Introduction: What This Book Expects to Accomplish

1. “Letter stock” is stock not registered for sale with the Securities and Exchange Commission (SEC), and for which the buyer supplies a letter stating the purchase was for investment.

2. The foregoing are Moody’s figures for AAA bonds and industrial stocks.

Chapter 1. Investment versus Speculation:Results to Be Expected by the Intelligent Investor

1. Benjamin Graham, David L. Dodd, Sidney Cottle, and Charles Tatham, McGraw-Hill, 4th. ed., 1962. A fascimile copy of the 1934 edition of Security Analysis was reissued in 1996 (McGraw-Hill).

2. This is quoted from by Lawrence Chamberlain, published in 1931.

3. In a survey made by the Federal Reserve Board.

4. 1965 edition, p. 8.

5. We ...

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