I am about half-way through the book The Intelligent Investor and I still feel comfortable with the July 1st start date for reading Security Analysis.

Below is a list of the main lessons of the book that I'm re-familiarizing myself with:

(Credits: David Merkel of The Aleph Blog)

1) Don’t over invest in equities.  Markets wash out occasionally, and it’s good to have some bonds around.
2) Don’t under invest in equities.  Bonds can only do so much for you, and it is good to deploy capital into equities when they are out of favor.
3) Stocks provide modest compensation against inflation risks.
4) Avoid callable bonds.  Avoid preferred stocks.
5) Be conservative in bond investing.  Read the prospectus carefully.  Often a bond is less safe than one would expect, and occasionally, it offers more value than one would expect.
6) Purchase bargain issues on a net asset value basis when you can find them, but be careful of quality issues.
7) Volatility of stock prices can be your friend if you understand the underlying value of a well-financed corporation.
8) Having a longer-term investment horizon is valuable, because one can take advantage of short-term fluctuations in price.
9) Growth is worth paying up for, but be disciplined.  Don’t overpay.
10) Be wary of mutual funds.
11) Be wary of experts.
12) Pay attention to the balance sheet; don’t invest in companies that are inadequately financed.
13) Review average earnings of cyclical companies.
14) Buy them safe and cheap.  Don’t overpay for growth and "trendiness."
15) Avoid highly acquisitive companies.
16) Watch cash flow, and question unusual accounting treatments.
17) Be careful with unseasoned (new) companies.
18) Strong dividend policies, in companies that can support the dividends, are an indicator of value.
19) Aim for a margin of safety in all investing.
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