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The Intelligent Investor: The Classic Text on Value Investing Hardcover – Deckle Edge, May 3, 2005
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“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
Top Customer Reviews
It is the original statement of what has come to be called Value Investing. This is a very philosophical book more than a book of techniques or methods of investing. Mr. Graham writes firmly and clearly about where the Investor's interests really lie. He is very hard on brokers, whose profession he considered more of a semi-profession because they have their own interests at heart more than those of their client. He also makes a strong case of about the kinds of returns one can expect from the market versus a company one actively manages. If investors of the 1990s had headed his views on management and their interests not being aligned with those of shareholders a lot less money would have been lost.
In several places he states that shareholders need to act more like owners and should not simply submit to management or let them have free reign with the resources of the company. He also advocated the importance of an independent board of directors rather than a board of management cronies. He rejects the notion of simply selling shares if you don't like the way the company is being managed. That is a dereliction of their duty as owners.
There is also a discussion of a variety of approaches to investing and he contrasts defensive investing or investing using analysis versus speculating.Read more ›
Graham's main point is that investors look at the fundemantals that underly a potential investment to determine the probability of a satisfactory outcome. Hence, Graham does not focus on macroeconomic factors, but instead, he determines the "intrinsic value" for any investment, hopefully buying well below that value, a concept he calls the "margin of safety."
As some reviewers have noted, this book has been criticized by some thinkers as being out of date. In particular, most readers should understand that one of the theories that underlies Graham's philosophy, that a stock is worth the aggregate value of its expected dividends (See John Burr Williams' "Theory of Investment Value"), has been modified somewhat by "discounted cash flow" theories. This means that to some investors, p/e ratios and dividend payouts are de-emphasized somewhat. To me, this does not mean that Graham's theories lose validity, particularly as concerns the notions of intrinsic value and the margin of safety.
As far as I am concerned, Graham's book is most useful when viewed as a theory about how to invest. As such, it is a valuable guide, particularly when read in conjunction with Phil Fisher's book "Common Stocks and Uncommon Profits" and Marty Whitman and Marty Shubik's book "The Aggressive Conservative Investor." Another book that readers of the Intelligent Investor might like would be Dreman's "Contrarian Investing: the Next Generation.Read more ›
The point is very simple. People are reading Wall Street Journals, getting MBA's, and watching the talking heads on television. I've got portfolio managers who would kill for an edge, and every one of them, all of them are missing the point. It's all there, all the knowledge, all the wisdom you need to become a MASTER in the financial markets. You simply have to know what to read, and you begin by reading THE INTELLIGENT INVESTOR.
At Harvard we use to say they divided the building up into two lecture halls tonight. The door at the first hall has a sign that says LECTURE ON GOD, on it. The door of the second lecture hall has a sign that says GOD on it. Everybody wanted to go to the lecture. Listen up folks, this book THE INTELLIGENT INVESTOR, it's the real thing. This is not Madison Avenue sitting down with a author that they pulled out of Hollywood, and said let's put some interesting witticisms into a book on investing, dress it up, market it smart, and make a couple of bucks.Read more ›
Most Recent Customer Reviews
This is the version of "The Intelligent Investor" to get. It has not been tainted with too much commentary so you get closer to the mind of Ben Graham. Read morePublished 15 days ago by Jack Becker
LOTS OF INFORMATION! I often find myself reading chapters over and over so I completely understand the information. Read morePublished 18 days ago by Fantastx
A friend recomended me this book its very informative i would definately recomend it for anyone looking to invest or to anyone who is already investing. Read morePublished 5 months ago by Nicholas
Not for the feint of heart, but the buying this book is the best financial investment you could ever make. Every home should have this classic in hardcopy on their bookshelf.Published 6 months ago by Amazon Customer
This book has helped with the investing ideas and logical way to look at investing in the stock market.Published 6 months ago by John Book Worm