Two centuries ago, it was said that if we stand on the shoulders of giants, we may see further than the giants themselves. The principal giant upon whose shoulders I have stood in writing this book is Benjamin Graham; the further distance brings the mutual fund industry into perspective.

My objective is to provide the same sort of framework for investing in mutual funds as Benjamin Graham provided for investing in individual stocks and bonds. His book The Intelligent Investor was first published in 1949. Revised and updated frequently thereafter, it set the standard against which other “how to invest” books are measured. It is no coincidence that the subtitle of this book, “New Perspectives for the Intelligent Investor,” echoes his title. Whether I have succeeded in accomplishing the demanding objective that I set for myself, I leave to your judgment.

If this is a good book, it is importantly because of the comments, criticisms, and even editing that I have received from numerous readers of the early drafts. Hesitant as I am to single out any of the commentators, I simply cannot ignore the priceless assistance of Peter L. Bernstein, founding editor of The Journal of Portfolio Management and writer of what is without doubt the most thoughtful and respected newsletter in the field; Warren E. Buffett, chairman of Berkshire-Hathaway and probably the nation's most successful investor; and R. H. (Tad) Jeffrey, president of The Jeffrey Company and a remarkable combination ...

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