"The most common cause of low prices is pessimism-some times pervasive, some times specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces. It's optimism that is the enemy of the rational buyer." - 1990 Chairman's Letter to Shareholders Warren BUFFETT
- U.S.A. - Canada - U.K. - France - Germany - Japan - Hong-Kong	Benjamin GRAHAM (1894-1976) An introduction to Value Investing main concepts : margin of safety, conservative vs. enterprising investors, stock selection filters...     The Intelligent Investor "By far the best book on investing ever written." - Warren E. Buffett Chapter Title Intro. What this book expects to accomplish 1 Investment vs. Speculation : results to be expected by the Intelligent Investor 2 The Investor and Inflation 3 A century of Stock-Market history : the level of stock prices in 1972 4 General portfolio policy : the Defensive Investor 5 The Defensive Investor and common stocks 6 Portfolio policy for the Enterprising Investor : negative approach 7 Portfolio policy for the Enterprising Investor : the positive side 8 The Investor and market fluctuations 9 Investing in investment funds 10 The Investor and his advisers 11 Security analysis for the lay Investor : general approach 12 Things to consider about per-share earnings 13 A comparison of four listed companies 14 Stock selection for defensive Investor 15 Stock selection for the Enterprising Investor 16 Convertible issues and warrants 17 Four extremely instructive case histories 18 A comparison of eight pairs of companies 19 Shareholders and managements : dividend policy 20 Margin of safety as the Central Concept