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The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition) [Paperback]

Benjamin Graham , Jason Zweig , Warren E. Buffett
4.5 out of 5 stars  See all reviews (521 customer reviews)

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Book Description

February 21, 2006 0060555661 978-0060555665 Revised
This classic text is 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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The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition) + One Up On Wall Street: How To Use What You Already Know To Make Money In The Market + Common Stocks and Uncommon Profits and Other Writings
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Editorial Reviews

Amazon.com Review

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

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

  • Paperback: 640 pages
  • Publisher: Collins Business; Revised edition (February 21, 2006)
  • Language: English
  • ISBN-10: 0060555661
  • ISBN-13: 978-0060555665
  • Product Dimensions: 8 x 5.3 x 1.5 inches
  • Shipping Weight: 1 pounds (View shipping rates and policies)
  • Average Customer Review: 4.5 out of 5 stars  See all reviews (521 customer reviews)
  • Amazon Best Sellers Rank: #28 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews
780 of 796 people found the following review helpful
Format:Paperback
When I first came across the first edition of this book in my local library in 1959, I was a teenager. Back in those days there were only a handful of books about the stock market. And I've read all of them during my junior high and high school years.
This latest updated 623-page paperback (the index alone is 33 pages) version updated by Jason Zweig is a welcome addition to this classic. The original chapters are intact, but with footnoted comments by Zweig. Moreover, he provides his own commentary on each chapter contents in a separate chapter following each original chapter. He provides extensive research, charts, tables and commentary that updates the book to the present years. He is not afraid to take on the big guns of Wall Street and show how wrong they were in some of their extremely bullish predictions during January-March 2000, when the market was at its peak.
The first nine chapters cover investing basics that all investors could benefit from. There are many truisms spouted on Wall Street that are not really true. These chapters provide the investor with a realistic picture of how Wall Street works and what investors need to do to come out ahead.
Chapters 10-20 focus strictly on fundamental analysis, stock selection, convertible issues and warrants, and other subjects. Investors who plan to invest directly in stocks should make sure to read these chapters. However, for readers more interested in investing in mutual funds, and in particular index funds, they need not concern themselves with all the detail in these chapters unless they have the time or interest in the subject matter presented.
In conclusion, the combination of pioneer Ben Graham?s original work coupled with Zweig?s meticulous and enjoyable update, make this a remarkable book about investments and investor behavior that every new and experienced investor should read. Of the 500 investing books that I?ve read, this one certainly is one of the greats of all time.
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347 of 352 people found the following review helpful
5.0 out of 5 stars Shakespeare for the Investing Crowd July 28, 2006
Format:Paperback|Verified Purchase
This book is light reading compared to Ben Graham's seminal tome, Security Analysis. It's easier to read, and shorter. It's also more up to date. Highly recommended for investors of any stripe, value or growth. The appendix, from Warren Buffett's speech at Columbia University is particularly entertaining, as he debunks academia's love affair with efficient market theory. Jason Zweig, an obvious Graham disciple, does a fantastic job bringing the book's principles to life through modern examples. The only grating thing is his constant derision of brokers or anyone that actually gets paid to manage money. (full disclosure: I'm an analyst now and was a broker for 10 years).

Ben Graham clearly invested in the stock market during a period of hustlers, crooks, crashes, and frauds. Brokers, investment bankers and analysts back then were not much more than fast-talking salesmen. Wait a minute, that sounds just like the way things are today on Wall Street! Things may not have changed as much as we would like to think. Due to his travails as an investor in difficult markets, Ben Graham's investment style evolved into a systematic, logical approach which became the basis for value investing. In "The Intelligent Investor", Graham lays out the foundation of value investing by three introducing key principles: the idea of "Mr. Market", a value-oriented disciplined approach to investing, and the "margin of safety" concept.

"Mr. Market."

The stock market on a daily basis resembles a casino, only without the comfort of free cocktails. Watching the stock ticker is like having a business partner that is totally schizophrenic; Graham calls him "Mr. Market." One day he loves the business and wants to pay a ridiculous price to buy out your half.
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195 of 206 people found the following review helpful
5.0 out of 5 stars A worthwhile read, with relevant commentary July 13, 2003
Format:Paperback
Graham's writing is clear, concise and level-headed. He warns against unreasonable financial expectations and proceeds to explain his theories in sufficient detail to be worthwhile, without being over the comprehension of the layman interested in investing.
The book is lengthy and "solid", as opposed to other finance books that hope to explain investment in 100-200 pages. Topics include stocks vs. bonds, inflation, security analysis, and margin of safety (Graham's analysis of the assets of a company in relation to its debt). Zweig's commentary is useful, with footnotes to clarify historical references and, occasionally, demonstrate instances where Graham's predictions proved untrue. At the end of each chapter, Zweig uses recent (up to early 2003) examples of Graham's concepts to make things clearer to modern readers. (Graham's text itself is his 1973 revision to the original 1949 edition.) Also helpful are numerous references to online articles at various sites (I cannot yet vouch for these links' present state.)
Based on my understanding, I highly recommend this edition to anyone interested in this book. I feel that I gleaned more from this annotated edition than I would have from the original, without having to conduct additional research.
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319 of 351 people found the following review helpful
2.0 out of 5 stars Classic book, but annoying commentaries June 29, 2004
By A Customer
Format:Paperback
I was deciding between getting this edition or the more expensive hardbound edition (which does not contain the Jason Zweig commentaries). I naturally thought, why not go for the cheaper one and get the commentary for free? After all, I could just ignore the commentary if it doesn't help.
Bad bad choice. It was like choosing between a Beethoven CD and the same CD but with free shrieking commentary by a Damon Wayans movie character during and in between each symphony.
Zweig's writing when inserted between Graham's is like the annoying paperclip in MS Office, except there is no way to turn it off. He's in the footnotes (virtually every page!), he's in between every chapter. Open the book at a random page, and most likely you'll open it to a Zweig page.
The content and style of his writing feels condescending and contrasts so much with Graham's. When reading Graham you have elegant timeless prose by a humble, wise man who makes you feel he is sincerely interested in your well-being. By contrast, Zweig feels like someone who wants to impress you with his word plays, and puns. He really should have attempted to recede into the background and limited his voice.
I would recommend everyone to just buy the hardcover edition.
Buy Graham only. If you cannot read Graham, Zweig will only help marginally, and you still need to verify his comments against other contemporary Graham commentators. Get another book. If you *can* read Graham, then you do not need the commentaries in this book. Any questions you may have can be answered in thousands of sites on the net.
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Most Recent Customer Reviews
5.0 out of 5 stars Excellent for value investors
This book teaches you the core principles of investing that envy one should base their decisions on. Read more
Published 13 hours ago by Jon Sigmund
4.0 out of 5 stars Go with Dave Ramsey instead
Decent - go with Dave Ramsey instead
Published 1 day ago by Tactical Keychains
5.0 out of 5 stars phenomenal
While light on the practical, this book is heavy on the theory and a truly inspirational read. I see how it changed Warrens life. Read more
Published 5 days ago by james klusman
2.0 out of 5 stars While the book contains many useful information about investing and on...
While the book contains many useful information about investing and on how investment advisers rip people off, I don't quite like the book because the author is too long winded,... Read more
Published 10 days ago by Steve
5.0 out of 5 stars Graham is the Shakespeare of investing literature
The subtle humor within these pages is magnificent. I also like how Graham constantly quantifies the principles in almost every one of his examples.
Published 13 days ago by Daniel
5.0 out of 5 stars Not for the novice
Excellent book, but not for the novice. Th brilliant part of this book is how the recommendations have stood up over time.
Published 15 days ago by Jellyfish
5.0 out of 5 stars Great investment reference
First of all, remember that this is just a reference book and is not the perfect solution to every investment problem. Read more
Published 17 days ago by BoSa
5.0 out of 5 stars Still wonderful financial advice
Benjamin Graham's Intelligent Investor is still excellent advice on stock picking and risk analysis. Read more
Published 18 days ago by Kenneth E. Orr
5.0 out of 5 stars The Intelligent Investor's Fountain of Wisdom
This book is a must for all who manage his or her own investments ... or is paying a bank, trustee, investment adviser or mutual fund manager to do so for you. Read more
Published 18 days ago by Bill Black
5.0 out of 5 stars Great book
Outstanding book. This is the kind of book that needs to be read more then once. Very in-depth. I will be looking for more.
Published 19 days ago by Wilson
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