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The Intelligent Investor: A Book of Practical Counsel (1949)

by Benjamin Graham

Other authors: See the other authors section.

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3,012293,147 (4.12)11
The greatest investment advisor of the twentieth century, Benjamin Graham taught and inspired people worldwide. Graham's philosophy of "value investing"--which shields investors from substantial error and teaches them to develop long-term strategies--has made The Intelligent Investor the stock market bible ever since its original publication in 1949. Over the years, market developments have proven the wisdom of Graham's strategies. While preserving the integrity of Graham's original text, this revised edition includes updated commentary by noted financial journalist Jason Zweig, whose perspective incorporates the realities of today's market, draws parallels between Graham's examples and today's financial headlines, and gives readers a more thorough understanding of how to apply Graham's principles. Vital and indispensable, The Intelligent Investor is the most important book you will ever read on how to reach your financial goals.… (more)

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» See also 11 mentions

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Zweig, Jason (Contributor)
  LOM-Lausanne | May 20, 2020 |
Here I have followed the recommendation of Warren Buffett, who claims that this was probably the most important book of his life. I like Ben Graham’s cautious principles rooted in fundamentals, especially his distinction between “investing” and “speculating, his concept of “margin of safety”, and his concept of “Mr. Market” who is an emotional wreck. In case you ever consider investing your money in stocks or bonds, read this first. ( )
  remouherek | Feb 24, 2020 |
The Intelligent Investor serves as a foundation for anyone interested in learning about investing. It is dated but there are universal concepts that remain true today. The revision brings some needed updates with great discussion on the dot com bubble. What I gained from reading this is investor behavior has not changed and there are many speculators in the market. In the current bull market, there is a optimism in companies that Graham would not find financially sound. Many people are seeking the next Amazon or Facebook. The important takeaway is timing the market is less important than finding companies that represent good value with potential growth. This book is not designed to tell the reader what exact stock to buy but instead give perspective on a healthy view on investing. ( )
  Anamie | Jan 12, 2020 |
Inefficient, ineffective….insufficient
  AAAO | Nov 21, 2019 |
Intelligent Investor by many is considered to be the best book on value investing that you will ever read. The book is written by Benjamin Graham who was Warren Buffett’s lecturer at Columbia University. Warren Buffett, one of the greatest investors of all time, personally endorses it and says that this is, by far, the best book on investing. He says that stock is an ownership interest in a company and is something completely opposite to speculation, day trading or anything like that.

At the beginning of the book, Graham outlines what he terms as investing as opposed to speculation. Basically, investing is where you aim to preserve the capital and you thoroughly research the shares so that, within a certain extent, guarantee what kind of earnings you’re going to get from that investment. In other words, invest only if you would feel comfortable to hold the stock in the future without seeing the fluctuating prices. That’s the essence of value investing.

Nevertheless, what Graham really highlights, apart from research and a plethora of ratios you should be able to evaluate, is how the psychology and logic of the investor really matter and how to keep your emotions under control. He goes through different types of investors, starting from the defensive investor who is someone a lot more careful. It could be even called the passive investor because he invests and then leaves the wallet allowing it to grow. Next, we have the entrepreneurial investor who is someone willing to and has time to do a lot more research to look for undervalued companies that he can put their money in and watch it grow over time. He also argues that most people should be the defensive investor because the entrepreneurial investor approach does require a lot of time. Too much time for someone who also has a full-time job at the same time as being an investor.

Next, he talks a lot about asset allocation. Generally speaking, it is about diversification of your investments where 75% of your portfolio you should be in stocks as the market is rising and 25% of it in bonds or other fixed-income assets. Of course, 75% to 25% is just approximation. As the market hits its peak (or what you think might be the peak) you should start to sell off your shares and start aiming at bonds which then should represent 75% of your wallet. When the recession hits rock bottom you should repeat the circle and go back to shares. Graham also gives his advice on further diversifications of companies in your wallet, their size and ratios they should present.

Intelligent Investor is a pretty old book and was written 1949 so you could expect some dry and a bit old-fashion language. Nevertheless, it was updated several times and I would recommend the latest version as each chapter was enhanced by comments provided by Jason Zweig. This adds a lot of value because he goes through what Graham is talking about and applies that to modern times and companies. On the other hand, as the book...(if you like to read my full review please visit my blog https://leadersarereaders.blog/the-intelligent-investor/) ( )
1 vote LeadersAreReaders | Jun 21, 2019 |
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» Add other authors (5 possible)

Author nameRoleType of authorWork?Status
Benjamin Grahamprimary authorall editionscalculated
Buffett, WarrenForewordsecondary authorsome editionsconfirmed
Zweig, JasonContributorsecondary authorsome editionsconfirmed
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"Through chances various, through all vicissitudes, we make our way...." -Aeneid
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The purpose of this book is to supply, in a form suitable for laymen, guidance in the adoption and execution of an investment policy.
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(Click to show. Warning: May contain spoilers.)
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