intelligent investor.pdf

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1、THEINTELLIGENTINVESTORABOOKOFPRACTICALCOUNSELREVISEDEDITIONBENJAMINGRAHAMUpdatedwithNewCommentarybyJasonZweigAne-bookexcerptfromToE.M.G.Throughchancesvarious,throughallvicissitudes,wemakeourway....AeneidContentsEpigraphiiiPrefacetotheFourthEdition,byWarrenE.

2、BuffettviiiANoteAboutBenjaminGraham,byJasonZweigxIntroduction:WhatThisBookExpectstoAccomplish1COMMENTARYONTHEINTRODUCTION121.InvestmentversusSpeculation:ResultstoBeExpectedbytheIntelligentInvestor18COMMENTARYONCHAPTER1352.TheInvestorandInflation47COMMENTARYO

3、NCHAPTER2583.ACenturyofStock-MarketHistory:TheLevelofStockPricesinEarly197265COMMENTARYONCHAPTER3804.GeneralPortfolioPolicy:TheDefensiveInvestor88COMMENTARYONCHAPTER41015.TheDefensiveInvestorandCommonStocks112COMMENTARYONCHAPTER51246.PortfolioPolicyfortheEnt

4、erprisingInvestor:NegativeApproach133COMMENTARYONCHAPTER61457.PortfolioPolicyfortheEnterprisingInvestor:ThePositiveSide155COMMENTARYONCHAPTER71798.TheInvestorandMarketFluctuations188ivvContentsCOMMENTARYONCHAPTER82139.InvestinginInvestmentFunds226COMMENTARYO

5、NCHAPTER924210.TheInvestorandHisAdvisers257COMMENTARYONCHAPTER1027211.SecurityAnalysisfortheLayInvestor:GeneralApproach280COMMENTARYONCHAPTER1130212.ThingstoConsiderAboutPer-ShareEarnings310COMMENTARYONCHAPTER1232213.AComparisonofFourListedCompanies330COMMEN

6、TARYONCHAPTER1333914.StockSelectionfortheDefensiveInvestor347COMMENTARYONCHAPTER1436715.StockSelectionfortheEnterprisingInvestor376COMMENTARYONCHAPTER1539616.ConvertibleIssuesandWarrants403COMMENTARYONCHAPTER1641817.FourExtremelyInstructiveCaseHistories422CO

7、MMENTARYONCHAPTER1743818.AComparisonofEightPairsofCompanies446COMMENTARYONCHAPTER1847319.ShareholdersandManagements:DividendPolicy487COMMENTARYONCHAPTER1949720.“MarginofSafety”astheCentralConceptofInvestment512COMMENTARYONCHAPTER20525Postscript532COMMENTARYO

8、NPOSTSCRIPT535Appendixes1.TheSuperinvestorsofGraham-and-Doddsville537Contentsvi2.ImportantRulesConcerningTaxabilityofInvestmentIncomeandSecurityTransactions(in1972)5613.TheBasicsofInvestmentTaxa