Q&A: The Intelligent Investor – Chapter 16: Convertible Issues and Warrants

The Intelligent InvestorBelow are my reflections and answers to the discussion questions posted at Modern Graham for chapter 16 – Convertible Issues and Warrants – of the Intelligent Investor written by Benjamin Graham.

1. What quote from this chapter do you think best summarizes the point Graham is making?

“Once more we assert that large issues of stock-option warrants serve no purpose, except to fabricate imaginary market values.”

2. How do you generally feel about convertible bonds?

Right now I haven’t looked at any convertibles, so not that exited.

3. Where do you think they could fit into an Intelligent Investor’s portfolio?

As any other investment, purchased at a good enough margin of safety.

4. What did you think of the chapter overall?

That convertibles are not something I will look into right now. So not that excited about the chapter overall.


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