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The Intelligent Investor: The Definitive Book on Value Investing (Revised) Paperback – 27 August 2003

by Benjamin Graham (Author)

4.6 31,821 ratings

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Review "The Giver, a powerful and provocative novel, is sure to keep older children reading and thinking." New York Times “Lowry is once again in top form – raising many questions while answering few, and unwinding a tale fit for the most adventurous readers." Publishers Weekly About the Author Lois Lowry, author of over twenty novels and twice winner of the Newbery Medal (for The Giver and Number the Stars), was born on 20 March 1937 in Hawaii. Her father was an Army dentist and the family lived all over the world. Now divorced, she lives in West Cambridge with her dog, Bandit, and spends weekends in her nineteenth-century farmhouse in New Hampshire.

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Popular Highlights in this book

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“Obvious prospects for physical growth in a business do not translate into obvious profits for investors.”
Highlighted by 22,706 Kindle readers
Never mingle your speculative and investment operations in the same account, nor in any part of your thinking.
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“Those who do not remember the past are condemned to repeat it.”
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"By far the best book on investing ever written." -- Warren Buffett

"If you read just one book on investing during your lifetime, make it this one" -- Fortune

"The wider Mr. Graham's gospel spreads, the more fairly the market will deal with its public." -- Barron's

From the Back Cover

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, The Intelligent Investor is the most important book you will ever read on how to reach your financial goals.

Product details

ASIN ‏ : ‎ 0060555661
Publisher ‏ : ‎ HarperCollins US; Rev edition (27 August 2003)
Language ‏ : ‎ English
Paperback ‏ : ‎ 640 pages
ISBN-10 ‏ : ‎ 0060555665
ISBN-13 ‏ : ‎ 978-0060555665
Dimensions ‏ : ‎ 13.49 x 4.06 x 20.32 cm

Best Sellers Rank: 372 in Books (See Top 100 in Books)
- 1 in Options Trading
- 1 in Business Education & Reference
- 1 in Financial Accounting (Books)

Customer Reviews:
4.6 31,821 ratings

About the authors

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Benjamin Graham
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Benjamin Graham (/ɡræm/; born Benjamin Grossbaum; May 8, 1894 – September 21, 1976) was a British-born American economist and professional investor. Graham is considered the father 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. Graham had many disciples in his lifetime, a number of whom went on to become successful investors themselves. Graham's most well-known disciples include Warren Buffett, William J. Ruane, Irving Kahn and Walter J. Schloss, among others. Buffett, who credits Graham as grounding him with a sound intellectual investment framework, described him as the second most influential person in his life after his own father. In fact, Graham had such an overwhelming influence on his students that two of them, Buffett and Kahn, named their sons Howard Graham Buffett and Thomas Graham Kahn after him. Graham also taught at the UCLA Anderson School of Management.
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Jason Zweig
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Jason Zweig is an investing and personal finance columnist for The Wall Street Journal. Previously, he was a senior writer at Money magazine, mutual-funds editor at Forbes magazine, and a guest columnist for Time and cnn.com. He is the editor of the revised edition of Benjamin Graham's "The Intelligent Investor," the classic text that Warren Buffett has called "by far the best book about investing ever written." He is also the author of "The Devil's Financial Dictionary," a satirical glossary of Wall Street terms, and "Your Money and Your Brain," on the neuroscience and psychology of financial decision-making. Zweig serves on the editorial boards of Financial History magazine and The Journal of Behavioral Finance. Visit the author at www.jasonzweig.com and follow him on Twitter at @jasonzweigwsj.
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David Boyd

It’s a comprehensive and informative book about investing.

Reviewed in Australia on 29 December 2022

Verified Purchase

It’s an excellent and comprehensive book about investing, written in an easy readable style and understandable by most people. It outlasts many other texts because in the many oscillations of markets it explains the reasons for the many market variations. In particular I like the explanation of an intelligent investor on page 13, a concept that is carried throughout the book - all 600 pages of it.

Reviewed in Australia on 20 June 2023

Verified Purchase

Incredibly insightful and well written. Recommended for all looking to gain financial knowledge. There are technical parts that are challenging too.

Helpful

Dan Cooper

Good book but took a while

Reviewed in Australia on 20 March 2023

Verified Purchase

Really good book about value investing. Takes a WHILE to read though. I ended up reading the chapter summaries for the back half of the book. But it was still good.

One person found this helpful

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Jo

Book

Reviewed in Australia on 10 October 2023

Verified Purchase

My Son loves this book and the Author

Reviewed in Australia on 13 November 2022

Verified Purchase

Fantastic, in depth investment book written by one of the greatest investors. This is a must for anyone thinking about starting in investing or even those who already invest.

One person found this helpful

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Andrew Punch

Excellent book, a hard slog for beginners

Reviewed in Australia on 2 September 2021

Verified Purchase

I have been trading shares personally for 20 years. Over that time I have effectively been value investing.

Reading a book that spells out that investment methodology is a revelation. Warren Buffet specifically wrote to Graham asking to attend his class at Columbia University.

The methodology is very risk averse. This book was written in 1948, with the Great Depression still visible in the rear view mirror.

Definitely recommend the book but you need to have read some other books on the mechanics of how the stock market works before tackling this book.

Also recommend Security Analysis by the same authors - I'd read this book first.

10 people found this helpful

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David N

Blah, Blah - Boring Read

Reviewed in Australia on 15 December 2019

Verified Purchase

I was very keen to read this book but would not recommend it. It has a lot of dated and very detailed information that really means nothing in todays world. I had to troll through 700 odd pages to find half a dozen good points that could have been nicely summaries using only two pages. I gave it three stars because I can see it would have been very relevant book decades ago.

8 people found this helpful

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S. Su

Great book for amateur investors.

Reviewed in Australia on 4 February 2016

Verified Purchase

This book is absolutely terrific for people who are just starting to think about investing, it is written down with minimal technical language, reads in a very casual but informative way and provides plenty of interesting commentary on historical events.

The book does not teach someone how to make
millions but rather recommends a patient attitude to achieve long term sustainable growth. It emphasizes caution and establishes the market as a means to supplement income rather than being the primary source.

Absolutely recommended for those who want to get a little more out of their savings and those who are starting to look into investing.

10 people found this helpful

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Amazon Customer

A must read!

Reviewed in Brazil on 30 December 2023

Verified Purchase

A book that will change your mindset. Loved it!

Eduardo Garcia

La Biblia de los Inversionistas

Reviewed in Mexico on 12 November 2023

Verified Purchase

Los conceptos de Graham son fundamentales para cualquier inversionista, sin embargo el libro ya se siente un poco anticuado. Lo bueno es que tiene comentarios más recientes en cada capítulo que actualizan el contenido y dan ejemplos más modernos de lo que habla en el interior del capítulo. De cualquier manera es un libro indispensable para todos los asesores financieros e inversionistas profesionales.

One person found this helpful

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Filippo B.

6 stelle se si potesse. Molto utile.

Reviewed in Italy on 22 March 2024

Verified Purchase

Fondamentale lettura per gli investitori a lungo termine.

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Sergi Medina

Imprescindible

Reviewed in Spain on 9 January 2024

Verified Purchase

Este libro es imprescindible no solo para todos los inversores, sino también para cualquier persona.

Las finanzas, la inversión es un tema, o un conocimiento, que podría ser el más útil de todos además de la propia lengua y las matemáticas.

Es la única manera de ser independiente y libre verdaderamente.

Hay partes del libro algo más duras de leer para quienes no están muy metidos en el tema y otras que parecen obsoletas, pero en realidad es un libro ameno que se lee fácil y relativamente rápido.

Lo dicho: un imprescindible para cualquier persona que se precie.

Aprende todo lo que puedas, ahorra, invierte sabiamente, ten paciencia... y sé libre del Estado y sus corruptos políticos totalitarios... y de tu jefe.

2 people found this helpful

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Frank Calberg

The intelligent investor

Reviewed in Germany on 29 January 2024

Verified Purchase

Takeaways from reading the book:

What characterizes a market?
- Page 15: The market is a pendulum that forever swings between unsustainable optimism, which makes stocks too expensive, and unjustified pessimism, which makes them too cheap.
- Page 42: Bonds have almost always fluctuated much less than stock prices.
- Page 105: The performance of the stock market depends on 3 factors: 1. Real growth = The rise of companies' earnings and dividends. In the long run, the yearly growth in corporate earnings per share has averaged 1,5% to 2% 2. Inflationary growth = The general rise of prices throughout the economy. 3. Speculative growth or decline = Any increase or decrease in the investing public's appetite for stocks.
- Page 121: From 1897 to 1949 there were 10 market cycles running from bear market low to bull market high. 6 of these cycles took no longer than 4 years. 4 of the cycles took 6-7 years.

What should investors do?
- Page 39: The defensive investor is one who is interested chiefly in safety plus freedom from bother.
- Page 43: The interest and principal payments on good bonds are much better protected and therefore more certain than the dividends and price appreciation on stocks.
- Page 46: The defensive investor must confine himself / herself to the shares of important companies with a long record of profitable operations and in strong financial position.
- Page 46: Buy shares of well-established investment funds.
- Page 53: An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.
- Page 53: Investing consists equally of 3 elements: 1. You must thoroughly analyze a company and the soundness of its underlying business before you buy its stock. 2. You must deliberately protect yourself against serious losses. 3. You must aspire to adequate, not extraordinary, performance.
- Page 53: An investor calculates what a stock is worth based on the value of its businesses.
- Page 53: Invest only if you would be comfortable owning a stock even if you had no way of knowing its daily share price.
- Page 54: The intelligent investor has no interest in being temporarily right. To reach your long-term financial goals, you must be sustainably and reliably right.
- Page 95: If the investor is in doubt as to which course to pursue, she / he should choose the path of caution.
- Page 100: The intelligent investor must never forecast the future exclusively by extrapolating the past.
- Page 110: Never have less than 25% or more than 75% of his funds in common stocks, with a consequent inverse range of between 75% and 25% in bonds.
- Page 176: The evidence is clear: The more you trade, the less you keep.
- Page 234: Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.
- Page 287: Patience is the fund investor's single most powerful ally.
- Page 327: One of the most persuasive tests of high quality is an uninterrupted record of dividend payments going back over many years.
- Page 336: Read, for example, annual reports to find out 1) what makes companies grow and 2) where profits come from.
- Page 336 to 342: Examples of sources of growth and profit: 1. Strong brand. 2. Monopoly in the market. 3. The ability to supply large amounts of products cheaply. 4. A unique intangible asset. Example: Coca-Cola formula. 5. A resistance to substitution. Example: Many people have no alternative to electricity from a certain utility company. 6. The company is a marathoner - not a sprinter. 7. The company spends neither too little nor too much on research and development. 8. Leaders of companies say what they will do and do what they said. 9. The company generates more cash than it consumes. And leaders find good ways of putting the cash to productive use.
- Page 440: Look for companies that are managed by people who think like owners - not just managers. Two tests: 1. How understandable are the company's financial statements? 2. Are extraordinary charges extraordinary, or do they occur repeatedly?
- Page 554: Find ways to ask questions and give feedback to help a company work better.
- Page 576: How well do you understand the investment? What is the likelihood / probability that your analysis is right?
- Page 576: How will you react to consequences if your analysis turns out to be wrong?
- Page 578: In making decisions under uncertainty, the consequences must dominate the probabilities.
- Page 580: Avoid anything that appears overpriced.
- Page 583: To be an investor, you must believe in a better tomorrow.

What questions should investors ask to find the right adviser?
- Page 306: How honest is the adviser?
- Page 306: To what extent does the adviser care about helping clients?
- Page 306: To what extent does the adviser deliver good value for fees he or she receives?
- Page 306: What education do you have? How does your education qualify you to give financial advice?
- Page 306: What experience do you have? How does your experience qualify you to give financial advice?
- Page 306: To what extent does the adviser understand the fundamental principles of investing as outlined in this book?
- Page 309: How do you define the purpose of your work? Why do you do what you do?
- Page 309: How is the purpose of the company, for which the adviser works, defined?
- Page 310: How do you define financial success?
- Page 309: How do you find out what to invest in?
- Page 309: When you recommend an investment to an investor, do you accept compensation from others? Why? Why not?
- Page 309: Besides asset management, to what extent can you help with retirement planning and insurance?
- Page 309: What needs do investors, you help, have in common?
- Page 310: How many investors do you help? How often do you communicate with them?
- Page 310: What is the worst experience you had with an investor? How did you solve it?
- Page 309: What achievement for an investor are you most proud of?
- Page 310: What do you do when an investment performs well one year?
- Page 310: What do you do when an investment performs poorly one year?

What should mutual fund owners do?
- Page 274: Keep in mind that the higher expenses are, the lower returns are.
- Page 274: Keep in mind that the more frequently a fund trades its stocks, the less it tends to earn.
- Page 276: Find fund managers who are competent at picking stocks.

What are examples of changes that have happened?
Page 54: In 1973, the typical shareholder held a stock for 5 years before selling it. In 2002, the typical shareholder held a stock for 1 year before selling it. In 1973, the average mutual fund held on to a stock for 3 years before selling it. In 2002, the average mutual fund held on to a stock for 1 year before selling it.

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The Intelligent Investor: The Definitive Book on Value Investing (Revised) Paperback – 27 August 2003

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CRIME FICTION

TRUE CRIME

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BUSINESS & FINANCE

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HARPERCOLLINS CHRISTIAN

PARENTING - HELP IS HERE

GIFTS & BEAUTIFUL BOOKS

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GAME OF THRONES

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