"The Intelligent Investor: The Definitive Book on Value Investing" by Benjamin Graham is an absolute must-read for anyone serious about investing. As a classic in the field of value investing, this book offers timeless wisdom and practical advice that remains relevant in today's market. Graham's thorough analysis and clear explanations make complex concepts accessible, even for those new to investing. One of the standout aspects of this book is its emphasis on the principles of value investing, teaching readers how to analyze stocks, understand market behavior, and make informed decisions. Graham's concept of "margin of safety" is a cornerstone of his strategy, and he articulates it with clarity and precision. The updated commentary by Jason Zweig adds valuable insights, bridging Graham's original ideas with contemporary examples and market conditions. This makes the book not only a historical masterpiece but also a practical guide for modern investors. What sets "The Intelligent Investor" apart is its focus on long-term strategies and disciplined investment practices. Graham's wisdom encourages investors to remain patient and rational, avoiding the pitfalls of emotional and speculative investing. Overall, "The Intelligent Investor" is an indispensable resource for anyone looking to build a solid foundation in value investing. Its profound insights, practical advice, and timeless relevance make it a true masterpiece in the world of finance. Highly recommended for both novice and experienced investors!
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Readers should be aware that this book might look as if it belongs in a museum. Benjamin Graham died in 1976 so his most recent advice on investing in stocks is half a century old now. Added to that, the appendix by Warren Buffett dates from 1984 and the commentary by Jason Zweig is from 2003. However, good advice is usually timeless and the judicious reader will pick his or her way through the references to the dot.com bubble of 1999 and the stagflation of the early 1970s and tease out the nuggets of gold. There are plenty of them. My motivation for reading this book was to find a way to boost my rather meagre pension fund before it’s too late. Having said that, the advice given here (more by Jason Zweig than by the author) is that if you don’t have the time or inclination to read annual reports and spend your leisure time studying graphs and tables of data, you’re better off putting your money in an investment fund, preferably one that tracks a major stock market index. Over the long haul, very few individual investors – or even actively managed investment funds – outperform those stock indices or the passive funds that track them. The exceptions are people like Warren Buffett, who regards Benjamin Graham as his guru. Fortunately, it is probably easier to find financial information now than it was in Graham’s day. Rather than plough through dozens of annual reports you can access information on the web, open an account with an online broker or subscribe to a share tipping service. Doing all three will give you a tsunami of data that you then have to swim through to find suitable investment opportunities. My advice would be to use all three and also use a certain website that gives the Graham Number for a wide range of stocks – I’ve looked at US and UK companies. The Graham Number is a tool that can help you identify whether a stock is good value or not. However, it should be used alongside Graham’s golden rules for investing. There are two sets of rules: one for defensive (i.e. cautious) investors; one for enterprising investors (i.e. those with a higher risk appetite). If Warren Buffett says the rules are worth following, they probably are.
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Like every word in it
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Definitely a useful guide for those wanting to learn about investment, but its main practical ideas could be summarized in a handful of pages. The examples may be outdated, but the ideas they convey still seem relevant and applicable to me, obviously with some common sense adjustments. I found the structure of the chapters of the original text pretty vague, which made it difficult to remember the main ideas. Also, I found some of the terms and explanations used by Graham difficult to understand, even with a background in finance. Some of them are better explained in Zweig's comments, but not all. Zweig's commentary does give added value to the book, although he illustrates pretty much every idea with a dotcom stock that lost almost all of its value after the bubble burst, which becomes boring after a while. For me, the best parts of the book were definitely the chapters that Buffett highlights in his foreword, plus his essay at the end. All in all, a good read for those who want to get an investor's mindset, but instead of 600+ pages it could have been condensed into max. 200 without losing any of the ideas.
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Great read. Profound teachings
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Great book to read and understand. I read it in my lunch hours in work while also playing on the stock market. Higley recommended
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A book that will change your mindset. Loved it!
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Los conceptos de Graham son fundamentales para cualquier inversionista, sin embargo el libro ya se siente un poco anticuado. Lo bueno es que tiene comentarios más recientes en cada capítulo que actualizan el contenido y dan ejemplos más modernos de lo que habla en el interior del capítulo. De cualquier manera es un libro indispensable para todos los asesores financieros e inversionistas profesionales.
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Best stock investment guide book for beginners as well as for the experienced persons. Very detailed and provides good insights on all aspect of stock investing.
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J'ai entendu parlé de ce livre comme "le livre" pour comprendre le B.A.BA de l'investissement. À la fois en stratégie d'investissement et en psychologie. Un bémol c'est au niveau de la traduction française que je trouve un peu étrange (je l'ai lu en anglais et français)
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Benjamin Grahams "Der intelligente Investor" ist zweifellos ein zeitloser Klassiker, der einen einzigartigen Einblick in die Welt der Investitionen bietet. Graham präsentiert zeitlose Prinzipien, die sich auf fundamentale Analysen und langfristige Anlagestrategien konzentrieren. Die Stärke des Buches liegt in Grahams klaren und verständlichen Erklärungen von Investitionskonzepten. Die Idee, Aktien nicht als kurzfristige Wetten, sondern als Beteiligungen an realen Unternehmen zu betrachten, prägt viele Anleger bis heute. Die Konzepte von "Margin of Safety" und "Mr. Market" bieten einen Rahmen für den rationalen Umgang mit den Unwägbarkeiten des Marktes. Graham legt den Schwerpunkt auf Sicherheit und Geduld, was besonders in unsicheren Marktsituationen von unschätzbarem Wert ist. Obwohl der ursprüngliche Text einige Jahrzehnte alt ist, bleibt die Relevanz von Grahams Prinzipien bestehen. Die zusätzlichen Kommentare von Jason Zweig in den neueren Ausgaben tragen dazu bei, die Ideen in einen zeitgenössischen Kontext zu setzen. Allerdings ist "Der intelligente Investor" kein leicht verdauliches Buch und erfordert eine gewisse Konzentration. Einsteiger könnten anfangs von der Tiefe der Finanzkonzepte überrascht sein, aber für diejenigen, die bereit sind, sich darauf einzulassen, bietet es eine unschätzbare Bildung. Insgesamt ist "Der intelligente Investor" ein unverzichtbares Werk für jeden, der langfristig erfolgreich in den Finanzmärkten agieren möchte. Es bleibt ein lehrreiches und zeitloses Meisterwerk der Finanzliteratur.
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