The Intelligent Investor — Contents

Contents

Epigraph

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 of Investment

Commentary on Chapter 20

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 Authors

Credits

Copyright

About the Publisher

The text reproduced here is the Fourth Revised Edition, updated by Graham in 1971-1972 and initially published in 1973. The numbered chapter notes are original to Graham—bolded text in these notes is by Jason Zweig.

Jason Zweig’s new notes within Graham’s chapters are designated by an asterisk or a cross.