Book · 2002 · Business & Economics
Security Analysis: The Classic 1940 Edition
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So, Graham and Dodd in the 1940 edition of security analysis called fixed income investing at negative art. And I think what they meant is that since all 8% bonds, 8%, and if there are 100 bonds of which 90 will pay, it doesn't matter which of the 90 you buy.
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Howard Marks So, Graham and Dodd in the 1940 edition of security analysis called fixed income investing at negative art.… 1
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“So, Graham and Dodd in the 1940 edition of security analysis called fixed income investing at negative art. And I think what they meant is that since all 8% bonds, 8%, and if there are 100 bonds of which 90 will pay, it doesn't matter which of the 90 you buy”