THE INTELLIGENT INVESTOR.pdf

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1、THEINTELLIGENTINVESTORABOOKOFPRACTICALCOUNSELREVISEDEDITIONBENJAMINGRAHAMUpdatedwithNewCommentarybyJasonZweigToE.M.G.Throughchancesvarious,throughallvicissitudes,wemakeourway....AeneidContentsEpigraphiiiPrefacetotheFourthEdition,byWarrenE.BuffettviiiANoteAboutBenjaminGraham,byJasonZwe

2、igxIntroduction:WhatThisBookExpectstoAccomplish1COMMENTARYONTHEINTRODUCTION121.InvestmentversusSpeculation:ResultstoBeExpectedbytheIntelligentInvestor18COMMENTARYONCHAPTER1352.TheInvestorandInflation47COMMENTARYONCHAPTER2583.ACenturyofStock-MarketHistory:TheLevelofStockPricesinEarly19

3、7265COMMENTARYONCHAPTER3804.GeneralPortfolioPolicy:TheDefensiveInvestor88COMMENTARYONCHAPTER41015.TheDefensiveInvestorandCommonStocks112COMMENTARYONCHAPTER51246.PortfolioPolicyfortheEnterprisingInvestor:NegativeApproach133COMMENTARYONCHAPTER61457.PortfolioPolicyfortheEnterprisingInves

4、tor:ThePositiveSide155COMMENTARYONCHAPTER71798.TheInvestorandMarketFluctuations188ivvContentsCOMMENTARYONCHAPTER82139.InvestinginInvestmentFunds226COMMENTARYONCHAPTER924210.TheInvestorandHisAdvisers257COMMENTARYONCHAPTER1027211.SecurityAnalysisfortheLayInvestor:GeneralApproach280COMME

5、NTARYONCHAPTER1130212.ThingstoConsiderAboutPer-ShareEarnings310COMMENTARYONCHAPTER1232213.AComparisonofFourListedCompanies330COMMENTARYONCHAPTER1333914.StockSelectionfortheDefensiveInvestor347COMMENTARYONCHAPTER1436715.StockSelectionfortheEnterprisingInvestor376COMMENTARYONCHAPTER1539

6、616.ConvertibleIssuesandWarrants403COMMENTARYONCHAPTER1641817.FourExtremelyInstructiveCaseHistories422COMMENTARYONCHAPTER1743818.AComparisonofEightPairsofCompanies446COMMENTARYONCHAPTER1847319.ShareholdersandManagements:DividendPolicy487COMMENTARYONCHAPTER1949720.“MarginofSafety”asthe

7、CentralConceptofInvestment512COMMENTARYONCHAPTER20525Postscript532COMMENTARYONPOSTSCRIPT535Appendixes1.TheSuperinvestorsofGraham-and-Doddsville537Contentsvi2.ImportantRulesConcerningTaxabilityofInvestmentIncomeandSecurityTransactions(in1972)5613.TheBasicsofInvestmentTaxation(Updatedas

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