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The Intelligent Investor

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4.24  ·  Rating details ·  62,522 ratings  ·  1,568 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
...more
Paperback, Collins Business Essentials, 623 pages
Published February 21st 2006 by Harper Business (first published 1949)
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Kevin Chidiac Personally i didn't read any books prior to reading this one. I just went over to www.investopedia.com, read all the basics about stocks, bonds,…morePersonally i didn't read any books prior to reading this one. I just went over to www.investopedia.com, read all the basics about stocks, bonds, commodities, trading floors(NYSE and NASDAQ chiefly), options, derivatives, etc... and in each page whenever some word was new to me i would lookup its definition and then resume reading. I've only taken one class of economics my entire life, so when i first started reading this book i couldn't understand a thing. But now i have the basic knowledge to understand - at least partially - what the author is talking about. Hope this helps :) (less)

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Monica
Jun 29, 2011 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
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Kenyon Harbison
Jan 23, 2010 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
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Brent
Nov 09, 2008 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
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Chad Warner
Jun 20, 2010 rated it liked it  ·  review of another edition
Recommends it for: Investors
Shelves: non-fiction, finance
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
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David
Nov 09, 2013 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
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Vivek Verma
May 14, 2015 rated it it was ok
I had high expectations from the book, which it failed to meet. But then, this book is too old to have a lot of relevance now.

The essence is that an intelligent investor is one who doesn’t think of this as gambling. Do solid fundamental, qualitative analysis rather than looking at charts. Know what the company stands for. And you can’t beat the market.

Maybe if you know nothing about the stock market, then this book is for you to get an idea of what you are getting into and what to expect.

The
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Tim Chang
Dec 02, 2012 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 ...more
Maciej Nowicki
Jun 21, 2019 rated it really liked it
Intelligent Investor by many is considered to be the best book on value investing that you will ever read. The book is written by Benjamin Graham who was Warren Buffett’s lecturer at Columbia University. Warren Buffett, one of the greatest investors of all time, personally endorses it and says that this is, by far, the best book on investing. He says that stock is an ownership interest in a company and is something completely opposite to speculation, day trading or anything like that.

At the
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Q.T. Pi
Feb 24, 2018 rated it really liked it
I saw that Benjamin Graham was Buffet's professor at Columbia and one of his closest friends. In fact Buffet named one of his kids after Graham. The Intelligent Investor teaches the philosophy that Buffet learned at school and went on to find massive success with. It does not teach people to ride market waves or speculate. Instead it instructs those who follow its teachings to calculate the intrinsic value of companies, find the ones that are either under priced or successful, but proven to have ...more
S.Ach
Warren Buffet calls out, "(this is) by far the best book on investing ever written."

……rest other testimonials are just reiterations.

------------
P.S. Not for traders.
P.P.S. Don't forget to read Jason Zweig's commentary after each chapter to get the current context. Most of the times, those help to understand the original text much better.
Jason Navallo
Nov 07, 2014 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.
Chchchch
Sep 08, 2014 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
Scott Dinsmore
Jul 09, 2009 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.

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
...more
Joseph
Jan 22, 2013 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,
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Andy
Sep 03, 2008 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"
...more
عبدالله
Sep 09, 2013 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
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Charlotte
Mar 23, 2014 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
...more
GeekyAlien
Apr 20, 2018 rated it really liked it
“By far the best book on investing ever written”, said Warren Buffet, known as the Father of Value Investing. This review is more than enough to pick and place it on your bookshelf and include in your reading list. Prior to making huge investments, it is essential to understand the whims of the market. Benjamin Graham emphasizes on safe investments. He was the one to coin the term ‘The Margin of Safety’. He explains the process of investment operation and focuses on adequate monetary returns. ...more
D
Apr 21, 2013 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
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Steve Bradshaw
Oct 12, 2010 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
...more
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
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Phil
Jun 23, 2009 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
...more
Peter Schmeltzer
May 20, 2019 rated it really liked it
Shelves: investing
Good. Pretty dry.
Kara Lane
Aug 20, 2014 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
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Omar Halabieh
Jul 25, 2011 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
...more
Arpit Agrawal
Jun 24, 2018 rated it really liked it
Shelves: eco-finance
A good introduction to the world of investing especially for young people looking to manage their personal finances. A definitive read for those looking for a disciplined approach to investment
Aik Yong Heng
Apr 23, 2010 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
...more
Constantine
Jun 24, 2018 rated it really liked it  ·  review of another edition
Shelves: x-4-star, z2018-06
Rating: 4.0/5.0

I have decided to pick up this classic and read it because I read that Warren Buffett calls it the bible of an investor. The book is filled with information and case studies. The original edition covers the stock markets and cases up to the year 1970, however, I have read the fourth edition which has an updated commentary by Jason Zweig.

I am not sure I can call this the bible of investing but all I can say that there are tons of useful information about stock market here. The
...more
Mark
Apr 04, 2010 rated it it was amazing
Shelves: philosophy, business
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
...more
Rohan Mehta
Oct 03, 2017 rated it it was amazing
This book is a mirror to find the kind of investor we are; along with comprehensive solutions to serve our individual requirements, as it has been wisely stated in the book- “It requires a great deal of boldness and a great deal of caution to make a great fortune; and when you have got it, it requires ten times as much wit to keep it.”
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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 ...more
“The intelligent investor is a realist who sells to optimists and buys from pessimists.” 58 likes
“An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.” 43 likes
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