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The Intelligent Investor: A Book of Practical Counsel Hardcover – January 22, 1986

4.5 out of 5 stars 135 customer reviews

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Hardcover, January 22, 1986
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Editorial Reviews


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

About the Author

Benjamin Graham, the father of value investing, was perhaps the most influential investment figure of all time.His work laid the foundation of modern security analysis, and two of his books,The Intelligent Investor (1949) and Security Analysis(1934), are investment classics that remain bestsellers to this day.His Life and work have been inspiration for many of today's most successful investors, including Warren Buffett, Michael F. Price, and John Neff.

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Product Details

  • Hardcover: 340 pages
  • Publisher: Harper & Row Publishers; 4th Revised edition (January 22, 1986)
  • Language: English
  • ISBN-10: 0060155477
  • ISBN-13: 978-0060155476
  • Product Dimensions: 5.5 x 1.3 x 8.2 inches
  • Shipping Weight: 1.2 pounds
  • Average Customer Review: 4.5 out of 5 stars  See all reviews (135 customer reviews)
  • Amazon Best Sellers Rank: #32,792 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

Format: Hardcover Verified Purchase
In the late 1960s, a high-flying mutual fund manager remarked on a talk show that "the trouble with old Ben Graham is he just doesn't understand today's market." That particular time was one of somewhat extreme valuations, especially in technology issues. Ben Graham was writing the 4th edition of this book at about that time. The parallels to our market today, as described by Graham, make for fascinating reading --whether or not one reads THE INTELLIGENT INVESTOR to become an unadulterated Grahamian. Although most readers come to this book to learn how to pick stocks with value, I think the historical perspective interwoven amongst the numbers makes it an especially worthwhile read.
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.
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Format: Hardcover
Warren Buffett introduced this edition of The Intelligent Investor by remarking that when he first read the book as an undergrad he thought then that it was the best investment book ever written, and many years later, after Benjamin Graham had died, Mr. Buffett still thought that The Intelligent Investor was the best investment book ever written, even today. After reading this extended meditation on caution before the stock market, hot tips, and pseudo-quantitative information, I have to concur with Mr. Buffett's assessment.

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.
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Format: Hardcover
This is the classic investing guide, made more famous by the success of Warren Buffet as he continues to follow Graham's thinking. Often, more money can be made in value investing than in today's popular day trading or in becoming a momentum player. The most valuable lesson I learned the first time I read this book is that minimizing losses is more important than trying to make large gains. Sometimes it is hard to sit and let your assets accumulate, but that is one of the principles of this book. Another is to learn how to evaluate and analyze a company to build the right portfolio, and to build a portfolio with only stocks that you really understand and a number that you can follow. There are also lessons here about when to buy. THE INTELLIGENT INVESTOR should be your first guide to investing, and your last as you review the principles often. It is also important to learn how to recognize companies that will continue to build value. For example, look for logical add-on businesses, or easy ways to expand through the same distribution channel, or serve the customer better. Another approach is to look for companies that are doing the right things. Look for companies that understand the importance of measuring and measure everything they can in the critical activities for success, go beyond today's best practices to develop both the future best practices and the ideal best practices, and then continually repeat the process for even better ideas. You can read more about this process in THE 2,000 PERCENT SOLUTION, a new book by Donald Mitchell, Carol Coles and Robert Metz that describes how to avoid the common stalls and continuously stay ahead of others.
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