The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition) |
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| Title: | The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition) |
| Author: | Benjamin Graham
Jason Zweig
Warren E. Buffett (Collaborator) |
| Publisher: | Collins Business |
| Type: | Book / Paperback |
| Publication Date: | 01 July, 2003 |
| ISBN / ISBN-13: | 0060555661 / 9780060555665 |
| List Price: | $21.99 |
| You Save: | $7.22 |
| Amazon Price: | $14.77 |
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This book is also available, brand-new, from 3rd-party marketplace sellers at Amazon.com, from $10.14.
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Editorial Review / Publisher's Information:
Product Description
More than one million hardcovers sold
Now available for the first time in paperback! The Classic Text 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.
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
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Customer Reviews:
• A Value Investing Classic
05 February, 2010
Two of the core types of investing are value and growth investing. Value investing looks to find commodities at a price lower than their value while growth investing looks to find commodities with the potential to become larger. If you're interested in learning about value investing, this is definitely a book to check out.
Originally published in 1949, the Intelligent Investor helped paved the way for value investors like Warren Buffet, who writes a preface for this revised edition. Even though II was created over 60 years ago, it's core concepts are still useful and true today.
The biggest negative about this book is that it's relatively old. It was revised by Graham as recently as 1973 and includes updates by Jason Zweig but the majority of the content in the book was written over 40 years ago. Another downside is that it can be kind of grueling to read. That often comes with this subject matter but readability would help. At any rate, despite these shortcomings, the Intelligent Investor is a core book to learn about value investing.
- Amazon Customer Review
• Less And Less Relevant
14 February, 2010
I've just taken over the management of my investment portfolio from the brainless bank that let it lose 40% of its value in 2007 - 2009.
For years I had heard of Graham as the "nec plus ultra" of all writers on investments, so this book was high on my reading list as I set to my new task.
Unfortunately, the financial markets of 1972 (when Graham wrote this book) are far different from today's, despite the chapters written by Jason Zweig (interleaved with Graham's) which try to update and explain Graham's ideas in terms of the market environment of 2003. Read in 2010, Zweig's updates also seem quite dated.
To achieve a prudent level of diversification today, most individual investors will use at least mutual funds, if not ETF's. The analysis of individual stocks is too time consuming. First one is up against professionals who do it for a living. Secondly, the complexity of today's markets for goods and services requires huge amounts of study before even looking at a company's financials. Thirdly, one should probably expect to analyse at least 20 companies before choosing one to invest in.
If one wants to undertake individual stock picking, why not read this book before turning to Graham's "Security Analysis".
If not, the purchase of a cheap second hand copy of the book can be justified, but primarily on the grounds of being able to skim it to see if one agrees with the words above.
- Amazon Customer Review
• A Must Have For A Value Investor
21 January, 2010
Deep dyve into investing, but clear and easy to follow. Shows a clear and logic way to approach investing in public companies that also can be used to invest in private companies
- Amazon Customer Review
• The Framework Of Investing
02 March, 2010
Ben Graham is a born genius! If you want to learn about stocks from anybody it would be from 4 people - Ben Graham (The Intelligent Investor), Warren Buffet, Philip Fischer (Common Stocks and Uncommon Profits), and Peter lynch (One up on Wall Street). This book contains the framework and the foundations of stock investing. If your in the market and you did not read this book GET OUT and dont go back in till you read it! This book is essential. I cant stress it more. I must warn you though, Alot of it will be very boring but hey, something just cant be simplified. There is a commentary by Jason Zweig who makes it a bit simpler and using modern day examples.
In short BUY THE BOOK!!!
- Amazon Customer Review
• Timeless Investing Wisdom From Buffett's Mentor
30 January, 2010
Warren Buffett always refers to chapters 8 and 20 on market volatility and margin of safety, so I read those with extra attention, but Benjamin Graham had a confidence of purpose and clarity of explanation that makes it easy to see why he developed such a (mostly posthumous) dedicated following. Investors (The Superinvestors of Graham-and-Doddsville for one famous example) who follow the philosophies that Graham touts in this book have become consistently successful. Classic.
- Amazon Customer Review
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