The Intelligent Investor: The Classic Bestseller on Value Investing
Author: Benjamin Graham
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ISBN: 0060155477
Publisher: HarperBusiness (22 January, 1986)
Sales Rank: 2,102
Average Customer Rating: 4.3 out of 5
Customer Reviews
Rating: 5 out of 5
Valuation Primer & A History Lesson
In the late 1960s, a high-flying mutual fund manager remarked on a talk show that "the trouble with old Ben Graham is he just doesn't understand today's market." That particular time was one of somewhat extreme valuations, especially in technology issues. Ben Graham was writing the 4th edition of this book at about that time. The parallels to our market today, as described by Graham, make for fascinating reading --whether or not one reads THE INTELLIGENT INVESTOR to become an unadulterated Grahamian. Although most readers come to this book to learn how to pick stocks with value, I think the historical perspective interwoven amongst the numbers makes it an especially worthwhile read.Some readers complain about how dated the text is, but Ben Graham was writing for an audience witnessing the equity market hot-air bubble of the late sixties. The pop that followed in 1973 was no accident. Just recognizing the parallels between the high-flyers of that decade and those of our current market make this worthwhile reading. Likewise, readers who assimilate any of Graham's notions of value will heretofore comprehend Benjamin Graham's own inclination to plunge into the market when most investors were leaving it for dead in 1974.
Warren Buffett's lecture in the appendix ("The Superinvestors of Graham & Doddsville"), both a nice encapsulation of value investing and a refutation of the efficient market theory, is itself worth the price of the book. But there is much else in here that is worthwhile to the patient reader, who will likely return to Graham's ideas time and again in his/her investment career.
Rating: 5 out of 5
The first book that you should read about investing!
The Intelligent Investor by Benjamin Graham is a classic. Considered by many to be the father of value investing and modern security analysis, Benjamin Graham started working on Wall Street in 1914, a time when portfolio management was based more on unsupportable impressions and inside information. Benjamin Graham brought a disciplined and intelligent approach to the profession.After reading The Intelligent Investor in his senior year at the University of Nebraska, Warren Buffett was so impressed that he traveled to New York to study with Benjamin Graham at Columbia University. Warren Buffett once said that he was "15 percent (Philip) Fisher and 85 percent Benjamin Graham." The training that Warren Buffett received from Benjamin Graham was critical to his success. If you read this book, you'll know why.
The Intelligent Investor's emphasis is on investment principles and investors' attitudes. Several comparisons of specific securities are included to demonstrate important elements in security selection. The book provides a guide to avoiding the loss of investment capital as well as identifying securities which are likely to provide superior returns with a margin of safety.
Rating: 5 out of 5
One of the best books on investing ever written
This is a must read for any person serious about investing (ie not gambling) in the stock market. The book is rather easy to read. Graham was an investor but also a teacher (at Columbia). He has a good balance between technical yet simple explanation. If you know absolutely nothing about the stock market and financials, you may still find it a bit obscure at time, but you should probably not invest directly anyway (at least not right away). For everyone else, read it.
Yes the latest edition was written in 1972. It is amusing at time to see the evolution. But actually this evolution is also part of what you learn by reading the book. You do see that some things never change (like valuing a company!), and others do change quite a bit. it gives you a nice perspective. Now the intersting part of the book is to understand the logic of Graham, less its conclusions. The conclusions date a bit. Graham used to work at a time when most corporations where industrial companies, when nowadays services are dominant for example. So take graham conclucions with a grain of salt. But do read in depth and try to understand his logic.
Value investing won't make you rich overnight. But reasonnably well done, it will avoid having you lose money, and can even open you the doors of year by year over-performance in the market. Warren Buffett and several other successfull investors have followed the approach of Graham. But as they all say, when you first read about value investing, you either understand it right away, or you never will. But trust my 15 year of investing on the stock market, you're better of understanding the value of value investing. And this book is the key to it. Similar Products
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