Our readers must have enough intelligence to recognize that

even excessive-high quality stocks cannot be a greater purchase than bonds

under all conditions-i.e., regardless of how high the stock market

may be and how low the current dividend return compared with

the charges obtainable on bonds. A statement of this sort could be as

absurd as was The Intelligent Investor PDF opposite one-too typically heard years in the past-that

any bond is safer than any inventory. In this chapter we shall attempt to

apply various measurements to the inflation issue, so as to

reach some conclusions as to the extent to which the investor could

properly be influenced by expectations regarding future rises in the

price level.

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