THE INTELLIGENT INVESTOR

The Definitive Book on Value Investing

by Benjamin Graham, with preface and appendix by Warren Buffett

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New softcover book published 2006. 623 pages.

Beloved by millions, this timeless classic holds the key to all you desire and everything you wish to accomplish. This is the book that reveals the secret to personal wealth.

The best book on investing ever written, this classic work offers sound and safe principles for investing - principles that have worked for more than the half century since the first edition was published. This revised edition features a new introduction, appendix and chapter updates.

Since its original publication in 1949, Benjamin Graham's book has remained the most respected guide to investing, due to his timeless philosophy of 'value investing', which helps protect investors against areas of possible substantial error and teaches them to develop long-term strategies with which they will be comfortable down the road. This edition has been updated with new commentary by Jason Zweig

Book 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
2. The Investor and Inflation
3. A Century of Stock Market History: The Level of Stock Market Prices in Early 1972
4. General Portfolio Policy: The Defensive Investor
5. The Defensive Investor and Common Stocks
6. Portfolio Policy for the Enterprising Investor: Negative Approach
7. Portfolio Policy for the Enterprising Investor: The Positive Side
8. The Investor and Market Fluctuations
9. Investing in Investment Funds
10. The Investor and His Advisers
11. Security Analysis for the Lay Investor: General Approach
12. Things to Consider About Per-Share Earnings
13. A Comparison of Four Listed Companies
14. Stock Selection for the Defensive Investor
15. Stock Selection for the Enterprising Investor
16. Convertible Issues and Warrants
17. Four Extremely Instructive Case Histories
18. A Comparison of Eight Pairs of Companies
19. Shareholders and Managements: Dividend Policy
20. "Margin of Safety" as the Central Concept of Investment

* Postscript
* Commentary on Postscript
* Appendixes

1. The Superinvestors of Graham-and-Doddsville
2. Important Rules Concerning Taxability of Investment Income and Security Transactions (in 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

About the author
Benjamin Graham (May 8, 1894 - September 21, 1976) was an influential economist and professional investor who is today often called the "Father of Modern Security Analysis" from frequent references made to him by billionaire investor Warren Buffett, who studied under Graham at Columbia University, and was his only pupil to receive an A+. Graham was also called the "Dean of Wall Street" and is considered the first proponent of Value Investing. Other well known disciples (students and teaching assistants) of Graham include William J. Ruane, Irving Kahn, Walter J. Schloss, and Charles Brandes. Buffett, who credits Graham as grounding him with a sound intellectual investment framework, described him as the second most influential person in his life after his own father. In fact, Graham had such an overwhelming influence on his students that two of them, Buffett and Kahn, named their sons, Howard Graham Buffett and Thomas Graham Kahn, after him.
Benjamin Graham, 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.

The Intelligent Investor by Benjamin Graham