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The Intelligent Investor: The Definitive Book on Value Investing Paperback – Feb. 21 2006

4.6 out of 5 stars 36,310 ratings

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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 every 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

Review

“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

Product details

  • ASIN ‏ : ‎ 0060555661
  • Publisher ‏ : ‎ Harper Business; Revised ed. edition (Feb. 21 2006)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 640 pages
  • ISBN-10 ‏ : ‎ 9780060555665
  • Item weight ‏ : ‎ 454 g
  • Dimensions ‏ : ‎ 13.49 x 4.06 x 20.32 cm
  • Customer Reviews:
    4.6 out of 5 stars 36,310 ratings

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4.6 out of 5 stars
4.6 out of 5
36,310 global ratings

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Reviewed in Canada 🇨🇦 on March 11, 2019
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Reviewed in Canada 🇨🇦 on February 10, 2018
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5.0 out of 5 stars Warren Buffet’s teacher wrote this book
Reviewed in Canada 🇨🇦 on October 21, 2022
Provides insight in how to look at stocks in the market as individual businesses instead of stocks. Full of great information on valuing a company based on shares outstanding, share price and earnings per share over your investment timeline brought back to current present value. Among other lessons
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Reviewed in Canada 🇨🇦 on October 4, 2022
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5.0 out of 5 stars Love it..
Reviewed in Canada 🇨🇦 on October 4, 2022
I got this book for my husband as a birthday gift.
I was little worried about the content. But my husband love it..
I highly recommend this book to anyone who love to gain knowledge about share market ..
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Reviewed in Canada 🇨🇦 on December 23, 2022
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BhaveshB.O.T™
4.0 out of 5 stars 🔴#1 HONEST(Unbiased) REVIEW of The Intelligent Investor "Investment Book For Lifetime"
Reviewed in India 🇮🇳 on May 30, 2019
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BhaveshB.O.T™
4.0 out of 5 stars 🔴#1 HONEST(Unbiased) REVIEW of The Intelligent Investor "Investment Book For Lifetime"
Reviewed in India 🇮🇳 on May 30, 2019
*Edition: I found commentary very useful (though often distracting). If you are not a professional - you'll appreciate the commentaries and epilogue - read it first? It's very inspiring.

*Book: "You either get the idea in the first five minutes, or you don't get it at all", said Warren Buffet in the epilogue.
- I would add - you don't necessarily need to read all 550 pages, but you must read through the idea of value investing - and it will change your way of looking at the world.
- I always felt confused and amazed by listening to all the ridiculous fuzz that comes from the Wall Street through TV and the internet. The book explains why.

🔴Several rules I noted into my keep:
፨ - Investor buys the business [based on its price/value], speculator buys the stock [based on an absurd believe that he can foresee where the stock price will go].
፨ - The best way to earn adequate return without any trouble whatsoever is to invest into cheap (low maintenance cost) indexes; use dollar averaging (buy every month instead of once at a random point of time) for smoothing the luck involved.
፨ - For enterprising investor (willing to spend much more time), look for a diversified list of bargain issues (at least 30 issues, business values (i.e. net current asset and other related metrics) is below market cap)
፨ - During the bubble, hot industries and companies are getting overpriced. That could only be financed from somewhere. Partially that money are coming from well established old economy companies that lose the appeal. Thus, invest in such old economy companies while bubble grows, as soon as the bubble burst - undervalued companies would rise back.
፨ - Don't ever buy IPOs! (See chapter for compelling arguments)
፨ - Don't consider companies that do not pay dividends. Dividends - money firm pays you for providing capital, they belong to you. They cut a piece for reinvestment - payout ratio. If firm doesn't pay dividends - invest all into growth so you could profit later - that's a speculation. Moreover stock price would be more volatile because it should now rely on future rather than current prospects.

The Intelligent Investor, by Benjamin Graham, is probably the most important and influential value investing book ever written even Warren Buffet described it as “by far the best book ever written on investing”.

፨ If you could only buy one investment book in your lifetime, this would probably be the one.
፨ It had been 6 months since I last read The Intelligent Investor. I have enjoyed my personal “refresher course” in value investing.

🔴Objective of The Intelligent Investor Book
፨ Benjamin Graham’s objective was to provide an investment policy book for the ordinary investor.
፨ He succeeded in putting seemingly hard concepts into terms that could be understood and, more importantly, implemented by the average investor.
፨ The typical investor has a tendency to “follow the market” when they should be employing portfolio risk management strategies. Instead, Graham gives us an alternative based on fundamental stock analysis.

፨ The goal is to learn how to avoid the pitfalls of allowing our emotions to control our investment decisions. Rather, Graham provides the foundation for making businesslike decisions.

🔴The Intelligent Investor puts special emphasis on teaching:
1. Risk management through asset allocation and diversification.
2. Maximizing probabilities through valuations analysis and margin of safety.
3. A disciplined approach that will prevent consequential errors to a portfolio.

🔴If you have any Doubt regarding this Review or this Product, then Feel Free to Contact me or Just ask me by commenting below.I Hope this Review was Helpful.Write reviews, help others, happy shopping.
Thank You for Reading this Review.
-●➽ʙʜᴀᴠᴇsʜ ʙ.ᴏ.ᴛ 🔥
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1,977 people found this helpful
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B.Sudhakar Shenoy
5.0 out of 5 stars Investing is more a matter of ‘character’ than ‘brain’
Reviewed in India 🇮🇳 on August 14, 2018
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Indranil Dey
5.0 out of 5 stars paper quality all of this book is very good.
Reviewed in India 🇮🇳 on November 17, 2017
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Indranil Dey
5.0 out of 5 stars paper quality all of this book is very good.
Reviewed in India 🇮🇳 on November 17, 2017
Little hard to understand for beginners. Otherwise this book is a jewel of investing.
Printing, font size, paper quality all of this book is very good.
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308 people found this helpful
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Matt Bourne
4.0 out of 5 stars A must for anyone curious about investing...
Reviewed in the United Kingdom 🇬🇧 on September 20, 2018
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John Garling
2.0 out of 5 stars Excellent but Completely Outdated
Reviewed in the United States 🇺🇸 on August 18, 2018
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1,299 people found this helpful
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