The Intelligent Investor

The Intelligent Investor

by Benjamin Graham, Jason Zweig
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Hardcover(REV)

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Overview

The Intelligent Investor by Benjamin Graham, Jason Zweig

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.

Product Details

ISBN-13: 9780060155476
Publisher: HarperCollins Publishers
Publication date: 01/01/1997
Edition description: REV
Pages: 340
Product dimensions: 5.76(w) x 8.45(h) x 1.32(d)

About the Author

Benjamin Graham (1894-1976), the father of value investing, has been an inspiration for many of today's most successful businesspeople. He is also the author of Securities Analysis and The Interpretation of Financial Statements.

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The Intelligent Investor 4 out of 5 based on 0 ratings. 31 reviews.
Guest More than 1 year ago
This classic book on investing belongs on the bookshelf of every investor. The principles that Benjamin Graham outlines are the very precepts that guided such great investors as Warren Buffett, and such mutual fund innovators as John Bogle, the noted Vanguard Group founder, who wrote this edition's foreword. First published in 1949, the text shows a few signs of age, most notably in its discussion of interest rates, investment vehicles such as savings bonds and other time-sensitive subjects. However, those are minor issues. When Benjamin Graham writes about categories of investors, approaches to security analysis, the proper disposition investors should have toward market moves, and other fundamental investment subjects, his advice is timeless. We highly recommend this seminal book.
ColinB More than 1 year ago
One might wonder, why (s)he should read a book on investing written in 1949. How would such a thing be relevant to today's stock market? How much of it would still apply to 2010? Just about all of it. Graham started his Wall Street career in 1914, and was all but wiped out in the infamous 1929-32 mother of all bear markets, a painful experience from which he learned many important lessons. He says that, just as information relating to securities in 1914 would make strange reading in 1949, so would information in the first edition of his book make strange reading today. However, the information relating to bull and bear markets, the nature of the stock market as a whole and the insane behavior of investors will all remain the same, without end, Amen. Also, he warns, you must have a knowledge of stock market history, and what better way to get one than a book written originally in 1949 with periodic updates ending in 1973? Graham does not talk like he is some sort of a Wall Street prophet (which actually he was). He does not sermonize, he does not admonish, he does not accuse. But he does make a crystal clear definition of the "intelligent" investor: that it is more a trait of character than of the brain. He states that many who have brought great intellect (in the non-Graham definition) and enthusiasm to investing have ended up bust in the end, as they acted just like all the other little lemmings jumping suicidally together off of the cliff that is Wall Street. You can have a stratospheric IQ and a Harvard degree and still be mentally retarded by Graham's definition. Do not expect "The Intelligent Investor" to be some sort of a "how to make a million on Wall Street" book. He talks of the "defensive investor" who must expect adequate and gradual returns out of his or her investments; and of the "enterprising investor" who will make a little bit more than their defensive counterpart, not because his or her IQ is higher, or they bought risky growth stocks, but only because of the extra effort and research brought to the table. Even the enterprising investor must not expect to make gargantuan returns, sadly, and Graham is just being a realist. Try swinging for the fences on every pitch and you'll end up like those lemmings I mentioned. The only confusion I have over the 1949 edition of the Intelligent Investor, is the question of FOR WHOM this book was written. As Bogle says in the forward, the trading volume on the Big Board was 2,000,000 shares per day. That is about how many Americans actually owned stock in the 40's and 50's, most of which were of above average means and wealth. So maybe he was only expecting to print 2 million copies?? For whomever this book was originally intended, it applies to ALL OF US who want to invest in stocks and bonds and other investment vehicles, even if the Big Board traded 2 BILLION shares yesterday and 90 million Americans own stock or mutual funds in 2010. Let's just hope those 90 million Americans have read Graham. Or maybe not: he says you can profit off of their insanity. So much for the better.
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