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The Intelligent Investor
The greatest investment advisor of the twentieth century, Benjamin Graham taught ad 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 developments 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. Vital and indispensable, this Collins Business Essentials edition of The Intelligent Investor is the most important book you will ever read on how to reach your financial goals. About The Author Benjamin Graham (1894-1976), the father of value investing, has been an inspiration for many of today's most successful businesspeople. He is also the author of Securities Analysis and The Interpretation of Financial Statements. Table Of Contents 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 Chapter 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 Listed 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 Issues 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 Safety” as the Central Concept Commentary on Chapter 20 Postscript Commentary on Postscript Appendixes Endnotes Acknowledgements from Jason Zweig Index