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The Intelligent Investor

4.26  ·  Rating Details  ·  22,623 Ratings  ·  687 Reviews

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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Kindle Edition, Revised Edition, 640 pages
Published (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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Monica
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
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Kenyon Harbison
Jan 23, 2010 Kenyon Harbison rated it it was amazing  ·  review of another edition
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
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Brent
Nov 09, 2008 Brent rated it it was amazing  ·  review of another edition
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
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David
Nov 09, 2013 David rated it really liked it  ·  review of another edition
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
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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
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Tim Chang
Dec 02, 2012 Tim Chang rated it really liked it  ·  review of another edition
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
Andy
Sep 03, 2008 Andy rated it liked it  ·  review of another edition
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"
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Chchchch
Sep 08, 2014 Chchchch rated it did not like it  ·  review of another edition
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
Scott Dinsmore
Jul 09, 2009 Scott Dinsmore rated it really liked it  ·  review of another edition
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.

Review:

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
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Jason Navallo
Nov 07, 2014 Jason Navallo rated it it was amazing  ·  review of another edition
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.
Joseph
Jan 22, 2013 Joseph rated it really liked it  ·  review of another edition
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
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عبدالله
Aug 18, 2014 عبدالله rated it it was amazing  ·  review of another edition
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
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Phil
Jun 23, 2009 Phil rated it really liked it  ·  review of another edition
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
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Aik Yong Heng
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
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Deborah
Dec 27, 2015 Deborah rated it really liked it  ·  review of another edition
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
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Mark
Apr 04, 2010 Mark rated it it was amazing  ·  review of another edition
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
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Kara Lane
Aug 20, 2014 Kara Lane rated it it was amazing  ·  review of another edition
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
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Jeffrey
Aug 16, 2014 Jeffrey rated it really liked it  ·  review of another edition
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
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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
Omar Halabieh
Jan 02, 2012 Omar Halabieh rated it it was amazing  ·  review of another edition
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
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Parksy
Jan 12, 2011 Parksy rated it really liked it  ·  review of another edition
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
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Karan Goel
Dec 08, 2015 Karan Goel rated it it was amazing  ·  review of another edition
This is the bible of investigating. There's a lot of advice in there, most of which is applicable to new and older investors. You don't have to be rich to become rich, just smart and careful. I would not recommend this book to someone who's completely new to the stock market and investing. Read up some 101 books first and then this content will be more useful. Do not skip Jason's commentary as they add more value with updated examples.

One thing I did not like about Jason's commentary was that he
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Manik Sukoco
Jan 06, 2016 Manik Sukoco rated it it was amazing  ·  review of another edition
I enjoyed this book, for two reasons. First, it gives us the accumulated wisdom of one of the best investors ever in our markets. Second, the annotations by Zweig provide some updated historical context, so that we can see how the environment has changed. Graham's central point is to invest in such a way as to maintain a margin of safety against killing losses, and he outlines some methods for doing that for both defensive and enterprising investors. My main, but small, complaint is that the sto ...more
Evelyn
Sep 11, 2014 Evelyn rated it liked it  ·  review of another edition
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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
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Nick Black
Nov 11, 2009 Nick Black rated it really liked it  ·  review of another edition
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.
Anna
May 13, 2015 Anna rated it really liked it
Shelves: economy
"Graham urges you to invest only if you would be comfortable owning a stock even if you had no way of knowing its daily share price."

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
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Andrew Ye
Dec 13, 2014 Andrew Ye rated it it was amazing  ·  review of another edition
I originally chose this book because I heard that the author of this book mentored Warren Buffett, who is one of the most successful investors of the 21st century.

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
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Blair
May 29, 2014 Blair rated it really liked it  ·  review of another edition
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
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Saran
Aug 07, 2016 Saran rated it really liked it  ·  review of another edition
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
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Charlotte
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
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  • Common Stocks and Uncommon Profits and Other Writings
  • Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor
  • The Four Pillars of Investing
  • One Up On Wall Street: How To Use What You Already Know To Make Money In The Market
  • The Essays of Warren Buffett: Lessons for Corporate America
  • The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns
  • You Can Be a Stock Market Genius: Uncover the Secret Hiding Places of Stock Market Profits
  • Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment
  • A Random Walk Down Wall Street
  • Value Investing: From Graham to Buffett and Beyond
  • Buffett: The Making of an American Capitalist
  • Buffettology: The Previously Unexplained Techniques That Have Made Warren Buffett the World's Most Famous Investor
  • Stocks for the Long Run
  • The Most Important Thing: Uncommon Sense for the Thoughtful Investor
  • The Warren Buffett Way: Investment Strategies of the World's Greatest Investor
  • The Aggressive Conservative Investor
  • Quality of Earnings
  • Capital Ideas: The Improbable Origins of Modern Wall Street
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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.” 21 likes
“Those who do not remember the past are condemned to repeat it.” 15 likes
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