The Intelligent Investor: The Classic Text on Value Investing
The greatest investment advisor of the twentieth century, Benjamin Graham taught and inspired people worldwide. Graham's philosophy of “value investing”—which shields investors from substantial error and teaches them to develop long-term strategies—has made The Intelligent Investor the stock market bible ever since its original publication in 1949. Over the years, market developments have proven the wisdom of Graham’s strategies. While preserving the integrity of Graham’s original text, this...
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More than one million hardcovers sold Now available for the first time in paperback!The Classic Text Annotated to Update Graham's Timeless Wisdom for Today's Market ConditionsThe greatest investment advisor of the twentieth century, Benjamin Graham taught and inspired people worldwide. Graham's philosophy of "value investing" — which shields investors from substantial error and teaches them to develop long-term strategies — has made The Intelligent Investor the stock market bible ever since its original publication in 1949.Over the years, market developments have proven the wisdom of Graham's strategies. While preserving the integrity of Graham's original text, this revised edition includes updated commentary by noted financial journalist Jason Zweig, whose perspective incorporates the realities of today's market, draws parallels between Graham's examples and today's financial headlines, and gives readers a more thorough understanding of how to apply Graham's principles.Vital and indispensable, this HarperBusiness Essentials edition of The Intelligent Investor is the most important book you will ever read on how to reach your financial goals. Fortune “If you read just one book on investing during your lifetime, make it this one”
ForewordixIntroduction: What This Book Expects to AccomplishxxiiiPart IGeneral Approaches to Investment1IWhat the Intelligent Investor Can Accomplish3IIThe Investor and Stock-Market Fluctuations21IIIThe Investor and His Advisers45IVGeneral Portfolio Policy: The Defensive Investor55VPortfolio Policy for the Aggressive Investor: Negative Approach75VIPortfolio Policy for the Enterprising Investor: The Positive Side89Part IIPrinciples of Security Selection109VIIUnited States Savings Bonds: A Boon to Investors111VIIISecurity Analysis for the Lay Investor: General Approach123IXStock Selection for the Defensive Investor137XStock Selection for the Enterprising Investor: The Appraisal Method147XIDetection of Undervalued Issues by Security Analysis: Three Examples163XIIThe Pattern of Change in Stock Earnings and Stock Prices175XIIIGroup Studies of Earnings and Price Developments195Part IIIThe Investor as Business Owner205XIVStockholders and Managements207XVA Study of Stockholder-Management Relations in Two Industries227Part IVConclusion239XVI"Margin of Safety" as the Central Concept of Investment241AppendixBuying and Selling by "Central Value" Method251Index257About Benjamin Graham265About John C. Bogle267
