THE INTELLIGENT INVESTOR.PDF
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1、THE INTELLIGENTINVESTORA BOOK OF PRACTICAL COUNSELREVISED EDITIONBENJAMIN GRAHAMUpdated with New Commentary by Jason ZweigTo E.M.G.Through chances various,through all vicissitudes,we make our way.AeneidContentsEpigraphiiiPreface to the Fourth Edition,by Warren E.BuffettANote About Benjamin Graham,by
2、 Jason ZweigxIntroduction:What This Book Expects to Accomplish1COMMENTARY ON THE INTRODUCTION121.Investment versus Speculation:Results to Be Expected by the Intelligent Investor18COMMENTARY ON CHAPTER 1352.The Investor and Inflation47COMMENTARY ON CHAPTER 2583.ACentury of Stock-Market History:The Le
3、vel of Stock Prices in Early 197265COMMENTARY ON CHAPTER 3804.General Portfolio Policy:The Defensive Investor88COMMENTARY ON CHAPTER 41015.The Defensive Investor and Common Stocks112COMMENTARY ON CHAPTER 51246.Portfolio Policy for the Enterprising Investor:Negative Approach133COMMENTARY ON CHAPTER 6
4、1457.Portfolio Policy for the Enterprising Investor:The Positive Side155COMMENTARY ON CHAPTER 71798.The Investor and Market Fluctuations188ivviiivContentsCOMMENTARY ON CHAPTER 82139.Investing in Investment Funds226COMMENTARY ON CHAPTER 924210.The Investor and His Advisers257COMMENTARY ON CHAPTER 102
5、7211.Security Analysis for the Lay Investor:General Approach280COMMENTARY ON CHAPTER 1130212.Things to Consider About Per-Share Earnings310COMMENTARY ON CHAPTER 1232213.AComparison of Four Listed Companies330COMMENTARY ON CHAPTER 1333914.Stock Selection for the Defensive Investor347COMMENTARY ON CHA
6、PTER 1436715.Stock Selection for the Enterprising Investor376COMMENTARY ON CHAPTER 1539616.Convertible Issues and Warrants403COMMENTARY ON CHAPTER 1641817.Four Extremely Instructive Case Histories422COMMENTARY ON CHAPTER 1743818.AComparison of Eight Pairs of Companies446COMMENTARY ON CHAPTER 1847319
7、.Shareholders and Managements:Dividend Policy487COMMENTARY ON CHAPTER 1949720.“Margin of Safety”as the Central Concept of Investment512COMMENTARY ON CHAPTER 20525Postscript532COMMENTARY ON POSTSCRIPT535Appendixes1.The Superinvestors of Graham-and-Doddsville537Contentsvi2.Important Rules Concerning T
8、axability of InvestmentIncome and Security Transactions(in 1972)5613.The Basics of Investment Taxation(Updated as of 2003)5624.The New Speculation in Common Stocks5635.ACase History:Aetna Maintenance Co.5756.Tax Accounting for NVFs Acquisition of Sharon Steel Shares5767.Technological Companies as In
9、vestments578Endnotes579Acknowledgments from Jason Zweig589About the AuthorsCreditsFront CoverCopyrightAbout the PublisherThe text reproduced here is the Fourth Revised Edition,updated byGraham in 19711972 and initially published in 1973.Please beadvised that the text of Grahams original footnotes(de
10、signated in hischapters with superscript numerals)can be found in the Endnotes sec-tion beginning on p.579.The new footnotes that Jason Zweig has intro-duced appear at the bottom of Grahams pages(and,in the typefaceused here,as occasional additions to Grahams endnotes).Index591Preface to the Fourth
11、Edition,by Warren E.BuffettIread the first edition of this book early in 1950,when I was nine-teen.I thought then that it was by far the best book about investingever written.I still think it is.To invest successfully over a lifetime does not require a strato-spheric IQ,unusual business insights,or
12、inside information.Whats needed is a sound intellectual framework for making deci-sions and the ability to keep emotions from corroding that frame-work.This book precisely and clearly prescribes the properframework.You must supply the emotional discipline.If you follow the behavioral and business pr
13、inciples that Gra-ham advocatesand if you pay special attention to the invaluableadvice in Chapters 8 and 20you will not get a poor result fromyour investments.(That represents more of an accomplishmentthan you might think.)Whether you achieve outstanding resultswill depend on the effort and intelle
14、ct you apply to your invest-ments,as well as on the amplitudes of stock-market folly that pre-vail during your investing career.The sillier the markets behavior,the greater the opportunity for the business-like investor.FollowGraham and you will profit from folly rather than participate in it.To me,
15、Ben Graham was far more than an author or a teacher.More than any other man except my father,he influenced my life.Shortly after Bens death in 1976,I wrote the following shortremembrance about him in the Financial Analysts Journal.As youread the book,I believe youll perceive some of the qualities I
16、men-tioned in this tribute.viiiixPreface to the Fourth EditionBENJAMIN GRAHAM18941976Several years ago Ben Graham,then almost eighty,expressed to a friendthe thought that he hoped every day to do“something foolish,somethingcreative and something generous.”The inclusion of that first whimsical goal r
17、eflected his knack for pack-aging ideas in a form that avoided any overtones of sermonizing or self-importance.Although his ideas were powerful,their delivery wasunfailingly gentle.Readers of this magazine need no elaboration of his achievements asmeasured by the standard of creativity.It is rare th
18、at the founder of a disci-pline does not find his work eclipsed in rather short order by successors.But over forty years after publication of the book that brought structureand logic to a disorderly and confused activity,it is difficult to think of pos-sible candidates for even the runner-up positio
19、n in the field of securityanalysis.In an area where much looks foolish within weeks or monthsafter publication,Bens principles have remained soundtheir value oftenenhanced and better understood in the wake of financial storms thatdemolished flimsier intellectual structures.His counsel of soundnessbr
20、ought unfailing rewards to his followerseven to those with naturalabilities inferior to more gifted practitioners who stumbled while follow-ing counsels of brilliance or fashion.A remarkable aspect of Bens dominance of his professional field wasthat he achieved it without that narrowness of mental a
21、ctivity that concen-trates all effort on a single end.It was,rather,the incidental by-product ofan intellect whose breadth almost exceeded definition.Certainly I havenever met anyone with a mind of similar scope.Virtually total recall,unending fascination with new knowledge,and an ability to recast
22、it in aform applicable to seemingly unrelated problems made exposure to histhinking in any field a delight.But his third imperativegenerositywas where he succeeded beyondall others.I knew Ben as my teacher,my employer,and my friend.In eachrelationshipjust as with all his students,employees,and frien
23、dstherewas an absolutely open-ended,no-scores-kept generosity of ideas,time,and spirit.If clarity of thinking was required,there was no better place togo.And if encouragement or counsel was needed,Ben was there.Walter Lippmann spoke of men who plant trees that other men will situnder.Ben Graham was
24、such a man.Reprinted from the Financial Analysts Journal,November/December 1976.xA Note About Benjamin Grahamby Jason ZweigWho was Benjamin Graham,and why should you listen to him?Graham was not only one of the best investors who ever lived;he wasalso the greatest practical investment thinker of all
25、 time.Before Graham,money managers behaved much like a medieval guild,guided largely bysuperstition,guesswork,and arcane rituals.Grahams Security Analysiswas the textbook that transformed this musty circle into a modern pro-fession.1And The Intelligent Investor is the first book ever to describe,for
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