The Intelligent Investor by Benjamin Graham | Full audiobook | Investing made easy

The Intelligent Investor is based on value investing, an investment approach Graham began teaching at Columbia Business School in 1928 and subsequently refined with David Dodd. This sentiment was echoed by other Graham disciples such as Irving Kahn and Walter Schloss. Warren Buffett read the book at age 20 and began using the value investing taught by Graham to build his own investment portfolio.

The Intelligent Investor also marks a significant deviation to stock selection from Graham's earlier works, such as Security Analysis. Which is, instead of extensive analysis on an individual company, just apply simple earning criteria and buy a group of companies. He explained the change as:

The thing that I have been emphasizing in my own work for the last few years has been the group approach. To try to buy groups of stocks that meet some simple criterion for being undervalued -- regardless of the industry and with very little attention to the individual company... I found the results were very good for 50 years. They certainly did twice as well as the Dow Jones. And so my enthusiasm has been transferred from the selective to the group approach. What I want is an earnings ratio twice as good as the bond interest ratio typically for most years. One can also apply a dividend criterion or an asset value criterion and get good results. My research indicates the best results come from simple earnings criterions.

Commentary on the Introduction

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 Market 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 and more
A Comparison of Eight Pairs of Companies
Shareholders and Managements: Dividend Policy
"Margin of Safety" as the Central Concept of Investment