The Intelligent Investor
The classic text annotated by noted financial journalist Jason Zweig to update Benjamin Graham's timeless wisdom for today's market conditions. Warren Buffet: "By far the best book on investing ever written."
Considered the greatest investment advisor of the twentieth century, Benjamin Graham's philosophy of "value investing" -- which shields investors from substantial err
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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 ...more
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 ...more
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 ...more
... 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 ...more
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 ...more
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" ...more
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 ...more
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 ...more
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 ...more
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 ...more
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 ...more
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 ...more
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 ...more
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 ...more
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 ...more
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 ...more
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.
- 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 ...more
One thing I did not like about Jason's commentary was that he ...more
Just do it!!!! The most interesting book I have never seen.I love this book!I bought for my mother,my father,my grandfather,my grandmother.They all love this! However, my cat was dead.She was too excited to sleep after read this,so she dead.What a interesting book,though it kills my cat,but I don’t care!It let me know how beautiful the world is.Thank you,my lovely book.I will never forget you!
An honest reader Evelyn
(WHAT I HAVE SAID WAS TRUE!BELIEVE ME!PLEASE!!!!)
I guess it is a major comments that Graham's style of writing is rather confusing. The fact that he is avid reader of Goethe and Shakespeare might be the reason. But one can extract good points on every gibberish he said.
I hate that I have to, like a Buffett groupies (but I'm not), cite his love of Graham's books. Yes, everything Buffett endorsed sells. He read th ...more
When I read through it once I didn't understand much of it. The main idea I got from the book is that you have to think independent about the stock market. “The stock investor is neither right or wrong because others agreed or disagreed with him; he is right because his facts and analysis are right”(Graham,248).
Then I reread it and se ...more
While I personally think that our economy is going to be less stable in the next couple decades than it has been in ...more
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 ...more
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 ...more
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