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The Intelligent Investor

Benjamin Graham

Treat the market as a moody servant, not a guide - buy with a margin of safety and let price, not emotion, decide.

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Chapters

20
  1. Chapter 01Investment versus SpeculationReal investing means buying with a safety margin and a sensible return in mind; anything else is just gambling in a nice suit.Read this chapter →
  2. Chapter 02The Investor and InflationRising prices quietly eat your money's power, so the goal is to BEAT inflation, not merely avoid losing rupees.Read this chapter →
  3. Chapter 03A Century of Stock-Market HistoryMarkets swing between wild greed and deep fear over and over; knowing the pattern keeps you calm when others panic.Read this chapter →
  4. Chapter 04General Portfolio Policy: The Defensive InvestorA simple split between safe stuff and shares, barely touched, beats clever tinkering for almost everyone.Read this chapter →
  5. Chapter 05The Defensive Investor and Common StocksEven a careful investor should own some shares - sensibly chosen and held for the long run.Read this chapter →
  6. Chapter 06Portfolio Policy for the Enterprising Investor: Negative ApproachIf you want to pick stocks yourself, first learn firmly what to AVOID.Read this chapter →
  7. Chapter 07Portfolio Policy for the Enterprising Investor: The Positive SideThe active investor's real edge is patience and homework - hunting a few bargains everyone else ignores.Read this chapter →
  8. Chapter 08The Investor and Market FluctuationsTreat the market as a moody servant shouting prices, not a wise boss telling you what things are worth.Read this chapter →
  9. Chapter 09Investing in Investment FundsMost people do better in cheap, boring funds than chasing this year's star manager.Read this chapter →
  10. Chapter 10The Investor and His AdvisersA good adviser saves you from mistakes; be wary of anyone selling excitement or their own products.Read this chapter →
  11. Chapter 11Security Analysis for the Lay Investor: General ApproachYou don't need to be an expert to sanity-check a company's basic numbers.Read this chapter →
  12. Chapter 12Things to Consider About Per-Share Earnings'Earnings per share' can be dressed up - look at several years and the real cash, not one flattering number.Read this chapter →
  13. Chapter 13A Comparison of Four Listed CompaniesPut real companies side by side and you see how wildly price and quality can differ.Read this chapter →
  14. Chapter 14Stock Selection for the Defensive InvestorA short, strict checklist (size, strength, steady earnings, sensible price) keeps a careful investor safe.Read this chapter →
  15. Chapter 15Stock Selection for the Enterprising InvestorThe active picker uses tougher screens to find a few genuinely cheap, sound companies.Read this chapter →
  16. Chapter 16Convertible Issues and WarrantsFancy 'best of both worlds' instruments usually favour the seller, not you - read the fine print.Read this chapter →
  17. Chapter 17Four Extremely Instructive Case HistoriesA few spectacular blow-ups show what over-excitement and weak balance sheets really cost.Read this chapter →
  18. Chapter 18A Comparison of Eight Pairs of CompaniesTwin companies with very different fates show that quality and price decide the outcome.Read this chapter →
  19. Chapter 19Shareholders and Managements: Dividend PolicyYou own a piece of the business - care about how managers treat your money and your dividends.Read this chapter →
  20. Chapter 20"Margin of Safety" as the Central Concept of InvestmentAlways buy well below what you think it's worth, so being wrong still leaves you safe - this is the heart of it all.Read this chapter →

This is my own plain-English understanding of the book’s ideas, in my own words with my own ₹ examples, laid out against the book’s real chapters so you can relate the two. It is not the book and reproduces none of its text - if it helps, please buy the book. Not affiliated with the author or publisher. The author is not SEBI-registered; nothing here is investment advice.