The Intelligent Investor

Summary Of The Book
The author of this phenomenal book is widely regarded as one of the greatest investment advisors of the twentieth century. He shares his philosophy of value investing, a concept that can protect investors from considerable errors and subsequent losses. This stock market bible advises readers to plan long term, and this revised edition contains an additionally commentary by Jason Zweig, a prominent financial journalist. He writes about the relevance of the author’s philosophies in today's market, and compares his examples to popular headlines in finance recently.

The Intelligent Investor: The Definitive Book On Value Investing commences with a preface written by Warren Buffett, and proceeds to an introduction by the author, elaborating on what this book can accomplish for you. Thereafter, the text is segregated into twenty chapters like Convertible Issues and Warrants, Shareholders and Managements: Dividend Policy, Investing in Investment Funds and The Defensive Investor and Common Stocks, to name a few. The author uses popular allegories to explain his concepts. For example, Mr. Market is used to exemplify the fluctuations of the stock market and to teach the reader to reap profits from market follies as opposed to being active participants in it.

A great book written for every stockholder, The Intelligent Investor: The Definitive Book On Value Investing was one of the first books that narrated the possible implementation of financial analysis to stock investments. Warren Buffett defines it as one of the best investment books ever written.

About Benjamin Graham
Benjamin Graham, born in 1894, was a British author and investor.
He has authored Security Analysis, Storage and Stability: A Modern Ever-normal Granary, World Commodities and World Currency, The Interpretation of Financial Statements and Benjamin Graham, The Memoirs of the Dean of Wall Street.

Born in London, Graham relocated to the city of New York with his family at the age of one. After graduating from Columbia University, he started the Graham-Newman Partnership on Wall Street. He has influenced personalities like Warren Buffett, Walter J. Schloss and William J. Ruane, and is popularly referred to as the Dean of Wall Street. His first book, Security Analysis, was published in 1934. Graham passed away in 1976, at the age of 82.

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Table of 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
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 Chapters 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 lasted 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 Sties 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 Safely" 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 on 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