Introduction: What this book expects to accomplish -- Investment versus speculation: Results to be expected by the intelligent investor -- The investor and inflation -- A century of stock-market history: The level of stock prices in early 1972 -- General portfolio policy: The defensive investor -- The defensive investor and common stocks -- Portfolio policy for the enterprising investor: Negative approach -- Portfolio policy for the enterprising investor: The positive side -- The investor and market fluctuations -- Investing in investment funds -- The investor and his advisers -- Security analysis for the lay investor: General approach -- Things to consider about per-share earnings -- A comparison of four listed companies -- Stock selection for the defensive investor -- Stock selection for the enterprising investor -- Convertible issues and warrants -- Four extremely instructive case histories -- A comparison of eight pairs of companies -- Shareholders and managements: Dividend policy -- "Margin of safety" as the central concept of investment -- Postscript -- Appendixes. The superinvestors of Graham-and-Doddsville -- Important rules concerning taxability of investment income and security transactions (in 1972) -- Basics of investment taxation (updated as of 2003) -- The new speculation in common stocks -- A case history: Aetna Maintenance Co. -- Tax accounting for NVF's acquisition of Sharon Steel shares -- Technological companies as investments.