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The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition) (Collins Business Essentials) Paperback – February 21, 2006

by Benjamin Graham (Author), Jason Zweig (Author), Warren E. Buffett (Collaborator)

1,925 customer reviews

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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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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)

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Product details

Series: Collins Business Essentials
Paperback: 640 pages
Publisher: HarperBusiness; Revised, Subsequent edition (February 21, 2006)
Language: English
ISBN-10: 9780060555665
ISBN-13: 978-0060555665
ASIN: 0060555661
Product Dimensions: 5.3 x 1.6 x 8 inches
Shipping Weight: 3.5 ounces (View shipping rates and policies)
Average Customer Review: 1,925 customer reviews
Amazon Best Sellers Rank: #305 in Books (See Top 100 in Books)
- #7 in Books > Business & Money > Finance
- #7 in Books > Business & Money > Investing > Introduction
- #8 in Books > Business & Money > Economics

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Buy stocks as groceries, not as jewelry.

June 21, 2016

Format: PaperbackVerified Purchase

Edition: I found commentary very useful (though often distracting). If you are not a professional - you'll appreciate the commentaries and epilogue - read it first? It's very inspiring.

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.

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474 people found this helpful475 people found this helpful

Amazon Customer

Don't buy the Kindle edition

July 11, 2016

Format: Kindle EditionVerified Purchase

No complaints of the book itself, but the Kindle edition of it is bad. The book has a number of tables in it: they are all rotated 90 degrees and in such a low resolution that they are basically just unreadable pixels.

review image

439 people found this helpful440 people found this helpful

10/10 Great Book, Do Yourself the Favor of Buying the Paperback

May 1, 2017

Format: PaperbackVerified Purchase

So far into my career, this book has un-ironically been one the greatest investments I have made so far.

This is a great book for anyone who is interested in introducing themselves into the world of investing, or wants to hone their skills and better themselves. Although, while a great book I would not recommend it to anyone who doesn't have the discipline to treat this book as a college textbook. Annotate, take notes, and create a guide. If you want to start taking investing seriously and want to begin practicing the discipline of self education, this is the book for you.

Best of luck to everybody.

51 people found this helpful52 people found this helpful

Needs modernizing and updating.

October 20, 2017

Format: PaperbackVerified Purchase

This probably is one of the greatest investing books ever written, but it suffers from two flaws: 1) like all such books, it could be condensed into about 20 pages. The supporting evidence could be put in an appendix for those who want to see it. 2) it is very dated. I was 13 when Graham published his last edition, and I just can't get excited reading something that talks about 1970 like it was last year. The commentary by Zweig, widely criticized, is actually the saving grace. His writing style is more current and he brings things up-to-date, sort of, but even his commentary misses the Great Recession. This would all be much better if it could be taken out of its temporal context and summarized more generally. Charts that make a point using data from decades ago is okay, but the body of the book is so immersed in old dates that it just feels, well, out of date!

27 people found this helpful28 people found this helpful

Jaroslav Tuček

A ghetto sprayer trying to improve a Michelangelo

February 13, 2016

Format: PaperbackVerified Purchase

I do not think that The Intelligent Investor needs another review, the book's reputation is well established - and well deserved. There is, however, something that has to be said about its modern printing. The revised edition specifically is, I imagine, very much like what you'd get in case you let a ghetto sprayer try to improve a Michelangelo. If you can get your hands on the 4th edition from 1973, the last one written by Graham, go get it. Not only will you get superb financial advice, but also an outstanding piece of literature written by a brilliant mind.

I have no idea who decided that Graham needed a commentary - the book has aged very well, there is only a small amount of information irrelevant to today's markets - but the choice of Zweig was most unfortunate.

Graham reads like a humble, kind man - whose classical education, intelligence and humor show through every line. On the other hand, Zweig's sections offer an irritatingly jarring contrast - he contradicts himself, contradicts Graham, annoyingly cross-references everything, rehashes his mutual funds advice or tells some of his pet stories about the dot.com bubble excesses - again and again. In an illustrative contrast between the two men, while Graham might show what he thinks about a certain Wall Street practice with a sardonic quote from classical literature, Zweig disparages IPOs by showing us how many silly phrases he can think up to stand for the acronym.

Commenting on a work of genius is not easy and it should be done with extreme care, if at all. Someone like Buffett might have succeeded here, but Zweig is hopelessly out of his depth.

5 stars for Graham, 1 for Zweig.

327 people found this helpful328 people found this helpful

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