The Intelligent Investor - The Definitive Book On Value Investing

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THE INTELLIGENT INVESTOR A BOOK OF PRACTICAL COUNSEL REVISED EDITION BENJAMIN GRAHAM Updated with New Commentary by Jason Zweig ...

To E.M.G. ...

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

Contents Epigraph iii Preface to the Fourth Edition, by Warren E. Buffett ANote About Benjamin Graham, by Jason Zweigx Introduct ...

v Contents - COMMENTARY ON CHAPTER Investing in Investment Funds COMMENTARY ON CHAPTER The Investor and His Advisers ...

Contents vi Important Rules Concerning Taxability of Investment Income and Security Transactions (in 1972) 561 The Basics of In ...

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Preface to the Fourth Edition, by Warren E. Buffett Iread the first edition of this book early in 1950, when I was nine- teen. I ...

ix Preface to the Fourth Edition BENJAMIN GRAHAM 1894– Several years ago Ben Graham, then almost eighty, expressed to a friend t ...

x A Note About Benjamin Graham by Jason Zweig Who was Benjamin Graham, and why should you listen to him? Graham was not only one ...

xi A Note About Benjamin Graham erness—on upper Fifth Avenue. But Ben’s father died in 1903, the porcelain business faltered, an ...

A Note About Benjamin Graham xii How did Graham do it? Combining his extraordinary intellectual powers with profound common sens ...

xiii A Note About Benjamin Graham I envy you the excitement and enlightenment of reading Graham’s masterpiece for the first time ...

INTRODUCTION: What This Book Expects to Accomplish The purpose of this book is to supply, in a form suitable for lay- men, guida ...

Rich.” * His thesis was that savings of only $15 per month invested in good common stocks—with dividends reinvested—would pro- d ...

lasting success on Wall Street. In our own stock-market experience and observation, extending over 50 years, we have not known a ...

Bankruptcy of our largest railroad, excessive short- and long- term debt of many formerly strongly entrenched companies, and ev ...

els. That was too good to be true. At long last the stock market has “returned to normal,” in the sense that both speculators an ...

In the past we have made a basic distinction between two kinds of investors to whom this book was addressed—the “defensive” and ...