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The Intelligent Investor: The Classic Text on Value Investing |  | Author: Benjamin Graham
Publisher: HarperBusiness
Category: Book
List Price: $29.99
Buy New: $15.93
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Rating:  29 reviews
Sales Rank: 8192
Media: Hardcover
Pages: 304
Number Of Items: 1
Shipping Weight (lbs): 1.3
Dimensions (in): 9.2 x 6.1 x 1.1
ISBN: 0060752610
Dewey Decimal Number: 332.678
EAN: 9780060752613
ASIN: 0060752610
Publication Date: May 1, 2005
Availability: Usually ships in 1-2 business days
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Product Description
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 error and teaches them to develop long-term strategies -- has made The Intelligent Investor the stock market bible ever since its original publication in 1949. Over the years, market developments have proven the wisdom of Graham's strategies. While preserving the integrity of Graham's original text, this revised edition includes updated commentary by noted financial journalist Jason Zweig, whose perspective incorporates the realities of today's market, draws parallels between Graham's examples and today's financial headlines, and gives readers a more thorough understanding of how to apply Graham's principles. Vital and indispensable, this HarperBusiness Essentials edition of The Intelligent Investor is the most important book you will ever read on how to reach your financial goals.
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| Customer Reviews:
Showing reviews 1-5 of 29
 Best book on investing EVER July 15, 2010
Raul A. Medina Nussbaum (Mexico City, Mexico)
If you are serious about investing, then you MUST read this book. This is the bible for value investing. Benjamin Graham is just superb, and well... you know who is his greatest apprentice, the world's top 3 richest man, he must have learned "something" from Graham. This is a must for any real investor.
Fantastic for the newbie who wants to start investing May 8, 2010
CDM (APO)
This book is awesome. It is well written and has more information than you will know what to do with. When you're done "studying" this volume, you will be well aquainted with terms, theories, things to do, what to watch out for - pretty much everything you will need to arm yourself with to begin investing. The updated commentaries at the end of each chapter helps put your readings into perspective and keeps the ideas relevent. One word of warning though - this book is NOT a get rich quick investing book.
Starting point for all value investing April 18, 2010
Sascha
Graham was looking for cigar butts to take one last free puff. In hindsight his trading records could have been much better, like those of the young Buffet who, inspired by Munger, soon went on looking for great companies at a reasonable price to hold on to them forever. In a next step Buffet/Munger added returns from insurance float to radically enhance the value of their portfolio. Most that was written by and about Graham reflects only step one, his cigar butt approach. Graham is nevertheless the starting point for value investing, like the Jones fund jump-started the hedge fund industry. The Intelligent Investor, as well as Security Analysis Security Analysis: Sixth Edition, Foreword by Warren Buffett (Limited Leatherbound Edition) (Security Analysis Prior Editions), are required fundamental reading for every aspiring value investor. Readers looking for more current insights into the subject should consider Value Investing - From Graham to Buffet and Beyond Value Investing: From Graham to Buffett and Beyond (Wiley Finance). All successful investing is diligent investing. On the subject of non-stupid investing, readers should explore Diligent Investing Diligent Investing - The Fable of Pushy, Punchy, and Professor Void. My copy by the way had no manufacturing defects at all, and neither had those of my friends. Mine came with pages unopened, as it was common in classical ("Victorian") bookbinding. I first wondered whether this was by design or by mistake but then reckoned that nothing would suit an investment classic better than traditionally sewn, high-quality paper.
This Is It March 31, 2010
T. Chandra (San Francisco, Los Angeles, New York)
I studied economics and finance in college. I also read all the usual finance/market sites (Motley Fool, Seeking Alpha, WSJ, Mad Hedge Fund Trader, etc). I firmly believe that this book is pretty much all you need and entirely essential for any investor. Worth 23409 times more than all the textbooks I had to read in school.
Clear, concise, simple, intelligent advise.
Besides, why would I ever disagree with Warren Buffet?
Book Review from the Aleph Blog January 23, 2010
David Merkel (Ellicott City, MD United States)
Fifteen years ago, my mom gave me a book that would change my life: The Intelligent Investor, by Benjamin Graham. Prior to that time, I was primarily investing in mutual funds, and did not have a coherent investment philosophy. The Intelligent Investor provided me with that philosophy.
What are the main lessons of this book?
1. Don't overinvest in equities. Markets wash out occasionally, and it's good to have some bonds around.
2. Don't underinvest in equities. Bonds can only do so much for you, and it is good to deploy capital into equities when they are out of favor.
3. Stocks provide modest compensation against inflation risks.
4. Avoid callable bonds. Avoid preferred stocks.
5. Be conservative in bond investing. Read the prospectus carefully. Often a bond is less safe than one would expect, and occasionally, it offers more value than one would expect.
6. Purchase bargain issues on a net asset value basis when you can find them, but be careful of quality issues.
7. Volatility of stock prices can be your friend if you understand the underlying value of a well-financed corporation.
8. Having a longer-term investment horizon is valuable, because one can take advantage of short-term fluctuations in price.
9. Growth is worth paying up for, but be disciplined. Don't overpay.
10. Be wary of mutual funds.
11. Be wary of experts.
12. Pay attention to the balance sheet; don't invest in companies that are inadequately financed.
13. Review average earnings of cyclical companies.
14. Buy them safe and cheap. Don't overpay for growth and trendiness.
15. Avoid highly acquisitive companies.
16. Watch cash flow, and question unusual accounting treatments.
17. Be careful with unseasoned (new) companies.
18. Strong dividend policies, in companies that can support the dividends, are an indicator of value.
19. Aim for a margin of safety in all investing.
That's my quick synopsis of the book. Though I am not a strict Graham-and-Dodd investor (who is?), I apply the basic principles to most of what I do. This is still a relevant book today because the principles are timeless. If you want the updated version with writing from Jason Zweig, that's fine. You gain in current relevance, and lose a little in nuance. Graham was a very bright guy. I give Zweig credit for trying, but aside from Buffett or Munger, who would really be adequate to revise The Intelligent Investor? I don't think I would be adequate to the task....
Showing reviews 1-5 of 29
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