O Investidor Inteligente
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- Update Date：2025-09-06
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- Author：Benjamin Graham
- ISBN：8595080801
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Summary
Maior consultor de investimentos do século XX， Benjamin Graham ensinou e inspirou milhares de pessoas ao redor do mundo。 Seu conceito de “valor de investimento” protege os investidores de cometer erros substanciais e os ensina a desenvolver estratégias de longo prazo。 Isso fez com que O investidor inteligente se tornasse a bíblia do mercado de ações desde sua primeira publicação， em 1949。 A partir daí， as evoluções do mercado provaram a sabedoria das estratégias de Graham。 Esta edição conta ainda com atualizações e apontamentos do jornalista Jason Zweig， além de prefácios de Warren Buffett e Armínio Fraga。
“De longe， o melhor livro sobre investimentos já escrito。” — Warren Buffett
“Se você tiver que ler um só livro sobre investimentos em toda a sua vida， que seja esse。” ― Fortune
“Um dos dez livros que todo investidor deveria ler。” ― Revista Exame
“Neste livro， um best-seller com mais de um milhão de exemplares vendidos， Benjamin Graham nos mostra que todo investidor inteligente deve combinar educação financeira， pleno conhecimento de mercado e， acima de tudo， uma visão de longo prazo。 Essas são ferramentas fundamentais e de grande valia para quem deseja ter sucesso no mercado de ações。” ― Raymundo Magliano Filho， ex-presidente da Bovespa
“Com base em sua abordagem， vários discípulos de Graham ― com destaque para Warren Buffett， talvez o mais famoso de todos os tempos ― ainda hoje praticam esse método com extraordinário sucesso。 Apesar de sua ampla difusão no mundo， as lições de Graham mantêm sua validade graças às extremas （e nem sempre racionais） flutuações que acontecem nas bolsas de valores do mundo。 Como não há possibilidade real de que tais flutuações deixem de ocorrer， deixo aqui minha mais entusiástica recomendação deste brilhante e claríssimo livro。 Bom proveito！” ― Armínio Fraga， ex-presidente do Banco Central do Brasil
“De longe， o melhor livro sobre investimentos já escrito。” — Warren Buffett
“Se você tiver que ler um só livro sobre investimentos em toda a sua vida， que seja esse。” ― Fortune
“Um dos dez livros que todo investidor deveria ler。” ― Revista Exame
“Neste livro， um best-seller com mais de um milhão de exemplares vendidos， Benjamin Graham nos mostra que todo investidor inteligente deve combinar educação financeira， pleno conhecimento de mercado e， acima de tudo， uma visão de longo prazo。 Essas são ferramentas fundamentais e de grande valia para quem deseja ter sucesso no mercado de ações。” ― Raymundo Magliano Filho， ex-presidente da Bovespa
“Com base em sua abordagem， vários discípulos de Graham ― com destaque para Warren Buffett， talvez o mais famoso de todos os tempos ― ainda hoje praticam esse método com extraordinário sucesso。 Apesar de sua ampla difusão no mundo， as lições de Graham mantêm sua validade graças às extremas （e nem sempre racionais） flutuações que acontecem nas bolsas de valores do mundo。 Como não há possibilidade real de que tais flutuações deixem de ocorrer， deixo aqui minha mais entusiástica recomendação deste brilhante e claríssimo livro。 Bom proveito！” ― Armínio Fraga， ex-presidente do Banco Central do Brasil
Reviews
Alexandru-Thomas Narita
，
O carte impresionanta din toate punctele de vedere。 Nu o recomand celor care nu au studiat investitiile si nu au cat de cat o baza a termenilor economici folositi， deoarece aceasta carte nu explica intotdeauna termenii utilizati。 O carte ce iti ofera multe de invatat， mai ales prin fragmente istorice ale bursei de valori。
Zulfiquar Abbas
，
The Book turned out to be exactly what I was hoping to get- The Basics of Stock Market， The right mindset， The Fundamentals， What should we look for what not， What should we be careful about etc。The book is filled with pros and the only con I found is that it's too informative which is not bad for a book written to provide information but it just doesn't end lol。 It took me 2 months， around 10-15 pages a day to get at the end。 However， everyday was worth spending。 Thanks Graham The Book turned out to be exactly what I was hoping to get- The Basics of Stock Market， The right mindset， The Fundamentals， What should we look for what not， What should we be careful about etc。The book is filled with pros and the only con I found is that it's too informative which is not bad for a book written to provide information but it just doesn't end lol。 It took me 2 months， around 10-15 pages a day to get at the end。 However， everyday was worth spending。 Thanks Graham 。。。more
Trinh Chau
，
THE INTELLIGENT INVESTORS1。 The intelligent investor is the realist who buys from the pessimists and sell to the optimists2。 The defensive （or passive） investor will place his chief emphasis on the avoidance of serious mistakes or losses。 His second aim will be freedom from effort， annoyance， and the need of making frequent decisions。 The determining trait of the enterprising （or active， or aggressive） investor is his willingness to devote time and care to the selection of securities that are bo THE INTELLIGENT INVESTORS1。 The intelligent investor is the realist who buys from the pessimists and sell to the optimists2。 The defensive （or passive） investor will place his chief emphasis on the avoidance of serious mistakes or losses。 His second aim will be freedom from effort， annoyance， and the need of making frequent decisions。 The determining trait of the enterprising （or active， or aggressive） investor is his willingness to devote time and care to the selection of securities that are both sound and more attractive than the average3。 The virtues of a simple portfolio policy have been emphasized—the purchase of high-grade bonds plus a diversified list of leading common stocks—which any investor can carry out with a little expert assistance。4。 There are two ways to be an intelligent investor: by continually researching， selecting， and monitoring a dynamic mix of stocks， bonds， or mutual funds; or by creating a permanent portfolio that runs on autopilot and requires no further efforts 5。 Should rebalance stock-bond every 6months6。 Rules for common stocks components:- Min 10。 Max 30。 Not too few， not too many。 - Each company should be large， prominent， conservatively financed （at least 50M of assets or business） Clear strategy and general sense- Long record of continuous dividend payments7。 Let’s say you can spare $500 a month。 By owning and dollar-cost averaging into just three index funds—$300 into one that holds the total U。S。 stock market， $100 into one that holds foreign stocks， and $100 into one that holds U。S bonds， you can ensure that you own almost every investment on the loan planet that’s worth owning。8。 A great company is not a great investment if you pay too much for the stocks9。 The really big fortunes from common stocks have been made by people who packed all their money into 1 investment they knew supremely wel10。 To see whether a stock is selling for less than the value of networking capital， subtract current liabilities from current assets including any preferred stocks or longterm debt。 As of October 31， 2002， for instance， Comverse Technology had $2。4 billion in current assets and $1。0 billion in total liabilities， giving it $1。4 billion in net working capital。 With fewer than 190 million shares of stock， and a stock price under $8 per share， Comverse had a total market capitalization of just under $1。4 billion。 With the stock priced at no more than the value of Comverse’s cash and inventories， the company’s ongoing business was essentially selling for nothing。 As Graham knew， you can still lose money on a stock like Comverse—which is why you should buy them only if you can find a couple dozen at a time and hold them patiently。 But on the very rare occasions when Mr。 Market generates that many true bargains， you’re all but certain to make money。11。 In general， the shares of second-line companies* fluctuate more widely than the major ones， but this does not necessarily mean that a group of well-established but smaller companies will make a poorer showing over a fairly long period。 In any case the investor may as well resign himself in advance to the probability rather than the mere possibility that most of his holdings will advance， say， 50% or more from their low point and decline the equivalent one-third or more from their high point at various periods in the next five years。12。 A serious investor is not likely to believe that the day-to-day or even month-to-month fluctuations of the stock market make him richer or poorer。13。 The more successful the company is the more fluctuations it has in the stock price14。 The first is that the stock market often goes far wrong， and sometimes an alert and courageous investor can take advantage of its patent errors。 The other is that most businesses change in character and quality over the years， sometimes for the better， perhaps more often for the worse。 The investor need not watch his companies’ performance like a hawk; but he should give it a good， hard look from time to time。15。 The most realistic distinction between the investor and the speculator is found in their attitude toward stock-market movements。 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。 Market movements are important to him in a practical sense， because they alternately create low price levels at which he would be wise to buy and high price levels at which he certainly should refrain from buying and probably would be wise to sell。16。 But you can control:- your brokerage costs， by trading rarely， patiently， and cheaply- your ownership costs， by refusing to buy mutual funds with excessive annual expenses- your expectations， by using realism， not fantasy， to forecast your returns7- your risk， by deciding how much of your total assets to put at hazard in the stock market， by diversifying， and by rebalancing- your tax bills， by holding stocks for at least one year and， whenever possible， for at least five years， to lower your capital-gains liability- and， most of all， your own behavior。17。 Investing isn’t about beating others at their game。 It’s about controlling yourself at your own game。 18。 Investment Owner’s ContractI， _____________ ___________________， hereby state that I am an investor who is seeking to accumulate wealth for many years into the future。I know that there will be many times when I will be tempted to invest in stocks or bonds because they have gone （or “are going”） up in price， and other times when I will be tempted to sell my investments because they have gone （or “are going”） down。I hereby declare my refusal to let a herd of strangers make my financial decisions for me。 I further make a solemn commitment never to invest because the stock market has gone up， and never to sell because it has gone down。 Instead， I will invest $______。00 per month， every month， through an automatic investment plan or “dollar-cost averaging program，” into the following mutual funds or diversified portfolio:。。。。。。I will also invest additional amounts whenever I can afford to spare the cash （and can afford to lose it in the short run）。I hereby declare that I will hold each of these investments continually through at least the following date （which must be a minimum of 10 years after the date of this contact）: _________________ _____， 20__。 The only exceptions allowed under the terms of this contract are a sudden， pressing need for cash， like a health-care emergency or the loss of my job， or a planned expenditure like a housing down payment or a tuition bill。I am， by signing below， stating my intention not only to abide by the terms of this contract， but to re-read this document whenever I am tempted to sell any of my investments。This contract is valid only when signed by at least one witness， and must be kept in a safe place that is easily accessible for future reference。Signed。 Date。 Witness19。 Hold an index fund for 20 years or more， adding new money every month， and you are all but certain to outper-forms the vast majority of professional and individual investors alike。 Late in his life， Graham praised index funds as the best choice for individual investors， as does Warren Buffett20。 Choose a fund:- See the fund expenses - Evaluate risks。 Morning star rates - Past performance 21。 If you’re not prepared to stay with a fund for at least 3yrs better not buy 22。 Here are some of the questions that prominent financial planners recommended any prospective client should ask:- Why are you in this business？ What is the mission statement of your firm？ Besides your alarm clock， what makes you get up in the morning？- What is your investing philosophy？ Do you use stocks or mutual funds？ Do you use technical analysis？ Do you use market timing？ （A “yes” to either of the last two questions is a “no” signal to you。）- Do you focus solely on asset management， or do you also advise on taxes， estate and retirement planning， budgeting and debt management， and insurance？ How do your education， experience， and credentials qualify you to give those kinds of financial advice？- What needs do your clients typically have in common？ How can you help me achieve my goals？ How will you track and report my progress？ Do you provide a checklist that I can use to monitor the implementation of any financial plan we develop？- How do you choose investments？ What investing approach do you believe is most successful， and what evidence can you show me that you have achieved that kind of success for your clients？ What do you do when an investment perform poorly for an entire year？ （Any adviser who answers “sell” is not worth hiring。）- Do you， when recommending investments， accept any form of compensation from any third party？ Why or why not？ Under which circumstances？ How much， in actual dollars， do you estimate I would pay for your services the first year？ What would make that number go up or down over time？ （If fees will consume more than 1% of your assets annually， you should probably shop for another adviser。6 ）- How many clients do you have， and how often do you communicate with them？ What has been your proudest achievement for a client？ What characteristics do your favorite clients share？ What’s the worst experience you’ve had with a client， and how did you resolve it？ What determines whether a client speaks to you or to your support staff？ How long do clients typically stay with you？- Can I see a sample account statement？ （If you can’t understand it， ask the adviser to explain it。 If you can’t understand his explanation， he’s not right for you。）- Do you consider yourself financially successful？ Why？ How do you define financial success？- How high an average annual return do you think is feasible on my investments？ （Anything over 8% to 10% is unrealistic。）- Will you provide me with your résumé， your Form ADV， and at least three references？ （If the adviser or his firm is required to file an ADV， and he will not provide you a copy， get up and leave—and keep one hand on your wallet as you go。）- Have you ever had a formal complaint filed against you？ Why did the last client who fired you do so？23。 Foundations before investing:- a comprehensive financial plan that outlines how you will earn， save， spend， borrow， and invest your money;- an investment policy statement that spells out your fundamental approach to investing;- an asset-allocation plan that details how much money you will keep in different investment categories。24。 Valuation of growth stocks in next 7-10yrsValue = current （normal） earnings x （8。5+2x expected annual growth rate）25。 Value of stocks in future depends on:- The company’s “general long-term prospects” （5yrs statement。 Answer “what makes this company grow？” & “where are profits from？”）。 Serial acquirers are bad。 OPM addicts “cash on finance activities”。 Big spent on R&D is a huge plus for vision- the quality of its management。 Big salary for CEO （$100k/yr）。 Stay away with stock options switch from employees to new users for higher price。 Managers not promoters is better- its financial strength and capital structure。 Operation cashflow grows steadily in 10yrs is good。 Eps grows steadily 6-7% last 10yrs。 Long term debt < 50% total capital- its dividend record- and its current dividend rate26。 Don’t take the 1st year earnings seriously。 If pay attention to shorterm earnings look for booby traps in the per share figures。 27。 We suggest that the growth rate itself be calculated by comparing the average of the last three years with corresponding figures ten years earlier。28。 we summarize them as follows:- Adequate size。- A sufficiently strong financial condition。- Continued dividends for at least the past 20 years。- No earnings deficit in the past ten years。- Ten-year growth of at least one-third in per-share earnings。- Price of stock no more than 1½ times net asset value。- Price no more than 15 times average earnings past 3yrs29。 Stock selection- Adequate size。 Under $2bil or mutual fund spealizing small stocks- Strong financial conditions。 Current asset/ current activity =2:1。 Long term debt < working capital - Earning stability- Dividend record。 - Earnings growth - Moderate P/E。 No more 15 past 3 yrs。 forward pe is bs。 Current price divided by average earnings past 3 years。 - Moderate price-to-book ratio。 Price to asset。 No more 1。5- P/E x price-to-book <22。530。 Can’t miss:- Do your homework。 Sec。gov。 Read at least 5yr work- check neighborhood。 Morningstar or yahoo finance。 What % of shares owned by institutions？ Over 60% is overowned。 Those websites will also tell you who the largest owners of the stock are。 If they are money-management firms that invest in a style similar to your own， that’s a good sign。31。 Investing criteria for enterprising investors- Financial condition: （a） Current assets at least 1½ times current liabilities， and （b） debt not more than 110% of net current assets （for industrial companies）。- Earnings stability: No deficit in the last five years covered in the Stock Guide。- Dividend record: Some current dividend。- Earnings growth: Last year’s earnings more than those of 1966。- Price: Less than 120% net tangible assets。32。 EPS GO ROICROIC = Owner Earnings Invested Capital，where Owner Earnings is equal to:Operating profitplus depreciationplus amortization of goodwillminus Federal income tax （paid at the company’s average rate）minus cost of stock optionsminus “maintenance” （or essential） capital expendituresminus any income generated by unsustainable rates of return on pension funds （as of 2003， anything greater than 6。5%）and where Invested Capital is equal to:Total assetsminus cash （as well as short-term investments and non-interest-bearing current liabilities）plus past accounting charges that reduced invested capital。ROIC has the virtue of showing， after all legitimate expenses， what the company earns from its operating businesses—and how efficiently it has used the shareholders’ money to generate that return。 An ROIC of at least 10% is attractive; even 6% or 7% can be tempting if the company has good brand names， focused management， or is under a temporary cloud。33。 No matter which techniques they use in picking stocks， successful investing professionals have two things in common: First， they are disciplined and consistent， refusing to change their approach even when it is unfashionable。 Second， they think a great deal about what they do and how to do it， but they pay very little attention to what the market is doing。 。。。more
Faisal
，
For voracious readers only！ Its concepts are old （some outdated） still very practical for today's personal investment endeavors。7/10 For voracious readers only！ Its concepts are old （some outdated） still very practical for today's personal investment endeavors。7/10 。。。more
Ronald Tsang
，
A good introduction to the operation of the stock market。 Another good feature of the book is Benjiman's method of allocating risk in an investment portfolio。 A good introduction to the operation of the stock market。 Another good feature of the book is Benjiman's method of allocating risk in an investment portfolio。 。。。more
Casey
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Engaging writing， but not particularly useful to the uninitiated。 I found myself losing attention or overwhelmed by terms I was unfamiliar with。
Georgia Ko
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Pretty useful either you re into investing and finance or not
Christopher
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This is the single best book I have ever read on investing。 I wish someone gave this to me when I was 16。 I've had so many misconceived notions， and this book gives sound reasons to anyone willing to invest intelligently。 I rank this book up there with other life-changing books I have and will use my copy to refer back to as a reference and reread it again and again。 This is the single best book I have ever read on investing。 I wish someone gave this to me when I was 16。 I've had so many misconceived notions， and this book gives sound reasons to anyone willing to invest intelligently。 I rank this book up there with other life-changing books I have and will use my copy to refer back to as a reference and reread it again and again。 。。。more
Venkatesan Raghavan
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Good for beginners in investing。 Based in 1970's markets Good for beginners in investing。 Based in 1970's markets 。。。more
Raneem Tartusy
，
تعلمت منه الكثير
Eduards Sizovs
，
Good read about the basics of value investing and one of the most hyped ones by Warren Buffett。 With all respect to Benjamin Graham and Buffie， I didn't find this book deep or insightful。 It's also too long and repetitive。What should you do about it？- Don't spend time reading the full book – read an online summary instead。- Spend time on another， better book – "Margin of Safety" by Seth Klarman Good read about the basics of value investing and one of the most hyped ones by Warren Buffett。 With all respect to Benjamin Graham and Buffie， I didn't find this book deep or insightful。 It's also too long and repetitive。What should you do about it？- Don't spend time reading the full book – read an online summary instead。- Spend time on another， better book – "Margin of Safety" by Seth Klarman 。。。more
Vitor Araujo
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Um dos melhores livros， essencial à toda pessoa que busca ser um investidor de longo prazo！
Roxane Fisher
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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
，
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。 Must read for anyone who invests in the stock market 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。 Must read for anyone who invests in the stock market 。。。more
Guy Tsror
，
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
，
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
Alexey
，
Отличная книга по принципам стоимостного инвестирования。
eva
，
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
，
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。
Reference
google book https://www.google.com/search?tbm=bks&q=O Investidor Inteligente
hathitrust digital library https://babel.hathitrust.org/cgi/ls?q1=O Investidor Inteligente&field1=ocr&a=srchls&ft=ft&lmt=ft