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The Intelligent Investor

In: Business and Management

Submitted By fluoxi
Words 224262
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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

iii

Preface to the Fourth Edition, by Warren E. Buffett

viii

A Note About Benjamin Graham, by Jason Zweig

x

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

1.

1
12

35

The Investor and Inflation

47

COMMENTARY ON CHAPTER 2

3.

18

COMMENTARY ON CHAPTER 1

2.

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

58
65

COMMENTARY ON CHAPTER 3

4.

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

80

General Portfolio Policy: The Defensive Investor

88

COMMENTARY ON CHAPTER 4

5.

101
124

Portfolio Policy for the Enterprising Investor:
Negative Approach

133

COMMENTARY ON CHAPTER 6

7.

112

COMMENTARY ON CHAPTER 5

6.

The Defensive Investor and Common Stocks

145

iv

155

COMMENTARY ON CHAPTER 7

8.

Portfolio Policy for the Enterprising Investor:
The Positive Side

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....

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