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AA-Benjamin Graham - Intelligent Investor

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THE
INTELLIGENT
INVESTOR
A BOOK OF PRACTICAL COUNSEL
REVISED EDITION

B E NJAM I N G RAHAM
Updated with New Commentary by Jason Zweig

To E.M.G.

Through chances various, through all
vicissitudes, we make our way. . . .
Aeneid

Contents

Epigraph
Preface to the Fourth Edition, by Warren E. Buffett
A Note About Benjamin Graham, by Jason Zweig

x

Introduction: What This Book Expects to Accomplish
COMMENTARY ON THE INTRODUCTION

1.

2.
3.

4.

6.

7.

8.
iv

1
12

Investment versus Speculation: Results to Be
Expected by the Intelligent Investor

18

COMMENTARY ON CHAPTER 1

35

The Investor and Inflation

47

COMMENTARY ON CHAPTER 2

58

A Century of Stock-Market History:
The Level of Stock Prices in Early 1972

65

COMMENTARY ON CHAPTER 3

80

General Portfolio Policy: The Defensive Investor

88

COMMENTARY ON CHAPTER 4

5.

iii
viii

101

The Defensive Investor and Common Stocks

112

COMMENTARY ON CHAPTER 5

124

Portfolio Policy for the Enterprising Investor:
Negative Approach

133

COMMENTARY ON CHAPTER 6

145

Portfolio Policy for the Enterprising Investor:
The Positive Side

155

COMMENTARY ON CHAPTER 7

179

The Investor and Market Fluctuations

188

v

Contents
COMMENTARY ON CHAPTER 8

9. Investing in Investment Funds
COMMENTARY ON CHAPTER 9

213
226
242

10. The Investor and His Advisers

257

COMMENTARY ON CHAPTER 10

272

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
of Investment

280
302
310
322
330
339
347
367
376
396
403
418
422
438
446
473
487
497
512

COMMENTARY ON CHAPTER 20

525

Postscript

532

COMMENTARY ON POSTSCRIPT

535

Appendixes
1. The Superinvestors of Graham-and-Doddsville

537

Contents

vi

2. Important Rules Concerning Taxability of Investment
Income and Security Transactions (in 1972)
561
3. The Basics of Investment Taxation
(Updated as of 2003)

562

4. The New Speculati...
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