the relatively unpopular large company

Even many corporate leaders fail to understand these odds (see sidebar on p. 184). The intelligent investor, however, gets interested in big growth stocks not when they are at their most popular―but when something goes wrong. In July 2002, Johnson & Johnson announced that Federal regulators were investigating accusations of false record keeping at one of its drug factories, and the stock lost 16% in a single day. That took J & J’s share price down from 24 times the previous 12 months’ earnings to just 20 times. At that lower level, Johnson & Johnson might once again have become a growth stock with room to grow―making it an example of what Graham calls “the relatively unpopular large company.”
―The Intelligent Investor, Commentary of Chapter 7

この論理に従えばシャープ・東芝は買いということになる。もちろん復活の余地があれば、という条件があるが。


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