The Classic Text Annotated to Update Grahams Timeless Wisdom for Todays Market Conditions.

“Fully conveys the basic principles of[Graham's]enormously successful and popular approach to investing.”-Money magazine

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 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 Collins Business Essentials edition of The Intelligent Investor is the most important book you will ever read on how to reach your financial goals.

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 ?

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

Acknowledgrnents from Jason Zweig

Index