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The Intelligent Investor (English) Paperback – 2013 Paperback – Notebook, 1 January 2003
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It is a widely acclaimed book by Benjamin Graham on value investing. Written by one of the greatest investment advisers of twentieth century, the book aims at preventing potential investors from substantial errors and also teaches them strategies to achieve long-term investment goals.
Over the years, investment market has been following teachings and strategies of Graham for growth and development. In the book, Graham has explained various principles and strategies for investing safely and successfully without taking bigger risks. Modern-day investors still continue to use his proven and well-executed techniques for value investment.
The current edition highlights some of the important concepts that are useful for latest financial orders and plans. Keeping Graham's unique text in original form, the book focuses on major principles that can be applied in day-to-day life. All the concepts and principles are explained with the help of examples for better clarity and understanding of the financial world.
Combination of original plan of Graham and the current financial situations are the reason behind this books preference todays investors. It is a detailed version with several wisdom quotes that are likely to change ones investing career and lead to the path of financial safety and security.
About the Author:A professional investor and economist, known all over the world, Benjamin Graham is believed to be the father of value investing. He first taught this new investment approach at Columbia Business School. A British-born, he is credited with having pioneered numerous cutting edge concepts that, many believe, pushed several of his followers in the world of investments, to the top.
- ISBN-100062312685
- ISBN-13978-0062312686
- Edition2011th
- PublisherHarper Business
- Publication date1 January 2003
- LanguageEnglish
- Dimensions20.3 x 25.4 x 4.7 cm
- Print length624 pages
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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'KelleyReview
“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
About the Author
Benjamin Graham was born on May 8th, 1894 and died on September 21st, 1976. He was known as the father of Value Investing. Graham was an American and was born in Britain. His love for finance kept burning bright, as he taught at the Columbian Business School. His keen interest in finance is what has made our present day investments fruitful.
Product details
- Publisher : Harper Business; 2011th edition (1 January 2003)
- Language : English
- Paperback : 624 pages
- ISBN-10 : 0062312685
- ISBN-13 : 978-0062312686
- Reading age : Customer suggested age: 10 years and up
- Item Weight : 581 g
- Dimensions : 20.3 x 25.4 x 4.7 cm
- Country of Origin : India
- Net Quantity : 1.00 count
- Best Sellers Rank: #203 in Books (See Top 100 in Books)
- #9 in Economics Books
- #13 in Analysis & Strategy
- Customer Reviews:
About the authors
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.
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.
Bio from Wikipedia, the free encyclopedia.
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- minimize the odds of suffering irreversible losses
- maximize the chance of achieving sustainable gains
- practice emotional control and behavior to help the investor achieve full potential.
The book is about investing and having said that, investing is for the long term. Short term investing is like saying one is a spendthrift miser. While long term investors buy stocks or bonds for its intrinsic value and hold them, the 'short termers' play on its price like a video game, high on dopamine, ‘seeing price patterns’. While the intrinsic value of the security is stable, the markets, built upon the greed and fear of speculators, fluctuate widely and it is this constant flow of price movements that is the juice of speculation.
The intelligent investor is the one who estimates the value of a stock based on some key parameters like the company’s long-term prospects, quality of management, financial strength and capital structure, dividend record, and current dividend.
Graham lists two types of intelligent investors. The ‘active’ or ‘enterprising’ who does continuous researching, selecting and monitoring a dynamic mix of stocks, bonds and mutual funds. The ‘passive’ or ‘defensive’ investor on the other hand, creates a permanent portfolio that runs on autopilot and requires no further effort (but generates very little excitement) argues the author so elegantly. Quoting the investment thinker Charles Ellis, ‘’the enterprising approach is physically and intellectually taxing, while the defensive approach is emotionally demanding’’.
For the long-term defensive investor, who has abundant emotional courage not to be distracted by daily price movements, there is no need to look at the daily price. In fact, the investor ‘’would be better off if his stocks had no market quotation at all, for he would be spared the mental anguish caused by other persons’ mistakes of judgement.’’ We don’t check the price of our house every hour! The intelligent investor would make use of any opportunity if a good company is facing a temporary crisis and add more shares to his portfolio at lower price. (In cases of extreme exuberance, it is also wise to sell if the price seems too high to be real). A prudent investment methodology would be to add on more of high quality stocks on a regular basis, thus paving way for ‘dollar cost averaging’. A well-diversified stock and bond portfolio ensures long term risk mitigation.
Though the book is highly acclaimed in investment circles, in practice, only a miniscule of market participants adhere to the key principles the world over. Hence, situations like the Dot com bubble, the financial crisis of the last decade and the collapse of high priced so called ‘high growth stocks’ of unworthy and nefarious companies happen repeatedly.
‘’A man is known by the books he reads” said Ralph Waldo Emerson. Invest in companies that have proven track record, stellar management capabilities and high ethical standards of corporate citizenry. Being an intelligent investor is more a matter of ‘character’ than ‘brain’, is the key message of this great tome.
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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.