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The Intelligent Investor by Benjamin Graham

The Intelligent Investor (1973)

by Benjamin Graham

Other authors: See the other authors section.

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The base advice is timeless, though the examples he uses, mostly from the 1940s through early 1970s, are dated. Luckily, Jason Zweig's useful commentary follows each chapter, summarizes the material, provides newer examples, from the late 1990s/early 2000s, and let's the reader know when changes in the industry have made one of Graham's points less relevant. It is a combination that works well. Younger readers, however, might find discussions of Enron and Global Crossing just as opaque as Graham's discussion of railroad bonds, and wish that there was an even newer revision. ( )
  Cicero | Jan 17, 2019 |
The Intelligent Investor, in its last edition by Benjamin Graham, is a book whose acquaintance would have benefited me greatly had I come across it as a young man back when it was published in 1973.

As much a psychological guide to market investing as a technical one, Mr. Graham provides wise and emphatic counsel on when you should be excited to invest (not when euphoric markets reign) and the investments one should seek (not the hottest ones exciting everyone most). He demonstrates how to evaluate companies in order to become the defensive investor he believes most of us should be, with good advice for “enterprising” investors too. It’s a clarifying vision. And helpfully, this vintage volume was updated by Jason Zweig in 2003 with interesting footnotes and commentaries.

The Intelligent Investor also calls our attention to the pitfalls of uncritical belief and the vigilance necessary to avoid them. As an example, he acquaints us with the accounting malpractice employed by some business concerns, something investors can’t afford to ignore. Jason Zweig injects passion into the text when discussing dividends and stock buybacks, aiming scorching words at corporate chiefs who devalue the former practice and too often celebrate the latter.

Direct, intelligent, and even at times entertaining, The Intelligent Investor is a valuable aid for most anyone wishing to learn how to think over, with composure, the issues involved in making better investment decisions. ( )
  dypaloh | Jul 12, 2018 |
History of Financial Advice Collection. The Intelligent Investor is the summation of Benjamin Graham’s philosophy of “value investing” and builds on his pioneering work with David Dodd in Security Analysis (1934). It is notable for its recommendation that investors always build a “margin of safety” into their portfolios (that is, that they invest only in companies that can be expected to meet their obligations to share- and bondholders comfortably in the future, and not only by the barest margin). The book’s metaphor of “Mr Market”—a temperamental character who invites the reader to buy at a different price every day, and often varies in mood wildly from one day to the next—has also been much discussed as a way of grasping the market’s tendency to fluctuate for purely psychological reasons, and the true investor’s obligation to buy only when the price represents good value in “fundamental” terms. Graham revised The Intelligent Investor multiple times in his later years, and new editions remain popular, the book’s reputation aided by the world’s most renowned investor, and a former protégé of Graham’s, Warren Buffett, praising it as “by far the best book about investing ever written.”
  LibraryofMistakes | Feb 17, 2018 |
As one of Warren Buffet's favorite books about investing, this book is certainly worth reading. The book was initially published just after WW II and has been updated regularly for 40 years. With this edition, Jason Zweig continues the revisions updating them to address the market around 2002.

The main thesis for being an intelligent investor is to identify values and to approach investing in a very conservative fashion. it emphasizes this with illustrations of how so many experts have gotten things wrong.

There are two criticisms of the book: (1) It does not really provide enough instruction on how to perform the analysis that Graham insists that investors should perform. Other books are needed for this. (2) The tables in the e-book version are essential to understand the text but those tables are more or less unreadable in the e-book. People wanting to read this book should invest in the paper version. ( )
  M_Clark | Feb 17, 2018 |
I see why this book is so popular and well-respected. However, out of the 20 chapters, there are only 6-8 chapters that I couldn't "must reads." If you want to read about investing, definitely add this to your list, but I recommend that you go to Investopedia to look up some of the terms and concepts. This is a heavy read, so don't rush through it. ( )
  JennysBookBag.com | Sep 28, 2016 |
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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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Amazon.com Amazon.com Review (ISBN 0060555661, Paperback)

Among the library of investment books promising no-fail strategies for riches, Benjamin Graham's classic, The Intelligent Investor, offers no guarantees or gimmicks but overflows with the wisdom at the core of all good portfolio management.

The hallmark of Graham's philosophy is not profit maximization but loss minimization. In this respect, The Intelligent Investor is a book for true investors, not speculators or day traders. He provides, "in a form suitable for the laymen, guidance in adoption and execution of an investment policy" (1). This policy is inherently for the longer term and requires a commitment of effort. Where the speculator follows market trends, the investor uses discipline, research, and his analytical ability to make unpopular but sound investments in bargains relative to current asset value. Graham coaches the investor to develop a rational plan for buying stocks and bonds, and he argues that this plan must be a bulwark against emotional behavior that will always be tempting during abrupt bull and bear markets.

Since it was first published in 1949, Graham's investment guide has sold over a million copies and has been praised by such luminaries as Warren E. Buffet as "the best book on investing ever written." These accolades are well deserved. In its new form--with commentary on each chapter and extensive footnotes prepared by senior Money editor, Jason Zweig--the classic is now updated in light of changes in investment vehicles and market activities since 1972. What remains is a better book. Graham's sage advice, analytical guides, and cautionary tales are still valid for the contemporary investor, and Zweig's commentaries demonstrate the relevance of Graham's principles in light of 1990s and early twenty-first century market trends. --Patrick O'Kelley

(retrieved from Amazon Thu, 12 Mar 2015 18:15:08 -0400)

(see all 6 descriptions)

"While preserving the integrity of Graham's original text, this revised edition includes updated commentary by noted financial journalist Jason Zweig, whose persepective 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."--P. [4] of cover.… (more)

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