Benjamin.Graham.-.The.Intelligent.Investor文字版.pdf

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

2、nGraham,byJasonZweigxIntroduction:WhatThisBookExpectstoAccomplish1COMMENTARYONTHEINTRODUCTION121.InvestmentversusSpeculation:ResultstoBeExpectedbytheIntelligentInvestor18COMMENTARYONCHAPTER1352.TheInvestorandInflation47COMMENTARYONCHAPTER2583.ACenturyofStock-MarketHi

3、story:TheLevelofStockPricesinEarly197265COMMENTARYONCHAPTER3804.GeneralPortfolioPolicy:TheDefensiveInvestor88COMMENTARYONCHAPTER41015.TheDefensiveInvestorandCommonStocks112COMMENTARYONCHAPTER51246.PortfolioPolicyfortheEnterprisingInvestor:NegativeApproach133COMMENTAR

4、YONCHAPTER61457.PortfolioPolicyfortheEnterprisingInvestor:ThePositiveSide155COMMENTARYONCHAPTER71798.TheInvestorandMarketFluctuations188ivvContentsCOMMENTARYONCHAPTER82139.InvestinginInvestmentFunds226COMMENTARYONCHAPTER924210.TheInvestorandHisAdvisers257COMMENTARYON

5、CHAPTER1027211.SecurityAnalysisfortheLayInvestor:GeneralApproach280COMMENTARYONCHAPTER1130212.ThingstoConsiderAboutPer-ShareEarnings310COMMENTARYONCHAPTER1232213.AComparisonofFourListedCompanies330COMMENTARYONCHAPTER1333914.StockSelectionfortheDefensiveInvestor347COM

6、MENTARYONCHAPTER1436715.StockSelectionfortheEnterprisingInvestor376COMMENTARYONCHAPTER1539616.ConvertibleIssuesandWarrants403COMMENTARYONCHAPTER1641817.FourExtremelyInstructiveCaseHistories422COMMENTARYONCHAPTER1743818.AComparisonofEightPairsofCompanies446COMMENTARYO

7、NCHAPTER1847319.ShareholdersandManagements:DividendPolicy487COMMENTARYONCHAPTER1949720.“MarginofSafety”astheCentralConceptofInvestment512COMMENTARYONCHAPTER20525Postscript532COMMENTARYONPOSTSCRIPT535Appendixes1.TheSuperinvestorsofGraham-and-Doddsville537Contentsvi2.I

8、mportantRulesConcerningTaxabilityofInvestmentIncomeandSecurityTransactions(in1972)5613.TheBasicsofInvestmentTaxation(Updatedasof200