to point out the unholy size of the funded debt that was senior to your stock.
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