This classic text is annotated to update Graham's timeless wisdom for today's market conditions...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 HarperBusiness Essentials edition of The Intelligent Investor is the most important book you will ever read on how to reach your financial goals.

Table of Contents

1. Investment versus Speculation: Results to Be Expected by the Intelligent Investor

2. The Investor and Inflation

3. A Century of Stock-Market History: The Level of Stock Prices in Early 1972

4. General Portfolio Policy: The Defensive Investor

5. The Defensive Investor and Common Stocks

6. Portfolio Policy for the Enterprising Investor: Negative Approach

7. Portfolio Policy for the Enterprising Investor: The Positive Side

8. The Investor and Market Fluctuations

9. Investing in Investment Funds

10. The Investor and His Advisers

11. Security Analysis for the Lay Investor: General Approach

12. Things to Consider About Per-Share Earnings

13. A Comparison of Four Listed Companies

14. Stock Selection for the Defensive Investor

15. Stock Selection for the Enterprising Investor

16. Convertible Issues and Warrants

17. Four Extremely Instructive Case Histories

18. A Comparison of Eight Pairs of Companies

19. Shareholders and Managements: Dividend Policy

20. “Margin of Safety” as the Central Concept of Investment

About the Author

Benjamin Graham (1894–1976), the father of financial analysis and value investing, has been an inspiration for generations of the world’s most successful businesspeople. He was also the author of Security Analysis and The Interpretation of Financial Statements.