The Intelligent Investor, Rev. Ed (Collins Business Essentials)

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View all 3 comments. Sep 03, Andy rated it liked it Shelves: The classic book on investing by the man who taught Warren Buffett. Originally written 50 years ago, and it is still relevant. The same lessons applied to specific industries and companies at the time of the writing have obvious parallels to different industries and companies today.

And there are some radical ideas, despite it's age, that fly in the face of "conventional wisdom". The most important example in my opinion was the idea of how much risk you should have in your investments: The "risk" The classic book on investing by the man who taught Warren Buffett. The "risk" you take on, in terms of volatility and uncertainty, should not depend on how close you are to retirement, but rather how much time you can spend on researching your investments. If you don't want to spend time, take safe investments, like index funds mutual funds, and blue chip stocks that pay regular dividends.

If you are willing to do research, and keep current, it makes sense to invest less diversely and include higher risk stocks. Jan 22, Joseph rated it really liked it. I'd read several books about Benjamin Graham as well as articles by him in the past, but this was my first foray into reading a book authored by him. It's definitely a great primer into the world of value investing and not only outlines its tenets but also their rationale. Several historical examples are used to illustrate his points.

May 14, Vivek Verma rated it it was ok. I had high expectations from the book, which it failed to meet. But then, this book is too old to have a lot of relevance now. Do solid fundamental, qualitative analysis rather than looking at charts. Know what the company stands for.

Maybe if you know nothing about the stock market, then this book is for you to get an idea of what you are getting into and what to expect. The f I had high expectations from the book, which it failed to meet. The first 10 chapters were a drag. Invest the same number of dollars in stocks each month.

This way you buy more when cheap and less when expensive -You cannot beat the market even if you are an active investor. Some notes from chapter Estimating value of a stock: Things to look at in a company: Profitability Stability Growth Financial Position. For industrial companies current assets should be at least twice current liabilities—a so-called two-to-one current ratio. For public utilities the debt should not exceed twice the stock equity at book value. Continued dividends for at least the past 20 years. This book is amazing. It is definitely a must read for investors in stock markets.

It is not only a "book", it is a "reference". The piece written by BUFFET at the end of the book is such a wonderful one and - nearly - summarizes the whole idea of the book. I will unquestionably read this book again and will always keep it on my desk or at least in a place where I can reach easily. The index at the end of the book is extremely useful for looking up specific topics that were mentioned in the book.

Buffet said chapter 8 and 20 are the most important chapters of the book, and they are. But if I want to add other chapters for people who are interested solely in common stocks, I would recommend reading - in addition - chapters: Finally, I want to thank B. ZWEIG, who - in my opinion - was up to the challenge of bringing the original text to present and to summarize and simplify each chapter by his valuable comments.

Aug 20, Kara Lane rated it it was amazing. I read Benjamin Graham's "Security Analysis" prior to reading "The Intelligent Investor," and while the earlier book is much more detailed and considerably longer than this one, Graham has captured all the important information here. In this book, Graham makes his opinion on technical analysis clear. He notes that the one principle that applies to nearly all "technical" approaches is that one should buy because a stock or the market has gone up and sell because it has declined.

He says this is th I read Benjamin Graham's "Security Analysis" prior to reading "The Intelligent Investor," and while the earlier book is much more detailed and considerably longer than this one, Graham has captured all the important information here. He says this is the exact opposite of sound business sense. He then goes on to explain his philosophy of investing, which is to buy stocks and bonds at a discount to their intrinsic value. By including a margin-of-safety at the time of purchase, an investor does not have to rely on accurately forecasting what the future will bring.

Graham spends a lot of time addressing separate strategies for "defensive" as opposed to "enterprising" investors. He notes the majority of security owners should be defensive i. The stock selection strategies for defensive investors are much more strict than those for enterprising investors, because the latter can spend more time evaluating the quantitative and qualitative characteristics of the companies in which he or she may wish to invest. I would highly recommend this book to anyone interested in long-term investing. It provides a great foundation for any value-based investing strategy.

Jun 23, Phil rated it really liked it. It's amazing that this book is still relevant after so many years. Graham uses years of stock market data to humble and convince you that you never know what the market will do and if you ever start thinking you do know, be careful. Based on the idea that you don't know, he then builds common sense strategy for investment. The newest edition as been updated with a chapter of commentary after each of Graham's original chapters that attempts to discuss how Graham's advice would have held up th It's amazing that this book is still relevant after so many years.

The newest edition as been updated with a chapter of commentary after each of Graham's original chapters that attempts to discuss how Graham's advice would have held up through various market conditions since he last updated the book. This is the man who taught Warren Buffett. It was great reading this book just before the most recent market crash and then asking "what would Graham do? You'll have a hard time not seeing so much of it as shear folly and so many "experts" right in the middle of it.

Jul 25, Omar Halabieh rated it it was amazing. This is a book that has been on my reading list for a while - as The reference in the investment field from a fundamental analysis perspective. As Benjamin puts it in the introduction: Within t This is a book that has been on my reading list for a while - as The reference in the investment field from a fundamental analysis perspective.

Regardless of which class the investor belongs to, the main premise of the book revolves around value investing - buying securities when they are undervalued based on their fundamentals. Benjamin goes on to discuss a breadth of topics in the area of investing including inflation, market fluctuation, portfolio management, stock selection, convertible issues, bonds etc. Last but not least, the commentary by Jason Zweig, adds a more modern context and further explains the concepts presented by Graham.

By reading both texts, the ideas and concepts are in definite reach of any reader. A must read for any investor, whether a beginner or pro. As an investor myself, I have found as I am sure others have as well that the perspective Benjamin brings is both timeless and very applicable. Below are excerpts summarizing some of the key investing principles outlined in the book: The only indisputable truth that you will probably turn out to be wrong And the corollary to that law of financial history is that the markets will most brutally surprise the very people who are most certain that their views about the future are right.

Staying humble about your forecasting powers, as Graham did, will keep you from risking too much on a view of the future that may well turn out to be wrong. There is no room in this philosophy for a middle ground, or a series of gradations, between the passive and aggressive status.

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Many, perhaps most, investors seek to place themselves in such an intermediate category; in our opinion that is a compromise that is more likely to produce disappointment than achievement. But as their acceptance increases, their reliability tends to diminish.

This happens for two reasons: First, the passage of time brings new conditions which the old formula no longer fits. Second, in stock-market affairs the popularity of a trading theory has itself an influence on the market's behavior which detracts in the long run from its profit-making possibilities. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal.

At other times he will do better if he forgets about the stock market and pays attention to his dividend returns and to the operating results of his companies. The speculator's primary interest lies in anticipating and profiting from market fluctuations. The investor's primary interest lies in acquiring and holding suitable securities at suitable prices. Graham feels that five elements are decisive.

He summarizes them as: Those who emphasize prediction will endeavor to anticipate fairly accurately just what the company will accomplish in future years By contrast, those who emphasize protection are always especially concerned with the price of the issue at the time of study. Their main effort is to assure themselves of a substantial margin of indicated present value above the market price 0 which margin could absorb unfavorable developments in the future.

First, they are disciplined and consistent, refusing to change their approach even when its unfashionable. Second, they think a great deal about that they do and how to do it, but they pay very little attention to what the market is doing. He should be able to do this work with sufficient expertness to produce satisfactory average results over the years. You must also ensure against loss if your analysis turns out to be wrong - as even the best analyses will be at least some of the time.

Apr 21, D rated it really liked it. If you become a critical thinker and you invest with patient confidence, you can take steady advantage of even the worst bear market. In the end, how your investments behave is much less important than how you behave. All of human unhappiness comes from one single thing: Today, a five-year-old can do it. Stay humble about your forecasting powers, and you will keep from risking too much on a view of the future that may well turn out to be wrong. Lower your expectations -- but take care not to depress your spirit. Hope always springs eternal.

In the financial markets, the worse the future looks, the better it usually turns out to be.

A cynic once told GK Chesterton, the British novelist and essayist: Blessed is he who expecteth nothing, for he shall not be disappointed. It requires a great deal of boldness and a great deal of caution to make a great fortune; and when you have got it, it requires ten times as much wit to keep it. Do you use technical analysis? Do you provide a checklist to monitor implementation of the financial plan? How do you define financial success?

Provide me with your resume, your Form ADV, and 3 references. Ever had a formal complaint filed against you? Why did the last client who fired you do so? Would you tell me, please, which way I ought to go from here? Sufficiently strong financial condition 3. Continued dividends for at least the past 20 years 4. No earnings deficit in the past 10 years 5. Price of stock no more than 1. Price no more than 15x average earnings of the past 3 years Steady Eddies: Is there any thing whereof it may be said, See this is new? Its managers, all the way up to the CEO, work for you. Its board of directors must answer to you.

Its cash belongs to you. Its businesses are your property. It always has been, and it always will be. You were made not to live like beasts, but to seek virtue and understanding. Jun 24, Arpit Agrawal rated it really liked it Shelves: A good introduction to the world of investing especially for young people looking to manage their personal finances. A definitive read for those looking for a disciplined approach to investment. Apr 23, Aik Yong Heng rated it really liked it Shelves: The central Idea that I got from this book is that an Index Stock Fund outperforms other equity funds on a historical basis.

And sometimes it outperforms active investing too. The other Idea is the emotional Mr. The stock market as a speculative investment is a zero-sum game, and Mr. Market plays the role of the crazy trader who trades stocks at a different price everyday. Of course, the book encourages investing for the long t The central Idea that I got from this book is that an Index Stock Fund outperforms other equity funds on a historical basis.

Of course, the book encourages investing for the long term where the stock value grows along with the economy.

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But for active investors, it is recommended that they study Mr. Investment here is also specifically mentioned to be different from trading or speculating. Lastly, the book introduces the concept of Margin of Safety. Of course, the writer puts this concept in context of the Great Depression of the s. The idea is that even if a stock looks cheap on paper, you still can get screwed by the irrational Mr.

Market who prices it lower and lower. So a stock that looks borderline cheap is not good enough. Ben Graham recommends to have a bigger Margin of Safety and buy it really cheap. It will help with the sleeping soundly at night too. For a basic course in investing, one cannot go wrong with this book, BUT for normal readers, the writing style might be a bit archaic.

The Intelligent Investor Rev Ed.

It IS written quite a long time ago. For those who have read this book, they will have the basics to invest but in order to get a better return, they must next read Common Stocks and Uncommon Profits. Apr 20, GeekyAlien rated it really liked it. This review is more than enough to pick and place it on your bookshelf and include in your reading list. Prior to making huge investments, it is essential to understand the whims of the market. Benjamin Graham emphasizes on safe investments.

He explains the process of investment operation and focuses on adequate monetary returns. The book states every minute aspect of market investments and the author warns the reader from committing judgement errors and emotional mistakes by getting obsessed with the market values. Read Full Review here https: Oct 12, Steve Bradshaw rated it it was amazing Shelves: A must read for anyone considering actively managing their own investment portfolio. Out and out the best book I've ever read on investing. I highly recommend this version with forward by Warren Buffet and commentary at the end of each chapter by Jason Zweig.

Zweig artfully ties Graham's principals to recent events and defends value investing in modern times. Graham's central thesis is as follows: An investors main goal should be to not LOSE money; To do this one must understand the distinction b A must read for anyone considering actively managing their own investment portfolio. An investors main goal should be to not LOSE money; To do this one must understand the distinction between 'investing' and 'speculating' and avoid the latter.

Most so-called investors including a large proportion of professional fund managers are, on closer inspection, speculators who invest with little knowledge of fundamental value and a slim-to-negative margin of safety. Unfortunately, those trying to get rich quick without paying heed to fundamentals lose over the long term as major losses wipe out short term gains.

Graham introduces a few basic filters and analytical methods to assist in picking safe "value" stocks which should help the investor to avoid big losses and generate superior returns. Throughout the book, Graham explains where most investors go wrong and with what forms of temptation one must continually deal. Indeed he does this at such great length that some might find the book boring and long-winded.

However, in my opinion it is time well spent as the ability to maintain process discipline is the biggest differentiator between investors over the long term. Maybe I'm more interested than most, but for me, it was a page turner. This is a book that offers down-to-earth, practical advice on investing to a layman audience.

Graham's message can be summarized in the last sentence, "to achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks. Before selecting a stock, understand the company, protect yourself against serious losses, and aspire to "adequate" not extraordinary perfo This is a book that offers down-to-earth, practical advice on investing to a layman audience.

Before selecting a stock, understand the company, protect yourself against serious losses, and aspire to "adequate" not extraordinary performance. Protect yourself against inflation by purchasing TIPS. Never predict stock's future return by extrapolating from the past solely. Strive to be cautious. Investing is as much a number's game as it is a mind's game.

In his words, it is more about "character" than intelligence. This book is packed with wisdom not only for investing but also for life. The advice Graham dispenses advising individuals to be grounded by solid fundamentals and to guard against animal spirits are valid for other life's adventures. This book should be in everyone's toolkit. Apr 04, Mark rated it it was amazing Shelves: The value investors Bible. If value investing had a holy book of scripture, this would be it!

Not only was Ben Graham's timeless investment advice unassailable, but the commentary's after each chapter by Jason Zweig were current and refreshing.

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While I learned and re-learned many truths with this book, some of the most valuable ideas were to distinguish between "investing" and "speculation. Also The value investors Bible. Also his insistence on a "margin of safety" is timeless truth. Always insist on a large enough margin between price paid and value of an enterprise and it's stock so that if things go wrong, you won't lose your principle. Graham is truly a modern prophet calling all speculators to a higher level of investing. Funny that the wisdom here is framed in investing language but, it's applicability reaches into just about every part of our lives if we'll open up to it.

Oct 03, Rohan Mehta rated it it was amazing.

Apr 14, Blair rated it really liked it. This was the bible on investing back when it was published and not too much has changed. Warren Buffet was a student of Benjamin Graham and has used a lot of his investment strategies to create his own. This is a great book to give a foundation to manage your own investments, even if you don't want to do anything but know where to put your money and leave it there until you retire.

While I personally think that our economy is going to be less stable in the next couple decades than it has been in This was the bible on investing back when it was published and not too much has changed. While I personally think that our economy is going to be less stable in the next couple decades than it has been in the previous century or so, this book is still better than almost every other out there as far as overall investment strategy goes.

Perhaps the most useful insight Graham has is looking at the market not as something rational but as a manic depressive who is going to offer you one price for something on one day and another that is completely different two weeks later; it is up to you to decide the underlying value and figure out when you want to take his offer. This offers valuable information both for someone trying to figure out how to manage their k and for someone looking to get into more in depth stock management for someone looking to be an active investor. It also tells you how much time you should realistically be looking to spend if you are going to be an active investor.

This is a must read for anyone looking to manage their own money on any level. This book has great advice on how to find a financial advisor as well, so even if you are looking to have someone else manage your money this is a must read. Dec 04, Laura Kyahgirl rated it it was amazing Shelves: I've been reading this book for ages, not because its boring or now worthwhile, but because it is so rich and detailed that I could only take it in small bites. OK, and honestly, its so much easier to read escapist literature for entertainment!

Why is this such a good book? Well, the particular edition I have, with a preface by Warren Buffet AND a preface by Jason Zwieg AND individual chapter commentaries by Jason Zwieg, gives the reader the teaching of legendary investor from an earlier time P I've been reading this book for ages, not because its boring or now worthwhile, but because it is so rich and detailed that I could only take it in small bites.

Its the full meal deal. The book covers some history, a lot of investing fundamentals, and quite a bit of applied theory as well as investor psychology. There are case histories to study and apply the learning to. You cannot read it cover to cover and get the story. You have to go topic by topic like you would when learning any subject at school. The commentaries by Jason Zweig are particularly helpful because much of Graham's language and experience are from over 50 years ago and Zweig helps the 'student' interpret and understand the material in the context of today.

I'd highly recommend this book to anyone who really wants to understand more about investing and the markets. Benjamin Graham was one the leading proponents of investment analysis during the 20th century among his leading acolytes is Warren Buffett and this is one of his most famous books Security Analysis: Principles and Technique being the other.

It's a pretty helpful refresher as an investor to be reminded that you're not just buying the name of the stock, you're buying a piece of an actual business that should be evaluated thoughtfully and critically. Graham's last revision of this book was done Benjamin Graham was one the leading proponents of investment analysis during the 20th century among his leading acolytes is Warren Buffett and this is one of his most famous books Security Analysis: Graham's last revision of this book was done in so some of the examples are outdated, but a Wall Street Journal reporter adds a commentary after every chapter showing that Graham's reasoning still applies although that was done in the early 's which seems a little outdated too sometimes.

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If you are located outside the U. The greatest investment advisor of the twentieth century, Benjamin Graham taught and inspired people worldwide. Vital and indispensable, The Intelligent Investor is the most important book you will ever read on how to reach your financial goals. Levitt , Stephen J. Thanks for signing up!

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