Preface to the Fourth Edition, by Warren E. BuffettA Note About Benjamin Graham, by Jason ZweigIntroduction: What This Book Expects to AccomplishCOMMENTARY ON THE INTRODUCTION1.Investment versus Speculation: Results to Be Expected by the Intelligent InvestorCOMMENTARY ON CHAPTER 12.The Investor and InflationCOMMENTARY ON CHAPTER 23.A Century of Stock-Market History: The Level of Stock Prices in Early 1972COMMENTARY ON CHAPTER 34.General Portfolio Policy: The Defensive InvestorCOMMENTARY ON CHAPTER 45.The Defensive Investor and Common StocksCOMMENTARY ON CHAPTER 56.Portfolio Policy for the Enterprising Investor: Negative ApproachCOMMENTARY ON CHAPTER 67.Portfolio Policy for the Enterprising Investor:The Positive SideCOMMENTARY ON CHAPTER ?8.The Investor and Market FluctuationsCOMMENTARY ON CHAPTER 89. Investing in Investment FundsCOMMENTARY ON CHAPTER 910. The Investor and His AdvisersCOMMENTARY ON CHAPTER 1011. Security Analysis for the Lay Investor:General ApproachCOMMENTARY ON CHAPTER 1112. Things to Consider About Per-Share EarningsCOMMENTARY ON CHAPTER 1213. A Comparison of Four Listed CompaniesCOMMENTARY ON CHAPTER 1314. Stock Selection for the Defensive InvestorCOMMENTARY ON CHAPTER 1415. Stock Selection for the Enterprising InvestorCOMMENTARY ON CHAPTER 1516. Convertible Issues and WarrantsCOMMENTARY ON CHAPTER 1617. Four Extremely Instructive Case HistoriesCOMMENTARY ON CHAPTER 1718. A Comparison of Eight Pairs of CompaniesCOMMENTARY ON CHAPTER 1819. Shareholders and Managements: Dividend PolicyCOMMENTARY ON CHAPTER 1920. "Margin of Safety" as the Central Concept of InvestmentCOMMENTARY ON CHAPTER 20PostscriptCOMMENTARY ON POSTSCRIPTAppendixes1. The Superinvestors of Graham-and-Doddsville2. Important Rules Concerning Taxability of Investment Income and Security Transactions (in 1972)3. The Basics of Investment Taxation(Updated as of 2003)4. The New Speculation in Common Stocks5. A Case History: Aetna Maintenance Co.6. Tax Accounting for NVF's Acquisition of Sharon Steel Shares7. Technological Companies as InvestmentsEndnotesAcknowledgrnents from Jason ZweigIndex