Preview. Written from general knowledge to guide your reading. It's replaced by full study notes once you record this chapter.
What to listen for
- Shareholders as owners: questioning management, dividend policy and when retained earnings are justified.
- Graham urges shareholders to act like owners and hold management accountable.
- Listen for the argument about paying dividends versus reinvesting.
- Rule #1 link: Management and ROIC. Retained earnings should earn high returns.
Record this chapter
Read it (and Zweig's commentary) aloud, or record your own takeaways afterwards. Then upload the file as ch19.m4a (or ch19-part2.m4a, ch19-commentary.m4a, ch19.txt) to your private ruleone-library repo.