The Intelligent Investor

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The greatest investment advisor of the twentieth century, Benjamin Graham, taught and inspired people worldwide. Graham's philosophy of value investing which shields investors from substantial error and teaches them to develop long term strategies has made, The Intelligent Investor the stock market bible ever since its original publication in 1949. Over the years, market development have proven the wisdom of Graham's strategies. While preserving the integrity of Graham's original text, this revised edition includes updated commentary by noted financial journalist Jason Zweig, whose perspective incorporates the realities of today's market, draws parallels between Graham's examples and today's financial headlines and gives readers a more thorough understanding of how to apply Graham's principles.

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Preface to the Fourth Edition, by Warren E. Buffett A Note About Benjamin Graham, by Jason Zweig Introduction: What This Book Expects to Accomplish Commentary on the Introduction 1. Investment versus Speculation: Results to Be Expected by the Intelligent Investor Commentary on Chapter 1 2. The Investor and Inflation Commentary on Chapter 2 3. A Century of Stock-Market History: The Level of Stock Prices in Early 1972 Commentary on Chapters 3 4. General Portfolio Policy: The Defensive Investor Commentary on Chapter 4 5. The Defensive Investor and Common Stocks Commentary on Chapter 5 6. Portfolio Policy for the Enterprising Investor: Negative Approach Commentary on Chapter 6 7. Portfolio Policy for the Enterprising Investor: The Positive Side Commentary on Chapter 7 8. The Investor and Market Fluctuations Commentary on Chapter 8 9. Investing in Investment Funds Commentary on Chapter 9 10. The investor and his advisers Commentary on Chapter 10 11. Security Analysis for the Lay Investor: General Approach Commentary on Chapter 11 12 Things to Consider About Per-Share Earnings Commentary on Chapter 12 13. A Comparison of Four lasted Companies Commentary on Chapter 13 14. Stock Selection for the Defensive Investor Commentary on Chapter 14 15. Stock Selection for the Enterprising Investor Commentary on Chapter 15 16. Convertible Sties and Warrants Commentary on Chapter 16 17. Four Extremely Instructive Case Histories Commentary on Chapter 17 18. A Comparison of Eight Pairs of Companies Commentary on Chapter 18 19. Shareholders and Managements: Dividend Policy Commentary on Chapter 19 20. "Margin of Safely" as the Central Concept of Investment Commentary on Chapter 20 Postscript Commentary on Postscript Appendixes 1. The Superinvestors of Graham-and-Doddsville 2. Important Rules Concerning Taxability of Investment Income and Security Transactions on 1972 3. The Basics of Investment Taxation (Updated as of 2003) 4. The New Speculation in Common Stocks 5. A Case History: Aetna Maintenance Co. 6. Tax Accounting for NVF's Acquisition of Sharon Steel Shares 7. Technological Companies as Investments Endnotes Acknowledgments from Jason Zweig Index