false 153761 0060752610 9780060752613 56 11 http://photo.goodreads.com/books/1172252948m/153761.jpg http://www.goodreads.com/book/show/153761.The_Intelligent_Investor_The_Classic_Text_on_Value_Investing 755 Benjamin Graham 675 139 5 0 false Thu Jun 01 00:00:00 -0700 2006 Fri Oct 05 11:39:18 -0700 2007 Fri Oct 05 12:10:27 -0700 2007
Many other future investors who studied with Graham, or later were influenced by him did extremely well.

The Intellegent Investor differentiates between speculation and investing. Investing, in contrast with speculation, is a decision one makes supported by facts and analysis. Preserving one's captial by ensuring a margin of safety is one of the key contructs of the philosophy.

Graham famously desribes "Mr. Market," a fictional, excitable character that is continually ready to buy or sell at a given price. In contrast to Mr. Market, a good investor makes a considered, long-term decision to invest in a owning a piece of a business based on fundamentals such as book value.

Buffett went on to refine the methods with additional considerations such as what Buffett calls "franchise value", which is the degree of sustained competitive advantage that protects a companies' ability to continue to realise excess profits over a long term. However, Graham's timeless wisdon still holds up today.]]>