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The Intelligent Investor: A Book of Practical Counsel Hardcover – January 22, 1986
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Top Customer Reviews
Some readers complain about how dated the text is, but Ben Graham was writing for an audience witnessing the equity market hot-air bubble of the late sixties. The pop that followed in 1973 was no accident. Just recognizing the parallels between the high-flyers of that decade and those of our current market make this worthwhile reading. Likewise, readers who assimilate any of Graham's notions of value will heretofore comprehend Benjamin Graham's own inclination to plunge into the market when most investors were leaving it for dead in 1974.
Warren Buffett's lecture in the appendix ("The Superinvestors of Graham & Doddsville"), both a nice encapsulation of value investing and a refutation of the efficient market theory, is itself worth the price of the book. But there is much else in here that is worthwhile to the patient reader, who will likely return to Graham's ideas time and again in his/her investment career.
Although much has been said about this text, after reading it, I now feel that the great many that trumpet its merits simply do not understand its lessons or even its value. Many credit this book, and Graham and Dodd's earlier Security Analysis, for spawning the value investing movement. While true, this book represents something much more. It does not, as most people insist, put forth a quantitative approach to investing. That, unfortunately, is a gross distillation of some of the ideas contained in the book. Rather, it presents a way of thinking about investing, and emphasizes the approach to investing operations, especially with regard to safety, expectations and temperament.
Now some have criticized the book as being quite dated and irrelevant to today's fast moving and turbulent market, but these criticisms must be placed in proper context. This book was written in 1971 and was several revisions removed from the first edition, which appeared in 1949. Sadly, Mr.Read more ›
Most Recent Customer Reviews
Must read for anyone seriously interested in investing. It will teach you the philosophy of successful investing. Ben writes well, with a great sense of humor. Classic.Published 2 months ago by W. Haider
Good book but outdated for today's investor. Just for starters, there weren't any such things as discount brokers or ETF's when this was written. Read morePublished 7 months ago by ZoneIII
Great book, lots to read. Lots of big words though, probably need a dictionary to understand it. Haven't gone through the entire book but seems informative.Published 7 months ago by Sean Chan