- Series: Collins Business Essentials
- Paperback: 640 pages
- Publisher: HarperBusiness; Rev Sub edition (February 21, 2006)
- Language: English
- ISBN-10: 0060555661
- ISBN-13: 978-0060555665
- Product Dimensions: 5.3 x 1.6 x 8 inches
- Shipping Weight: 9.1 ounces (View shipping rates and policies)
- Average Customer Review: 4.5 out of 5 stars See all reviews (1,520 customer reviews)
- Amazon Best Sellers Rank: #138 in Books (See Top 100 in Books)
Enter your mobile number or email address below and we'll send you a link to download the free Kindle App. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required.
To get the free app, enter your mobile phone number.
The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition) (Collins Business Essentials) Rev Sub Edition
Use the Amazon App to scan ISBNs and compare prices.
Top 20 lists in Books
View the top 20 best sellers of all time, the most reviewed books of all time and some of our editors' favorite picks. Learn more
Frequently bought together
Customers who bought this item also bought
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
“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)
If you buy a new print edition of this book (or purchased one in the past), you can buy the Kindle edition for only $2.99 (Save 78%). Print edition purchase must be sold by Amazon. Learn more.
For thousands of qualifying books, your past, present, and future print-edition purchases now lets you buy the Kindle edition for $2.99 or less. (Textbooks available for $9.99 or less.)
If you are a seller for this product, would you like to suggest updates through seller support?
Top customer reviews
Book: "You either get the idea in the first five minutes, or you don't get it at all", commented 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 of thumbs 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.
- When gambling - bet on a single chip to maximize the payoff (roulette $1 to $35 payoff at 1/37 chance). When investing - diversify: each investment must have a margin of safety, the more diversified portfolio - the less likely that all will fail. You are a roulette house now who earns with each turn of the wheel.
Anyways, on to the book! So I decided to pick this one because I wanted something totally out of left-field, a thing completely out of my comfort zone, and it also came highly recommended on some random-website suggesting books that would improve one's self. I'm happy to report that I enjoyed it nonetheless.
In brief summary, The Intelligent Investor is about how to wisely invest in the stock market, written by a guy who survived The Great Depression and really learned a thing of two from the experience. Now, I'm not going to lie, about 25% of this book went too in-depth for me to absorb, but I caught that other 75% and I found it absolutely fascinating.
On the whole, this is one long book that can be summed as "the best path to wealth in investing is patience, diligence, and avoiding mistakes." Essentially, Graham makes a strong argument that the stock market is going up and down all the time with a general upward trend from now to the end of days, so all you have to do is invest across the board, sit quietly, and let the funds roll in. I'm simplifying, but that's the basic premise. According to Graham, the hardest part about being an investor is remembering you can't predict the future and that you should be investing, not gambling.
Sounds basic, right? And yet, The Intelligent Investor provides example after example after example of real life people in real life periods throughout history that made the gambler's error, and over the course of this book one begins to pick up the simple fact that common sense is not actually all that common. Oh, and interestingly enough, this book has quite the comical side, as the author throws around a fair bit of wit. Prepare to chuckle on occasion.
I'd highly recommend this book to anyone thinking about investing in the stock market, but I really can't think of any other reason to read this book. It's a highly specialized piece of reading material (not that I expected any less) but it absolutely owns its area of expertise. I swayed between 4 and 5 stars on this one, but I ended up going with the 4 because the book is a tad dated and can run a bit dry in the details (that 25% I mentioned earlier). A commentary section is needed after each chapter to clarify/clear up what has changed since Graham first wrote this book, and I enjoyed that commentary often times more than the actual chapter itself. For that reason, I went the 4-star route, since I'm not allowed to give 4.5 or anything in between. Still an amazing work though!
Most recent customer reviews
I noticed that no publish date was listed. Benjamin Graham died in 1976.