The Intelligent Investor
From Wikipedia, the free encyclopedia
 |
|
| revised edition, edited by Jason Zweig | |
| Author | Benjamin Graham |
|---|---|
| Language | English |
| Genre(s) | Finance |
| Publisher | Collins |
| Released | 1949 |
| Pages | 368 |
| ISBN | ISBN 0-06-055566-1 |
The Intelligent Investor by Benjamin Graham published in 1949, is a widely acclaimed book on investing. Famous investor and billionaire Warren Buffett describes it as "by far the best book on investing ever written"[citation needed], a sentiment echoed by other Graham disciples such as Irving Kahn and Walter Schloss.
The book, now in its 4th Revised Edition (1973), contains a preface and appendix by Warren Buffett and commentary by Jason Zweig.
Contents |
[edit] 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 Introduction (note: each chapter is followed by commentary from Jason Zweig)
- Investment versus Speculation: Results to be Expected by the Intelligent Investor
- The Investor and Inflation
- A Century of Stock Market History: The Level of Stock Market Prices in Early 1972
- General Portfolio Policy: The Defensive Investor
- The Defensive Investor and Common Stocks
- Portfolio Policy for the Enterprising Investor: Negative Approach
- Portfolio Policy for the Enterprising Investor: The Positive Side
- The Investor and Market Fluctuations
- Investing in Investment Funds
- The Investor and His Advisers
- Security Analysis for the Lay Investor: General Approach
- Things to Consider About Per-Share Earnings
- A Comparison of Four Listed Companies
- Stock Selection for the Defensive Investor
- Stock Selection for the Enterprising Investor
- Convertible Issues and Warrants
- Four Extremely Instructive Case Histories
- A Comparison of Eight Pairs of Companies
- Shareholders and Managements: Dividend Policy
- "Margin of Safety" as the Central Concept of Investment
- Postscript
- Commentary on Postscript
- Appendixes
- The Superinvestors of Graham-and-Doddsville
- Important Rules Concerning Taxability of Investment Income and Security Transactions (in 1972)
- The Basics of Investment Taxation (Updated as of 2003)
- The New Speculation in Common Stocks
- A Case History: Aetna Maintenance Co.
- Tax Accounting for NVF's Acquisition of Sharon Steel Shares
- Technological Companies as Investments
- Endnotes
- Acknowledgments from Jason Zweig
- Index
[edit] Mr. Market
Graham's favourite allegory is that of Mr. Market, an obliging fellow who turns up every day at the share holder's door offering to buy or sell his shares at a different price. Often, the price quoted by Mr. Market seems plausible, but often it is ridiculous. The investor is free to either agree with his quoted price and trade with him, or to ignore him completely. Mr. Market doesn't mind this, and will be back the following day to quote another price. The point is that the investor should not regard the whims of Mr. Market as determining the value of the shares that the investor owns. He should profit from market folly rather than participate in it. The investor is advised to concentrate on the real life performance of his companies and receiving dividends, rather than be too concerned with Mr. Market's often irrational behaviour.
[edit] Publications
- The Intelligent Investor: re-issue of the 1949 edition Benjamin Graham. Collins, 2005. ISBN 0-06-075261-0
- The Intelligent Investor: revised 1972 edition Benjamin Graham, Jason Zweig. Collins, 2003. ISBN 0-06-055566-1
