Руководство разумного инвестора. Надежный способ получения прибыли на фондовом рынке. Джон Богл

и демократия».

      4

      «Экономный», «эффективный» и «честный» – эти слова я использовал в своей дипломной работе 1951 г., написанной в Принстонском университете и называвшейся «Экономическая роль инвестиционной компании». Некоторые принципы остаются неизменными.

      5

      Чтобы немного усложнить картину, скажу, что каждый год Готроксы также покупали акции, впервые размещаемые на фондовом рынке.

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