Warren Buffett recommends two most important chapters - Chapter 8 (The Investor and Market Fluctuations or simply 'Mr Market') and Chapter 20 (Margin of Safety)
I certainly agree. I would also add that I found the following chapters quite useful: - Chapter 2:
on inflation, in which he, unsurprisingly, makes arguments in favour of stocks vs bonds, but unlike some modern commentators he cautions against buying stocks at any price
or setting expectations too high for stocks just because inflation is picking up. Just like Buffett, Graham views gold as a relatively poor hedge against inflation.- Chapter 11:
factors driving capitalisation rate and formula for cap rate for growth stocks);- Chapter 14 and 15:
provide criteria for selecting stocks for more conservative and more aggressive portfolios.- Chapter 19
(Shareholders and Managements) is also quite useful as it discusses (among other things) appropriate dividend policy depending on the stage of growth of a company.
Last thought I would like to share is a little piece of advice: sometimes bookshops promote the first edition, but I suggest reading the latest (4th) edition without any commentary by other authors. If you cannot buy a clean version, then just read Graham's chapters and skip the comments. You will save time and enjoy the original message.
You can also find a link to a famous 1984 article
that Warren Buffett wrote to explain the benefits of Graham's approach. In the article called "The Superinvestors of Graham-and-Doddsville"
Buffett provided the outstanding track record of a select group of investors most of whom had been students of Ben Graham.