One of America's most respected guides to the stock market, The Intelligent Investor offers sound principles proven by the success of hundreds of investors for over sixty years. Benjamin Graham's main objective in his philosophy of "value investing" is to protect the investor against the areas of possible substantial error, and to develop methodologies which are rational and with which the investor will be comfortable. Over the years, market developments have borne out the wisdom of Graham's basic principles. Here he takes account of both the defensive and the enterprising investor, outlining the principles of stock selection for each, and stressing the advantages of a simple portfolio methodology. The book makes a strong case to show that the continued success of common stocks cannot be taken for granted. Among its special features are the use of numerous comparisons of pairs of common stocks to bring out their elements of strength and weakness, and also the construction of investment portfolios designed to meet specific requirements of quality and price attractiveness.