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I don't know of a book that talks about buying singles and threes. I don't know of a book that talks about studying spreads of said singles and small odd lots. I don't know of a book that talks about waiting for your price or how to study the market, from the little investor’s point of view, how to set a price range. I don't know of a book for the small investor that talks about how to deal with good junk, bad junk, good junk gone bad or bad junk gone to worse.


All of that stuff is just tiny, tiny details that can be worked out on the fly, and the following story (probably apocryphal, but found in the Torah) is a propos.

"On another occasion it happened that a certain heathen came before Shammai and said to him, "Make me a proselyte, on the condition that you teach me the whole Torah while I stand on one foot." Thereupon he chased him away with the builder's cubit that was in his hand. When he came before Hillel, (he also asked Hillel to teach him the entire Torah while standing on one foot) Hillel replied, "What is hateful to you, do not do to your neighbor: that is the whole Torah while the rest is commentary; go and learn it." [Tractate Shabbos 31a]

If asked to summarize all of Ben Graham “while standing on one foot”, how would you reply? Probably something like the following.

“Buy at a sufficient discount to intrinsic-value create margin of safety. Now go and practice.”

Yeah, the intro bond books can be helpful for the vocab. But the basic concept that underlies all of bond investing comes from the market place. To buy a bond is to make an exchange. “How much am I paying, and what am I getting in return?” Effective bond-investing is no more complicated than that. Scan, vet, execute, and then do it again.

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