The Intelligent Investor Rev Ed.

"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!

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.

*The Intelligent Investor: The Definitive Book on Value Investing* by Benjamin Graham is a timeless classic and an essential read for anyone serious about investing. First published in 1949, its principles remain as relevant today as ever, providing a solid foundation for building long-term wealth through value investing. Graham, often regarded as the father of value investing, emphasizes a disciplined, rational approach to investing—focusing on fundamental analysis, patience, and avoiding speculation. His wisdom helps investors navigate market volatility and make sound financial decisions based on intrinsic value rather than short-term trends. The book also introduces the concept of *Mr. Market*, a brilliant analogy that teaches investors how to take advantage of market fluctuations rather than being controlled by them. While some sections are technical, Jason Zweig’s commentary in the updated edition makes the concepts more accessible, bridging Graham’s ideas with modern market conditions. Whether you're a beginner or an experienced investor, *The Intelligent Investor* is an invaluable guide that instills the principles of risk management, rational decision-making, and long-term financial success.

When I received the book, the package was not damaged but the book was already bent (as shown in the photo). I am pretty disappointed with this delivery :(

Habia leido muy buenas reseñas de este libro ya que estaba interesado en aprender un poco más sobre todo lo relacionado a inversiones a través de bolsa. Es una lectura pesada ya que tiene muchos tecnicismos, pero me ha sido de mucha utilidad. Si estás buscando guía en estos temas, este libro te ayudara a orientarte.

Binding on the book was horrendous couldn't flip between pages because they were all different sizes and came damaged

Le livre de Benjamin Graham est une pièce de référence qui a permis à de nombreux investisseurs de débuter dans la gestion de fond d'investissement en évitant les erreurs commises par le passé. Ce livre se lit un peu comme on déguste une friandise et chaque chapitre aborde un principe ou une stratégie appliquée en finance. Le livre datant du début des années 70 chaque chapitre est suivi d'un commentaire par Jason Zweig qui replace le chapitre dans le contexte actuel en montrant les développements qui sont survenus au cour des 40 dernières années. Un ouvrage très complet qui défend les principes de la gestion passive et de l'investissement par opposition à la spéculation. Si l'on ne lit qu'un ouvrage avant de débuter dans la gestion d'actifs financiers c'est celui ci qu'il faut choisir car finalement de nombreux autres ouvrages s'en inspirent.

It’s an excellent and comprehensive book about investing, written in an easy readable style and understandable by most people. It outlasts many other texts because in the many oscillations of markets it explains the reasons for the many market variations. In particular I like the explanation of an intelligent investor on page 13, a concept that is carried throughout the book - all 600 pages of it.