• Benjamin Graham - The Intelligent Investor

Benjamin Graham - The Intelligent Investor

641 pages

"Editorial Reviews:
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

"The wider Mr. Graham’s gospel spreads, the more fairly the market will deal with its public."

Book 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."

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More about that book: http://en.wikipedia.org/wiki/The_Intelligent_Investor

Preface to the Fourth Edition, by Warren E. Buffett

I read the first edition of this book early in 1950, when I was nineteen.
I thought then that it was by far the best book about investing
ever written. I still think it is.

To invest successfully over a lifetime does not require a stratospheric
IQ, unusual business insights, or inside information.
What’s needed is a sound intellectual framework for making decisions
and the ability to keep emotions from corroding that framework.
This book precisely and clearly prescribes the proper
framework. You must supply the emotional discipline.

If you follow the behavioral and business principles that Graham
advocates—and if you pay special attention to the invaluable
advice in Chapters 8 and 20—you will not get a poor result from
your investments. (That represents more of an accomplishment
than you might think.) Whether you achieve outstanding results
will depend on the effort and intellect you apply to your investments,
as well as on the amplitudes of stock-market folly that prevail
during your investing career. The sillier the market’s behavior,
the greater the opportunity for the business-like investor. Follow
Graham and you will profit from folly rather than participate in it.

To me, Ben Graham was far more than an author or a teacher.
More than any other man except my father, he influenced my life.
Shortly after Ben’s death in 1976, I wrote the following short
remembrance about him in the Financial Analysts Journal. As you
read the book, I believe you’ll perceive some of the qualities I mentioned
in this tribute.

Several years ago Ben Graham, then almost eighty, expressed to a friend
the thought that he hoped every day to do “something foolish, something
creative and something generous.”
The inclusion of that first whimsical goal reflected his knack for packaging
ideas in a form that avoided any overtones of sermonizing or
self-importance. Although his ideas were powerful, their delivery was
unfailingly gentle.

Readers of this magazine need no elaboration of his achievements as
measured by the standard of creativity. It is rare that the founder of a discipline
does not find his work eclipsed in rather short order by successors.
But over forty years after publication of the book that brought structure
and logic to a disorderly and confused activity, it is difficult to think of possible
candidates for even the runner-up position in the field of security
analysis. In an area where much looks foolish within weeks or months
after publication, Ben’s principles have remained sound—their value often
enhanced and better understood in the wake of financial storms that
demolished flimsier intellectual structures. His counsel of soundness
brought unfailing rewards to his followers—even to those with natural
abilities inferior to more gifted practitioners who stumbled while following
counsels of brilliance or fashion.

A remarkable aspect of Ben’s dominance of his professional field was
that he achieved it without that narrowness of mental activity that concentrates
all effort on a single end. It was, rather, the incidental by-product of
an intellect whose breadth almost exceeded definition. Certainly I have
never met anyone with a mind of similar scope. Virtually total recall,
unending fascination with new knowledge, and an ability to recast it in a
form applicable to seemingly unrelated problems made exposure to his
thinking in any field a delight.

But his third imperative—generosity—was where he succeeded beyond
all others. I knew Ben as my teacher, my employer, and my friend. In each
relationship—just as with all his students, employees, and friends—there
was an absolutely open-ended, no-scores-kept generosity of ideas, time,
and spirit. If clarity of thinking was required, there was no better place to
go. And if encouragement or counsel was needed, Ben was there.
Walter Lippmann spoke of men who plant trees that other men will sit
under. Ben Graham was such a man.
Reprinted from the Financial Analysts Journal, November/December 1976.

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Benjamin Graham - The Intelligent Investor

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