Graham explains how to treat shares as pieces of a business, how to buy when price sits below intrinsic value, and how to let temperament—not excitement—do the work.

From this flow two paths: the defensive investor keeps costs low, diversifies, and holds a sensible mix of shares and bonds, while the enterprising investor does rigorous analysis and insists on a margin of safety. Through the ‘Mr Market’ parable, he shows how volatility is a servant, not a signal. Prices invite action only when they’re pessimistic. He tackles inflation, dividends, earnings quality and balance‑sheet strength, arguing that fundamentals beat forecasts and that adequate, steady returns compound better than heroic bets.

Updated commentary links these principles to index funds, bubbles and today’s data deluge, without diluting the original discipline. In a world optimised for clicks, this is a manual for keeping your capital safe, your process rational, and your future compounding.