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The Intelligent Investor (Collins Business Essentials)

4.25  ·  Rating Details  ·  20,588 Ratings  ·  647 Reviews
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 erro
Paperback, Revised Edition, 640 pages
Published February 21st 2006 by HarperBusiness (first published 1949)
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James Dere i would strongly suggest reading finance news that is relevant to you, to start. Bloomberg, WSJ, Economist, yahoo finance.. they all have stories I'm…morei would strongly suggest reading finance news that is relevant to you, to start. Bloomberg, WSJ, Economist, yahoo finance.. they all have stories I'm sure you can relate your general environment to. Also, follow stocks in companies that you come across on a daily basis (Apple, McDonald's, etc) look at their price charts and compare it to the news thats coming out. Stick with fundamental analysis first (since it more relatable) then you can move on to technical analysis. good luck(less)
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Jul 23, 2013 Monica rated it it was amazing  ·  review of another edition
Benjamin Graham’s last line in The Intelligent Investor sums up the entire book in his trade-mark common-sense way: “ To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.”

First published in 1949, this version that I read was re-published in 2005 with a forward written by John Bogle who started Vangard Mutual Fund. Bogle’s forward serves as a very good summary of The Intelligent Investor, highlighting key points clearl
Kenyon Harbison
Jan 23, 2010 Kenyon Harbison rated it it was amazing
Warren Buffett's pick as the greatest investment book of all time, and it really does live up to that review. Some highlights:

1) Your main goal should be to not LOSE money; so understand the distinction between 'investing' and 'speculating,' and understand that most so-called investors are actually speculators. Minimize the extent to which you are a speculator. If you go in trying to get rich quick, you'll lose.
2) To that end, trailing P/E should be less than 15 and P/E * P/B (tangible) should b
Nov 09, 2008 Brent rated it it was amazing
OK, the recent stock market drops scared me. I got hit by the drops in 99 and said I would never let it happen again. This time I had what I thought would be value stocks. The problem was I didn't know if I should sell or hold the stocks. So for $8 I bought a used copy of Ben Graham's book. I stopped reading my other book and read this book like crazy.

It was the best $8 ever spent. It teaches you some basics about the behavior of the market and it teaches you to be very careful. I learned some
Nov 09, 2013 David rated it really liked it
Okay, this is the book to read if you are serious about investing in stocks. Benjamin Graham's "value investing" method is the time-tested "choose 'em carefully and hold 'em" long-term strategy used by Warren Buffett. Benjamin Graham is the man that Warren Buffett calls The Man. So, you know, if you want to be rich like Warren Buffett, read this book.

... Of course it's not that easy. This book is long, dense, and dry. And even if you read and absorb every page, you're still not going to be Warre
Chad Warner
Mar 22, 2015 Chad Warner rated it liked it  ·  review of another edition
Recommends it for: Investors
Shelves: finance, non-fiction
If you read investing books or magazines, you've undoubtedly heard of Benjamin Graham. He's considered the father of value investing, and Warren Buffett is one of his disciples. In fact, The Oracle of Omaha called this book "the best book about investing ever written."

I have to disagree with Buffett on this one, but that's because I'm a very different type of investor than Buffett. I'm a Boglehead (follower of Vanguard founder John Bogle), so I invest through broadly diversified, passive index f
Tim Chang
Dec 02, 2012 Tim Chang rated it really liked it
To be honest, the commentary and footnotes of this book were more useful to me than the original content. The book in its original form is obviously outdated in terms of the specific examples it gives for ways to invest and the different companies it details. However, the commentary by Jason Zweig draws from the fundamental messages behind the book to provide more up-to-date advice on how to invest. Undoubtedly, Benjamin Graham provided the foundation for the commentary with his book, but I pers ...more
Sep 03, 2008 Andy rated it liked it
Shelves: nonfiction
The classic book on investing by the man who taught Warren Buffett. Originally written 50 years ago, and it is still relevant. The same lessons applied to specific industries and companies at the time of the writing have obvious parallels to different industries and companies today.

And there are some radical ideas, despite it's age, that fly in the face of "conventional wisdom". The most important example in my opinion was the idea of how much risk you should have in your investments:
The "risk"
Scott Dinsmore
Jul 09, 2009 Scott Dinsmore rated it really liked it
Why I Read this Book: Warren Buffet became the successful man he is today greatly as a result of what he learned from the man who wrote this book. We have the chance to read exactly what he read.


Whether you are an avid investor with a complex understanding of the markets or a beginner who is yet to start learning, there is little doubt that you have heard of Warren Buffet. He represents a level of success that very few people ever reach. Most of us know Buffet as the second richest man in
Sep 08, 2014 Chchchch rated it did not like it
To be honest, I have never seen such a terrible book. I just can't imagine that this book worth nearly $22. Actually, it is too expensive for me to afford this book because it cost me almost all my pocket money. But it doesn't worth such much money. When I am reading this book, I can't see anything about investing. I even don't believe the author can speak English. There are so many stupid mistakes like spelling mistakes and grammar mistakes. And through the articles that Benjamin Graham wrote, ...more
Jan 22, 2013 Joseph rated it really liked it
I'd read several books about Benjamin Graham as well as articles by him in the past, but this was my first foray into reading a book authored by him. It's definitely a great primer into the world of value investing and not only outlines its tenets but also their rationale. Several historical examples are used to illustrate his points.

One criticism: for all the words spent on intrinic value, no clear cut way is proposed for its calculation, however. Several proxies (i.e. book value, fair value, e
Aug 18, 2014 عبدالله rated it it was amazing
Wow ... This book is amazing. It is definitely a must read for investors in stock markets. It is not only a "book", it is a "reference".

The book shows enormous efforts from GRAHAM; the author, through the editions of this book.
The comments by ZWEIG are extremely beneficial and was up to the standard of the original text using updated info and statistics beyond GRAHAM's times. The piece written by BUFFET at the end of the book is such a wonderful one and - nearly - summarizes the whole idea of th
Jun 23, 2009 Phil rated it really liked it
It's amazing that this book is still relevant after so many years. Graham uses 100 years of stock market data to humble and convince you that you never know what the market will do and if you ever start thinking you do know, be careful. Based on the idea that you don't know, he then builds common sense strategy for investment.

The newest edition as been updated with a chapter of commentary after each of Graham's original chapters that attempts to discuss how Graham's advice would have held up th
Jason Navallo
Nov 07, 2014 Jason Navallo rated it it was amazing
This is an amazing book. I read it when I was 13 and what I've learned has stuck in my head ever since. It changed my whole way of thinking about the stock market and investing in general.
Aik Yong Heng
Apr 23, 2010 Aik Yong Heng rated it really liked it
The central Idea that I got from this book is that an Index Stock Fund outperforms other equity funds on a historical basis. And sometimes it outperforms active investing too. And from my wife’s portfolio of 5 years, it seems to be true.

The other Idea is the emotional Mr. Market. The stock market as a speculative investment is a zero-sum game, and Mr. Market plays the role of the crazy trader who trades stocks at a different price everyday. Of course, the book encourages investing for the long t
Dec 27, 2015 Deborah rated it really liked it
Ben Graham hoped every day to do “something foolish, something creative and something generous.”

The secret to your financial success is inside yourself. If you become a critical thinker and you invest with patient confidence, you can take steady advantage of even the worst bear market. By developing your discipline and courage, you can refuse to let other people’s mood swings govern your financial destiny. In the end, how your investments behave is much less important than how you behave.

All of
Apr 04, 2010 Mark rated it it was amazing
Shelves: business, philosophy
The value investors Bible.

If value investing had a holy book of scripture, this would be it! Not only was Ben Graham's timeless investment advice unassailable, but the commentary's after each chapter by Jason Zweig were current and refreshing.

While I learned and re-learned many truths with this book, some of the most valuable ideas were to distinguish between "investing" and "speculation." Graham asserts that most of what is called investing today would be more accurately named speculation. Also
Omar Halabieh
Jan 02, 2012 Omar Halabieh rated it it was amazing
This is a book that has been on my reading list for a while - as The reference in the investment field (from a fundamental analysis perspective). As Benjamin puts it in the introduction: "the purpose of this book is to supply, in a form suitable for the laymen, guidance in the adoption and execution of an investment policy."

The author makes it very clear from the beginning of the book (and throughout it) that his advice is addressed to investors and not speculators (see excerpts below). Within t
Jan 12, 2011 Parksy rated it really liked it
Shelves: finance, non-fiction
Was recommended as a must read for getting into investing.
Overall very readable - some chapters get a little heavy into issues i'm not really interested in, like bonds for example - but overall a very good place to start.

Main gist:
- buy value, and it tells you how to identify value - mostly looking at P/E, growth, and dividend history
- don't listen to Mr. Market - the day to day changes of the market shouldn't affect your opinion if you've done your research
- don't day trade
- if you aren't going
Nick Black
Nov 11, 2009 Nick Black rated it really liked it
Definitely the best investing book I've read (of, like, 3); it puts A Random Walk Down Wall Street to shame. Admittedly, it's been difficult not to make massive freaking money this year, but times will become hard once more, and I'm glad I'll have this knowledge by my side. Amazon, 2009-10-08.
Kara Lane
Aug 20, 2014 Kara Lane rated it it was amazing
I read Benjamin Graham's "Security Analysis" prior to reading "The Intelligent Investor," and while the earlier book is much more detailed and considerably longer than this one, Graham has captured all the important information here.

In this book, Graham makes his opinion on technical analysis clear. He notes that the one principle that applies to nearly all "technical" approaches is that one should buy because a stock or the market has gone up and sell because it has declined. He says this is th
Aug 16, 2014 Jeffrey rated it really liked it
Shelves: finance
Widely recommended as one of the best books on investing around, this classic did not disappoint. Unlike most finance books now, there are almost no equations in this book. Rather Graham sets out his thoughts and philosophy in words while providing specific examples.

Many of Graham's ideas and warnings still hold sway today - for example his warning about "creative accounting" methodologies were extremely prescient, with Enron debacle many decades later. His "Margin of Safety" criteria is also in
Peter Smith
Aug 02, 2014 Peter Smith rated it really liked it  ·  review of another edition
Benjamin Graham was one the leading proponents of investment analysis during the 20th century (among his leading acolytes is Warren Buffett) and this is one of his most famous books (Security Analysis: Principles and Technique being the other). It's a pretty helpful refresher as an investor to be reminded that you're not just buying the name of the stock, you're buying a piece of an actual business that should be evaluated thoughtfully and critically. Graham's last revision of this book was done ...more
May 29, 2014 Blair rated it really liked it
This was the bible on investing back when it was published and not too much has changed. Warren Buffet was a student of Benjamin Graham and has used a lot of his investment strategies to create his own. This is a great book to give a foundation to manage your own investments, even if you don't want to do anything but know where to put your money and leave it there until you retire.

While I personally think that our economy is going to be less stable in the next couple decades than it has been in
Apr 03, 2014 Saran rated it really liked it
I've only read this book, not implemented it. The basic premise voices a strong preference for the 'defensive investor', one who splits his equity into bonds and common stocks and expects to do merely as good as the market, as opposed to an 'aggressive investor', who attempts to beat it.

I read this book for the purpose of gaining familiarity with financial terminology, which purpose it serves well if not expressly. Outdated examples from the original 1970s edition are well complemented by Jason
Mar 23, 2014 Charlotte rated it it was amazing  ·  review of another edition
Shelves: finance
This is a book that offers down-to-earth, practical advice on investing to a layman audience. Graham's message can be summarized in the last sentence, "to achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks."

In particular, Graham introduces the following concepts:

1. Value Investing. Before selecting a stock, understand the company, protect yourself against serious losses, and aspire to "adequate" not extraordinary perfo
Laura (Kyahgirl)
I've been reading this book for ages, not because its boring or now worthwhile, but because it is so rich and detailed that I could only take it in small bites. (OK, and honestly, its so much easier to read escapist literature for entertainment!)

Why is this such a good book? Well, the particular edition I have, with a preface by Warren Buffet AND a preface by Jason Zwieg AND individual chapter commentaries by Jason Zwieg, gives the reader the teaching of legendary investor from an earlier time P
Dec 23, 2014 Phillip rated it it was amazing  ·  review of another edition
Shelves: favorites
The reason this is 5 stars is because of chapters 8 and 20. This was written more than 60 years ago. In very clear and simple language, Graham writes a book that makes sense and elucidates principles that are timeless, three of which, in my view, are the essence of investing and not speculating (investing defined as upon thorough analysis that promises return of principal and a reasonable rate of return): (1) the metaphor of Mr. Market -which, incidentally, Graham, in my view, invented behaviora ...more
Steve Bradshaw
Nov 25, 2014 Steve Bradshaw rated it it was amazing
Shelves: investment
A must read for anyone considering actively managing their own investment portfolio. Out and out the best book I've ever read on investing. I highly recommend this version with forward by Warren Buffet and commentary at the end of each chapter by Jason Zweig. Zweig artfully ties Graham's principals to recent events and defends value investing in modern times.

Graham's central thesis is as follows:

An investors main goal should be to not LOSE money; To do this one must understand the distinction b
Phillip Welshans
Jul 25, 2011 Phillip Welshans rated it really liked it
A great introductory text for value investing and generally how to value securities. This, along with Stocks for the Long Haul are good gateway drugs for investors looking to do more than trust a financial advisor or broker for your stock information. I like this edition in particular because Jason Zweig provides commentary at the end of each chapter. Zweig is a columnist for the WSJ and writes about personal finance and investing, and his comments often shed additional light on Graham's text an ...more
David Bruns
Aug 26, 2012 David Bruns rated it it was amazing
At long last, I finished The Intelligent Investor by Benjamin Graham. After hearing about the wonders of Graham as the teacher of Warren Buffett for so many years, it was a pleasure to get to know his work in person.

As Mr Buffett has said, there is no great secret in investing - buy low and sell high - but Graham takes the time to educate and talk through why this tends to be so hard for mortal beings as well as some guidelines to not let yourself be carried away by Mr Market. Investing is like
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Benjamin Graham (May 8, 1894 – September 21, 1976) was an American economist and professional investor. Graham is considered the first proponent of value investing, an investment approach he began teaching at Columbia Business School in 1928 and subsequently refined with David Dodd through various editions of their famous book Security Analysis. Disciples of value investing include Jean-Marie Evei ...more
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“An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.” 19 likes
“Those who do not remember the past are condemned to repeat it.” 13 likes
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