Summaries and Customer Reviews are supplied by Amazon.com
Summary:
Among the library of investment books promising no-fail strategies for riches, Benjamin Graham's classic, The Intelligent Investor, offers no guarantees or gimmicks but overflows with the wisdom at the core of all good portfolio management.
The hallmark of Graham's philosophy is not profit maximization but loss minimization. In this respect, The Intelligent Investor is a book for true investors, not speculators or day traders. He provides, "in a form suitable for the laymen, guidance in adoption and execution of an investment policy" (1). This policy is inherently for the longer term and requires a commitment of effort. Where the speculator follows market trends, the investor uses discipline, research, and his analytical ability to make unpopular but sound investments in bargains relative to current asset value. Graham coaches the investor to develop a rational plan for buying stocks and bonds, and he argues that this plan must be a bulwark against emotional behavior that will always be tempting during abrupt bull and bear markets.
Since it was first published in 1949, Graham's investment guide has sold over a million copies and has been praised by such luminaries as Warren E. Buffet as "the best book on investing ever written." These accolades are well deserved. In its new form--with commentary on each chapter and extensive footnotes prepared by senior Money editor, Jason Zweig--the classic is now updated in light of changes in investment vehicles and market activities since 1972. What remains is a better book. Graham's sage advice, analytical guides, and cautionary tales are still valid for the contemporary investor, and Zweig's commentaries demonstrate the relevance of Graham's principles in light of 1990s and early twenty-first century market trends. --Patrick O'Kelley
Customer Reviews:
Average Customer Rating:
A must-read classic on value investing
Customer Rating:
"An investment is one which, upon analysis, promises safety of principal and an adequate return. Anything else is a speculation and should be avoided." - Benjamin Graham
This quote pretty much sums up Graham's macro perspective on investing. Many investors view Benjamin Graham is the father of value investing and that's not far-fetched. This work is one of the best out there on the topic of value investing (or investing with a "Margin of Safety." It is a must read for anyone who has passion for the topic.
Benjamin Graham has laid down a solid, entirely fundamentals-driven argument for why value is the most sound approach to making stock selection/investment decisions. Its written clearly, its concise and its sound fundamental advice makes the work timeless. Mr. Graham does an excellent job of laying out great examples to convince you that value investing and dollar cost averaging is the only right way to invest. He further details the methods to pick a company and determine its intrinsic value. The book also has a number of case studies, allowing the reader to see real world application of Mr. Grahams concepts, though some of the commentary is distracting.
So, the principles in this book are solid, writing is clear, examples are beneficial. It is geared toward a long-term investor, but it lacks any technical analysis, which I believe can be very beneficial to determine when to get in/get out of a solid fundamental pick. Its one of my top 10 value investing reads, up there with Klarman's Margin of Safety, and Joel Greenblatts's You Can Be A Stock Market Genius.
Life Changing Read for a Life-Long Invester
Customer Rating:
I have been investing for more than forty years. At least I thought I was investing. Someone gave me a copy of the book SuperMoney, with the Jack Bogle intro, and that book led me to this Benj Graham classic. Err, UPDATED classic. Anyway, if you haven't read this book and taken it to heart, you can't really call yourself an investor. Not yet. This book is the single best investment you may ever make.
Good book, wasn't impressed though
Customer Rating:
I only read the commentaries as I was unable to understand the older english used by Graham. I wish it was much simpler.
Brilliant, though not sure the additional commentary adds much
Customer Rating:
This is the single best book on investing and I've read at least 20 books on the topic. It's impressive to see someone make predictions in a book written decades ago that still hold. Most authors either avoid predictions or rapidly go out of date. The 'new' commentary diluted the quality of the book, the additional author isn't bad, but it's always going to be a disappointment to go from a rock star author to commentary from more of a backing singer.
If you invest your own money, I'll be surprised if you don't get sufficient insight from this book that it pays for itself many times over.
Becoming intelligent
Customer Rating:
I'll keep this short and sweet. This is an 'old' classic. Wish I had read Graham 10 years ago during the internet boom/bust. would have changed my approach to markets significantly. Everyone quotes Graham, yet I have met very few who actually read him. This investment book is my number 1 recommendation. Lengthy, yet easy to read and filled with good stuff.
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