takewachapter1 An investment operation is one which upon throughanalysis promises softy of Principal adquatereturn operations not meeting theserequirementsare not an investment it's speutationsz o a defensive investor is one interested in saftyfreedomfrom Bother 25 to 751 stocks or bonds dependon earnings yields PE ratio or bond euponEEE yowHowever to enjoy a reasonable chance for continuedbetter than average results the investor must followpolicies which areTo timeless inhaniently sound Promising2 not popular on wall street chapter there is no corrilation between stocksinfation government policy can change anytimequestions every investor should ask themselves4 Hisframe of mind hishope forappreciationhis satisfactionor discontent with what hehasdone above all hisdecisionswhat to do next are alldeterminednot in patrospective ofa lifetime of investment butRatherby his experiencefromeveryinvestorshould take ayear to yearframe of 25 year whileinvesting ie main higerinfation in futureetcchapterMY largest34 yr falactuationbut Boom inhistoOver 3year 1949notinterestboom1920 29stockmanat 1950 74