The Intelligent Investor
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- Create Date：2021-03-10 04:13:56
- Update Date：2025-09-06
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- Author：Benjamin Graham
- ISBN：0060555661
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Summary
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。
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。
Reviews
Roxane Fisher
，
This review has been hidden because it contains spoilers。 To view it， click here。 Long story short， index funds = good， mutual funds = bad。 Invest and hold for the long term， don't watch the stock market。 Long story short， index funds = good， mutual funds = bad。 Invest and hold for the long term， don't watch the stock market。 。。。more
Karen Leung
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Such a great book on investing！ Graham goes over the principles on what makes a true intelligent investor and why the best investment strategy is value investing。 The book can get technical at some points and will be difficult for someone who doesn't have a financial background to truly grasp the concepts but its critical to understand before any doing stock picking。 Alot of information packed in one book。 Anyone who picks stocks or invests needs to read this book。 Such a great book on investing！ Graham goes over the principles on what makes a true intelligent investor and why the best investment strategy is value investing。 The book can get technical at some points and will be difficult for someone who doesn't have a financial background to truly grasp the concepts but its critical to understand before any doing stock picking。 Alot of information packed in one book。 Anyone who picks stocks or invests needs to read this book。 。。。more
Guy Tsror
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Not an easy read at all， but with a lot of useful insights。 Will try to summarize it for better future use
Oya Güvercinci
，
Temel analizden faydalanarak uzun vadeli yatırım yapılacak hisse senetlerinin nasıl seçilebileceğini öğrenmek isteyenlerin ilgisini çekebilecek bir kitap。
Jonathan Titzel
，
This book is severely outdated， but still offers sound advice on value investing。
JiaWei Chong
，
The Intelligent Investor is a monster of a book to get through， however it is a must read for anyone that is interested in investing。 The language used is definitely dated， however， with additional commentary and footnotes from Jason Zweig， it does help the reader move along in greater detail and clarity on Graham's investment lessons。 Graham's approach isn't for speculators of companies/stock， but is for actual investors who are looking at long term gains rather than short term highs。 Some grea The Intelligent Investor is a monster of a book to get through， however it is a must read for anyone that is interested in investing。 The language used is definitely dated， however， with additional commentary and footnotes from Jason Zweig， it does help the reader move along in greater detail and clarity on Graham's investment lessons。 Graham's approach isn't for speculators of companies/stock， but is for actual investors who are looking at long term gains rather than short term highs。 Some great lessons pointed out here: - Don't try to time the market， your time is better off spent on the qualitative analysis of a company （whether the CEO is smart， whether the business is profitable or has a moat） - Don't let your emotions get in the way of investing; such as jumping on the band wagon on stocks that might seem to be off high value （when in fact they are not）。- Do your research on a companies finances over a course of 10 years （deep diving into earnings， dividends paid， understanding where their earnings are coming from）。 While the most updated version of this book is 2002， most lessons still apply here for 2020 and beyond。 I think this might be an even more important read for beginner stock investors due to the current market volatility （in 2021） with the trade war and the pandemic occurring at the same time。 Might upgrade this book to a 5 star read if my stock picks do well in 10 years。 。。。more
Jay Besters
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Erg goed boek。 Geeft praktisch advies over het beoordelen van aandelen waardoor je op een verstandige manier kunt beleggen。 Het vervelende is dat het een amerikaans boek is， het over de vorige eeuw gaat en het een beetje saai geschreven is。 Omdat het inhoudelijk sterk is， geef ik het toch 4 sterren。
Pearse Rindy
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«Un inversor defensivo participa y gana la carrera quedándose quieto»。
Caktus
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A great book full of useful information。 One of the best Self-Help books ever written。
Sai Krishna
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The Intelligent Investor by Ben Graham provides the fundamentals to be kept in mind while investing （and not speculating） in stocks and other instruments。 The book has helped me get a jump start into the world of value-investing。 Although the original book has case-studies pertaining to an earlier market， the appendages after every chapter clearly draw the similarities of Ben's principles to today's market。 The Intelligent Investor by Ben Graham provides the fundamentals to be kept in mind while investing （and not speculating） in stocks and other instruments。 The book has helped me get a jump start into the world of value-investing。 Although the original book has case-studies pertaining to an earlier market， the appendages after every chapter clearly draw the similarities of Ben's principles to today's market。 。。。more
TEELOCK Mithilesh
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Benjamin Graham was an American investor and economist who flourished after the financial crash of 1929。 He is regarded as the “father of value investing”。 His widely acclaimed book The Intelligent Investor was first published in 1949 and has sold over a million copies worldwide。 Since then， the book has been revised several times and the most recent revised edition was published in 2003。The latest revised edition of the book includes updated commentary by noted financial journalist Jason Zweig， Benjamin Graham was an American investor and economist who flourished after the financial crash of 1929。 He is regarded as the “father of value investing”。 His widely acclaimed book The Intelligent Investor was first published in 1949 and has sold over a million copies worldwide。 Since then， the book has been revised several times and the most recent revised edition was published in 2003。The latest revised edition of the book includes updated commentary by noted financial journalist Jason Zweig， whose perspective incorporates the realities of today’s market and gives readers a deeper understanding of how to apply Graham’s principles。Successful entrepreneurs are great investors too。 And The Intelligent Investor is the best book you can invest in to reach your financial goals。 。。。more
Darcy Lynch
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Quite a dense book， lots of great information for valuing companies and for different investing strategies for different people。 But， a lot of the information is somewhat outdated with the most recent case studies and analyses being from the 1970s， it’s hard to judge whether the same strategies are really effective for the modern market and with modern technology and IT。
Alexey
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Отличная книга по принципам стоимостного инвестирования。
eva
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So I will confess this became sort of white noise， but it was interesting and I now know more about the stock market and terminology than when I started and I get the whole thing my partners is trying to do with investing/speculating。
Kadi
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This book keeps on giving and giving knowledge in every page。 It took me seven months to finish it as it was a hard read for me （I had some months I didn't even crab for the book）。 I didn’t understand everything but it broadened my knowledge and I’m sure if I’d be to read it again then I would get more and more valuable information。 Benjamin Graham wrote about the end of 1971 and the beginning of 1972， Jason Zweig added his notes in the beginning of 2000s。 Even though it was written such a long This book keeps on giving and giving knowledge in every page。 It took me seven months to finish it as it was a hard read for me （I had some months I didn't even crab for the book）。 I didn’t understand everything but it broadened my knowledge and I’m sure if I’d be to read it again then I would get more and more valuable information。 Benjamin Graham wrote about the end of 1971 and the beginning of 1972， Jason Zweig added his notes in the beginning of 2000s。 Even though it was written such a long time ago it’s still mostly relevant now。What I also learned is that I’ve been mostly a speculator， not an investor。 I am giving it my effort to turn it around and to be more intelligent investor although it’s a journey and quite a long one。 To be an investor and especially an enterprising investor， your head has to always be in the game。 Depends on your investing style and goals of course。I have written down snippets from this book。 And they really are snippets but nevertheless useful although some of them are well known and common sense but sometimes reminding even an easy knowledge can be useful。 ________Stock is an ownership interest in a business。 By owning a stock you have a say in this company！3 types of stocks:1。tIncome – dividends2。tValue - investing in undervalued stocks3。tGrowth - company growsBuy - you make a bet that the share price will go up1。tBuy with cheaper price2。tSell with higher price Sell - you make a bet that the share price will go down1。tBorrow shares from the broker2。tImmediately sell the shares3。tBuy replacement shares at a lower priceDefensive investor – passive， no mistakes， no losses and no effort。 Underlying safety， simplicity of choice， and promise of satisfactory results。 The more familiar a stock is， the more likely it is to turn a defensive investor into a lazy one who thinks there's no need to do any homework。Enterprising investor – active， agressive， devotes time and effort。 Company's rapid growth cannot keep up forever， at some point the growth curve flattens out， and in many cases it turns downwards。 Enterprising investor concentrates on the larger companies that are going through a period of unpopularity。Intelligent investor1。tPatient2。tDisciplined3。tEager to learn4。tKeeps emotions in control5。tThinks for himselfPeople try to get better than average results by1。tShort selling – stock exchange2。tBuying short-term stocks of companies which are expected to report increased earnings or other favorable development3。tBuying long-term stocks which have excellent record of past growthThe investor faces obstacles of two kinds – human fallibility and his own competition。Money illusion: 2% raise and 4% inflation may seem okay but 2% cut and 0% inflation is not seemingly okay。 It’s actually the same。 Inflation eats away in secret。Two types of intelligent investor:1。tContinually researching， selecting， and monitoring a dynamic mix of stocks， bonds， or mutual funds。2。tCreating a permanent portfolio that runs on autopilot and requires no further effort。Intelligent investor shouldn't buy a stock for its dividend income alone， the company and it's businesses must be solid。Common stock rules: 1。tDiversification2。tLarge， prominent， and conservatively financed companies3。tLong record of continuous dividend payment （at least 10 years） 4。tInvestor should impose some limit on the price he'll pay for an issue in relation to its average earnings over， say， the past seven years。 25*x over 7 year period， 20*x past 12-month period。 It is not wise to take speculative chances to make some extra income。 Purchased securities should depend on investors financial equipment in terms of knowledge， experience， and temperament。 Low income investor （and others recommended） should test out their judgement on price versus value with the smallest possible sums。If a stock investment shows a satisfactory overall return， as measured through a fair number of years， then this investment has proved to be "safe"。 During the period its market value is bound to fluctuate but that doesn't make the stock "risky"。No one should invest in a company， no matter how great its products， without studying its financial statements and estimating its business value。 You have to make sure that the stock isn't overpriced。"Dollar-cost averaging" enables you to put a fixed amount of money into an investment at regular intervals which takes away the market's power to upset you no matter how bizarrely it bounces。 SPX500， NSDQ100 - by investing in those companies liberates you from the feeling that you need to forecast what the financial markets are about to do。 By investing in those companies you can be ignorant which is a powerful weapon for the defensive investor。Life can only be understood backwards， but it must be lived forwards。 Looking back you can always see exactly when you should have bought and sold your stocks。 But don't let that fool you into thinking you can see in real time， just when to get in and out。The bigger the companies get， the slower they grow。 A new company can double more easily than a company that's already very high。For pricing we buy or hold stocks when the future course is deemed to upward， to sell or refrain from buying when the course is downward。 Timing is like forecasting and speculating。 There is no basis either in logic or in experience for assuming that any typical or average investor can anticipate market movements better that the general public， of which he is himself a part。 With timing the speculator wants to make profit in a hurry。Buying funds based purely on their past performance is one of the stupidest things an investor can do。Index fund buyers must evaluate the fund in that order:1。tFund's expenses2。tRiskiness of the fund3。tManager's reputation 4。tPast performance Managers should be major shareholders when choosing a low-cost fund。 Yesterday's winners often become tomorrow's losers， yesterday's losers almost never become tomorrow's winners。 If you are not willing to stay with a fund for at least three lean years then you shouldn't invest in them。 Never buy a stock because it has gone up or sell it because it has gone down。 Don't follow the market， follow your own decisions。 Market's job is to provide prices， your job is to decide whether it is to your advantage to act on them。 You can control•tyour brokerage costs， by trading rarely， patently， and cheaply。•tyour ownership costs， by refusing to buy with excessive annual expenses。•tyour expectations， by using realism to forecast your returns。•tyour risk， by deciding how much of your total assets to put at hazard in the stock market， by diversifying， and by rebalancing。•tyour tax bills， by holding stocks at least one year or longer。•tyour own behaviour。Read cash flow statements in annual reports， if it has grown over the past 10 years then it's good。 If owner earnings per share have grown steadily 6-7% over the past 10 years， the company is a stable generator of cash， it's prospects of growth are good。 Look at the debt， long-term dept should be under 50% of total capital。 Fixed-rate dept payments are better because interest rates can rise with variable dept payments。When buying shares back， the companies should do it at their cheapest not when they are near record highs。 Companies can fool investors with splitting the shares。 Two shares at 50$ are the same as one share at 100$。What stocks to pick:1。tAdequate size of the enterprise - not less than $100 million of annual sales for industrial company， and not less than $50 million of total assets for public utility。 Nowadays you can own small companies by buying a mutual fund specializing in small stocks。2。tA sufficiently strong financial condition - current assets should be at least twice current liabilities for industrial companies。 Long-term debt should not exceed the net current assets。 3。tEarnings stability。4。tDividend record for at least past ten years。 5。tEarnings growth - at least one-third in per-share earnings in the past ten years。6。tModerate P/E ratio - not more than 15 times average earnings of the past three years。 7。tModerate ratio of price to assets - current price should not be more than 1。5 times the book value last reported。 Diversification doesn't just minimize your odds of being wrong， but it also maximizes your chances of being right。 A handful of stocks can turn into "superstocks"。 。。。more
Trsa
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Para un novato en el tema recomiendo tener otras fuentes de consulta antes de este libro。 Aun así explica muchísimas cosas que se deben tener frescas en la cabeza además de reiterar que lo más importante es el sentido común y vencer la tentación de caer en el juego de la bolsa
Mikey Whelan
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Fantastic book。 Gives in-depth analysis on the stock market as a whole。 Found it a little bit heavy at times， but powered through by combining reading the hard-copy and listening to it on Audible as I commuted to work。 One of the most information-packed stock market investing books I have read。I would deem this a must-read for anyone looking to expand their knowledge on the stock market， be they a beginner or vastly-experienced investor。
Deciamos Ayer
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Toda persona que quiera empezar a invertir en bolsa debería leer este libro
Carrie Haggerty
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Very Informative， still relevant in todays market and enjoyed all the commentary throughout the book， probably will buy the hard copy to have for the bookshelf。
Luke Bundy
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This book along with "Technical Analysis Explained" by Martin Pring are the go-to for people learning how to invest and trade。 It's a must-read。 I'd also recommend "A Random Walk Down Wall Street"I'd also recommend if you have >$1000 to invest go with https://act。webull。com/n/WNpe5GCm94da。。。If you have at least $1000 to invest go withhttps://www。sofi。com/share/invest/366。。。 This book along with "Technical Analysis Explained" by Martin Pring are the go-to for people learning how to invest and trade。 It's a must-read。 I'd also recommend "A Random Walk Down Wall Street"I'd also recommend if you have >$1000 to invest go with https://act。webull。com/n/WNpe5GCm94da。。。If you have at least $1000 to invest go withhttps://www。sofi。com/share/invest/366。。。 。。。more
Timothy James Goodkey
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This book was right up my alley。 Of immediate value are Graham's approach to emotional management of investor behaviour which is paramount to a。prospectivr investors long term success。 Will sit on my shelf for a long time as a reference book。 This book was right up my alley。 Of immediate value are Graham's approach to emotional management of investor behaviour which is paramount to a。prospectivr investors long term success。 Will sit on my shelf for a long time as a reference book。 。。。more
Daniel Gonzalez
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At least half of the information is outdated。 Zweig's commentary is what makes the book tolerable。 I wouldn't recommend this for a novice investor。 Do yourself a favor and read something written in this century。 At least half of the information is outdated。 Zweig's commentary is what makes the book tolerable。 I wouldn't recommend this for a novice investor。 Do yourself a favor and read something written in this century。 。。。more
Mikhail Matorra
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To complex， long and boring。 Examples are too old。。。
Ranjith Kumar
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The great book on value investing。 Must read book for investors。
Wildan Dicky
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This is actually a good book for an investor to learn from other people's mistakes from the past。 I give them 4 stars rating because this book is not well written for a newbie。 My advice while reading this book is you read this book slowly chapter by chapter （also browsing the meaning of some strange word）， comprehend it， and then read the commentary for each chapter。 The commentary seems written very well than the original content so make sure you read all the commentary。 My next plan after rea This is actually a good book for an investor to learn from other people's mistakes from the past。 I give them 4 stars rating because this book is not well written for a newbie。 My advice while reading this book is you read this book slowly chapter by chapter （also browsing the meaning of some strange word）， comprehend it， and then read the commentary for each chapter。 The commentary seems written very well than the original content so make sure you read all the commentary。 My next plan after reading this book is to search for a summary of this book on the internet （as a validation for my knowledge gained from this book） and maybe re-read it again in the future in order to gain deeper knowledge。Good luck with your investing journey。Oh ya， I advise you to read Graham's next book: Security Analysis。 Because in The Intelligent Investor just cover part of being an "intelligent investor" and learn from the past mistake。 。。。more
Mark Dalton
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Great investing book， tons of extremely useful info。 It is definitely dense at times but the updated chapter commentary from 2003 definitely makes it more understandable and relatable。 Def a 10/10 recommendation for anyone starting to invest really helps you understand what it actually is you are doing and avoid the trap of believing your speculations are investments。
Abby Outterson
，
This book was very helpful in walking through the pitfalls of investing- the biggest takeaway is to invest in bonds and index funds， and be patient。 To do otherwise is to put in a lot of time and energy doing research to yield potentially better results。 Unfortunately， the book was written in 1973， with annotated updates by Jason Zweig in 2003; and it is a dense 600 pages。 I believe the first few chapters at least （maybe even the first 10 chapters）are still worth reading， just to get a solid hol This book was very helpful in walking through the pitfalls of investing- the biggest takeaway is to invest in bonds and index funds， and be patient。 To do otherwise is to put in a lot of time and energy doing research to yield potentially better results。 Unfortunately， the book was written in 1973， with annotated updates by Jason Zweig in 2003; and it is a dense 600 pages。 I believe the first few chapters at least （maybe even the first 10 chapters）are still worth reading， just to get a solid hold on how the stock market works and what options are available （and to be convinced of the benefit of taking the “defensive investor” stance）。 After that， one might skip to the last chapter to reconvince yourself not to mess around too much with trendy stocks。 I definitely skimmed the last few chapters， mostly focusing on the commentary sections for modernized updates。 The value of this book is not in describing the stock market as it stands today- especially after the housing market crash in 2008 and the 2020-2021 pandemic- but offering the reader a valuable sense of how to weigh the risks of the unexpected with the possibility of financial gain。 One futuristic note that was made was that， if the market follows past long-term trends， a bear market may be expected in 2030 or so。 。。。more
Jordan Mcculloch
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I don’t know if I am financially literate enough to understand the concepts spoken on。 I have since purchased a book on how to read financial statements to increase the last knowledge。 After that I will venture back to this book。
Eddie Westall
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If you're at all interested in investing， you'll already know you need to read this book。My advice would be to read this as a lesson in psychology， not in finance。 If you do， you'll love it。 Writing is fluid and convincing; Graham certainly knows what he's talking about。 Some of the book's technical content is unfortunately outdated， but it's still a staple for any investor's bookshelf。 If you're at all interested in investing， you'll already know you need to read this book。My advice would be to read this as a lesson in psychology， not in finance。 If you do， you'll love it。 Writing is fluid and convincing; Graham certainly knows what he's talking about。 Some of the book's technical content is unfortunately outdated， but it's still a staple for any investor's bookshelf。 。。。more
Leo Di Leo
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Amazing read。 Really dense but a solid investing book to help build your psych for the principles of value investing。 I need to read it again it was so good！
Reference
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