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The Intelligent Investor

THE. Intelligent . Investor . A BOOK OF PRACTICAL COUNSEL. REVISED EDITION. B E NJAM I N G RAHAM. Updated with New Commentary by Jason Zweig An e-book excerpt from To Through chances various, through all vicissitudes, we make our way.. Aeneid Contents Epigraph iii Preface to the fourth Edition, by Warren E. Buffett viii A Note About Benjamin Graham, by Jason Zweig x Introduction: What This Book Expects to Accomplish 1. COMMENTARY ON THE INTRODUCTION 12. 1. Investment versus Speculation: Results to Be Expected by the Intelligent Investor 18. COMMENTARY ON CHAPTER 1 35. 2. The Investor and Inflation 47. COMMENTARY ON CHAPTER 2 58. 3. A Century of Stock-Market History: The Level of Stock Prices in Early 1972 65.

ix Preface to the Fourth Edition BENJAMIN GRAHAM 1894–1976 Several years ago Ben Graham, then almost eighty, expressed to a friend the thought that he hoped every day to …

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