My heartfelt gratitude goes to all who helped me update Graham’s work, including: Edwin Tan of HarperCollins, whose vision and sparkling energy brought the project to light; Robert Safian, Denise Martin, and Eric Gelman of Money Magazine, who blessed this endeavor with their enthusiastic, patient, and unconditional support; my literary agent, the peerless John W. Wright; and the indefatigable Tara Kalwarski of Money. Superb ideas and critical readings came from Theodore Aronson, Kevin Johnson, Martha Ortiz, and the staff of Aronson + Johnson + Ortiz, L.P.; Peter L. Bernstein, president, Peter L. Bernstein Inc.; William Bernstein, Efficient Frontier Advisors; John C. Bogle, founder, the Vanguard Group; Charles D. Ellis, founding partner, Greenwich Associates; and Laurence B. Siegel, director of investment policy research, the Ford Foundation. I am also grateful to Warren Buffett; Nina Munk; the tireless staff of the Time Inc. Business Information Research Center; Martin Fridson, chief executive officer, FridsonVision LLC; Howard Schilit, president, Center for Financial Research & Analysis; Robert N. Veres, editor and publisher, Inside Information; Daniel J. Fuss, Loomis Sayles & Co.; F. Barry Nelson, Advent Capital Management; the staff of the Museum of American Financial History; Brian Mattes and Gus Sauter, the Vanguard Group; James Seidel, RIA Thomson; Camilla Altamura and Sean McLaughlin of Lipper Inc.; Alexa Auerbach of Ibbotson Associates; Annette Larson of Morningstar; Jason Bram of the Federal Reserve Bank of New York; and one fund manager who wishes to remain anonymous. Above all, I thank my wife and daughters, who bore the brunt of my months of round-the-clock work. Without their steadfast love and forbearance, nothing would have been possible.