|The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition)
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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
More than one million hardcovers sold
Now available for the first time in paperback!
The Classic Text Annotated to Update Graham's Timeless Wisdom for Today's Market Conditions
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, this HarperBusiness Essentials edition of The Intelligent Investor is the most important book you will ever read on how to reach your financial goals.
- Changed my mind on Investment Strategies
Bought this book with an eye towards value stock picking. I've read a few others, most notably Peter Lynch, and dabbled with a few thousand while keeping my savings in cash.
Graham and his commentators seem to have no agenda other than what's best for the investor. Before I got to chapter 8 he had convinced me that individual stock picking was a waste of my time. Dollar cost averaging into Index Funds and ETFs while they're cheap, balancing towards bonds when they're not; these are easy "set and forget" strategies and Graham has convinced me that they pay off.
I'll still buy a few individual stocks, just like I still like to shoot craps in Vegas. Take a small amount and be willing to lose it. For the rest of my savings I'll do the hardest thing for a "Defensive" Investor: leave it alone....more info
- Timeless Book, A Must - Read
For the investor looking to build the most solid foundation into understanding how to evaluate stocks, this is an absolute must to have on the shelf. ...more info
- Intelligent investor.
Anyone who chooses to comprehend this classic text will without a doubt expand their knowledge within the universe of value investment techniques. Moreover, in these times of muddled distinction between the investor and speculator, there is no better reason to buy this precious piece of Graham's intellectual genius than now. For myself, this book was truly the first necessary step to bring the perpetual pernicious chaos of what is conveniently termed speculating, to a more lucid order as I learned the true value of Graham's principles of value investing. We can all benefit to learn from this book....more info
- Good for entry but not for exit
The most informative and helpful chapters for me were 11 and 12 where the author discusses how to analyze a company's balance sheet and evaluate earnings. In addition Chapters 13,14 and 17,18 were of special value since comparison of different companies balance sheets was done. Using what I learned from this book I was able to put together a simple litmus test for me to even consider a company. This test requires: (1)An increase of at least 10% year over year in stockholder's equity and (2) an increase of at least 15% year over year in retained earnings.This indicates that the increase in equity is due to earnings that are retained on the balance sheet indicating growth. If a company did not pass these requirement it is dropped from consideration , otherwise further analysis was done.
When to sell on the other hand was not as clear. Selling when the balance sheet deteriorates may be too late since by then ususally the stock has dropped significantly.
You will thus need a book that allows you to objectively decide when to sell.The book Jim Cramer's Real Money: Sane Investing in an Insane World discusses how to determine bottoms and tops in stocks using more classic combinations of technical and fundamental indicators. ...more info
- Great reference, but only if you're already investing
I am not an experienced investor, and maybe that's why I found I did not understand enough of this book to make it worth my time. I am interested in jumping into the market (as soon as it seems like a reasonable time to do so), and picked up this book as a reference guide to help me get started. But most of the material went over my head.
I think the audience for this book is mainly experienced investors or students studying finance. Indeed, Benjamin Graham taught finance at Columbia University.
Now don't get me wrong, the book is brilliant. I think it probably is, as Warren Buffet claims, "By far the best book on investing ever written." But only if you are already a knowledgable investor. If you're just starting out, pick up a different book....more info
- Very Logical Investing Read
This book is a great read. It's very logical and practical. Graham's principles are somewhat conservative but that doesn't mean you don't make money, it just means you're smart about it or an "intelligent investor." The commentary provided at the end of each chapter helps to clarify and put it into today's context. I would suggest knowing very basic information on investing before reading this....more info
- Best Book to Eliminate Wall Street Propaganda
After being a stockbroker, and starting to deal with the market when I was 18, this book makes the best sense of the thinking process for investing. I first read this when my father gave me a copy when I turned 18. It still makes a great deal of sense and is rewritten in areas with up to date examples that are pertinent for today. Get it and read it! But most of all try and practice this discipline....more info
- The Intelligent Investor
Item arrived in good condition. Have not had the time to read it but it is highly recommended....more info
- Great Book, Very Informative!
This book is well worth the read. It is very detailed and informative about the fluctuations of the market and the effects on its stockholders. The "Intelligent Investor" will teach you how to avoid the most common and critical mistakes of investing in the market. Like I said before, the book is very detailed and is not for the practical beginner. I feel an intelligent understanding of the market and economics is necessary to have before reading this book. Highly Recommended....more info
- Best Investing Book I've Ever Read---Hands Down
Just finished Intelligent Investor and am starting on his Security Analysis. I.I. is not the easiest read (find a quiet room, have a notepad and paper, and read 1 or 2 chapters a night), but its insight is breathaking--particularly with the financial chaos (and volatility) of recent months. I've long been a fan of Warren Buffet and a Value Investor, and decided to read this book after reading of its influence on his style. If you have any desire to "run your own money" and self-direct your investments, you are a fool to not read this book. If you choose to not do it yourself (and nothing wrong with that choice, it takes ALOT of time), take Graham's prescient advice and simply place your money in stock and bond Index Funds and simply own the entire market. ...more info
- I wish
This book is great. Even though it covers past history I feel it gives insite into the future. At age 60, I no longer have time on my side. I wish I had read this book when I was 19 years old....more info
- Good all around investment advice.
I got a book of financial advice from many CEOs of famous companies and many of them cited this book. The edition I got has a modern commentary with examples from recent events (2003.) This book is generally geared to Value Investing for the long term. Warren Buffet orginally read this book in 1955 and used it as a tool to build Berkshire Hathaway. ...more info
- Great read
I read both this version and Graham's original version. This one expands on Graham's thoughts and adds to the length of the original(a good thing). This book gives you a good explanation about how the market works and how to maintain a margin of safety when you invest(in essence, a margin of safety allows you to break even on a stock purchase if things don't go as planned with the company). Some of Graham's methods don't work well anymore since so many people are involved with the market now but they are still interesting nonetheless. Yet every once in a while things come back into vogue so keep an eye out....more info
- great in 2008
If you lost big in 2008 it is your own fault. I lost 7.5%, I should have made 10%. READ this book carefully and follow its concepts. It is my litmus test for anybody in the investment field, if they have not read it (and probably 90% have not) I ignore their advice (or consider doing the opposite). read it follow it and you really do not need so called professional investment advice. My definition of investing is buying something for less than you think it is worth, Speculation is buying something today because you think someone will pay more for it later. Be an investor. ...more info
- very good basics as to investing in the Stock Markey
very good and I liked it alot i'm just start investing and I' throughly enjoyed it...........more info
- A Book For Success
Highly recommended. Undestand the basics on it to develop a succesful approach in investments. Follow the principles shown here by many succesful worldwide investors, including Warren Buffet....more info
- Wisdom for the ages
I as a novice should be the last person to review this book by the Father of Stock Market knowledge. I bought this book as a primer to the complex world of Stocks. This is the knowledge what a beginner would like to have before venturing into the erratic waters of stocks.
Read the basics and sail through!!...more info
- Work in finance? Invest some of your time in Benjamin Graham.
Take a deep breath. If there was ever a time to sit back and revisit some of Benjamin Graham's sage advice, this is it. Just this weekend the Wall Street Journal reported that in the ten years ended 12/31/07, the Dow never saw a 9% trading range within a single day. This year it has happened six times. What would Graham think of today's volatility? I wouldn't be so presumptuous to put words into his mouth, but if I had to guess, I think he would assert that there are pockets of opportunity for the enterprising investor who adheres to Graham's three elements of investing.
While not as academic as Security Analysis, The Intelligent Investor still does a remarkable job of explaining fundamental investment analysis concepts: risk management, valuation, investment versus speculation, margin of safety, and asset allocation, among others. But most impressive is the fact that the man who taught Warren Buffet about investing manages to discuss highly technical concepts in plain English, while leveraging case studies and unusual market events from the first half of the 20th century to add a sense of realism to theory. All of this makes the book an enjoyable and instructive read, and you can take the history lesson as an added bonus.
Another invaluable benefit of this edition is Jason Zweig's commentary throughout the book. After every chapter, Zweig presents a 21st century point of view, relating concepts and historical examples in the text to situations faced by today's companies. Some of the most outrageous examples from current times involve bankrupt and de-listed internet companies, and comments by management, analysts, and members of the financial press that are astonishing in retrospect. Zweig also does an outstanding job in the footnotes - elaborating on Graham's concepts or explaining dated material in the text that today's reader may not understand - from long forgotten stories of financial scandal to observations about Manhattan architecture.
The Intelligent Investor is a must read for anyone thinking of going into finance or currently employed in the industry. In a market where many asset managers seem to have abandoned basic analysis and sound due diligence in pursuit of a short cut to outsized (and ultimately unsustainable) returns, you might want to ask your advisor if he has read any or Graham's works. And if the answer is no, perhaps you should find someone who has.
- A Complete Investing Education
Take your time to read this book.
I am new to the investing discipline, but I found this book a comprehensive, well-written, and helpful overview of the knowledge that is required to make sound investments.
The tone is 'text-book'-like, so really pay attention and don't rush through pages and chapters.
I already plan to read this book again because there's so much to be learned.
It is truly remarkable that most of Graham's principles from the 1950s are still relevant today. Don't get swayed by the overblown hype of CNBC, Fox Business, CNNfn, etc. You can make long-term, profitable decisions once you have the knowledge that's throughout this book.
Definitely worth the money.
Dan Naden...more info
- Difficult To Follow, Great Advice
This book is difficult to read without a working knowledge of investment however the advice is solid for new investors and remains a valid reminder for more experienced investors as well. Grahm's work is really the foundation of modern investment schools of thought.
His approach is a simple one of picking solid companies that will not vanish in the next few years automating the investment portfolio to remove the greatest weakness in any investment plan: your own emotions.
Central to his system is the fact that it is very to match the market but hard to consistantly beat it. Indeed he argues that simply putting additional effort into trying to beat the market is often the best way to lose money in the long term. Instead he supports steady, safe investment in what the investor can rely on to be solid investments over the years, especially in undervalued companies and solid bonds, in order to avoid losses which would be impossible to recover from. Rather than running arace that isimpossible for you to win it is better to focus on your own long term goals and refuse to compare your results against that of others. Doing so makes you more willing to tak edangerous risks that ca destroy the valu eof your investments and so long as you reach your goals who cares how well someone else did?...more info
- The Intelligent Investor
You must read the book (written in 1973) and compare with the financial chaos today. If you believed bankers and investors learn from past history think again....more info
- A must-read Classic
A must-read for anyone who has a serious interest in investing. While very informative, I do have to admit the prose is a bit stilted and it was a slog in some places. The commentary by Jason Zweig was excellent and gave a much needed change of pace from the text.
While it's true that many of the ideas presented here are now old-hat and can be found in many other books, there is something fascinating and sobering about reading the source. I think it will give any investor a historical dimension to their thinking that will prove valuable to them....more info