El inversor inteligente: Un libro de asesoramiento práctico
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- Create Date：2021-03-25 02:53:55
- Update Date：2025-09-06
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- Author：Benjamin Graham
- ISBN：1418599948
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Summary
A lo largo de los años， la evolución del mercado ha comprobado lo sabias que han sido las estrategias enseñadas por Graham。 A la vez que conserva la integridad del texto original， esta edición revisada incluye comentarios actualizados del famoso periodista financiero Jason Zweig， cuya perspectiva incorpora las realidades del mercado presente， traza paralelismos entre los ejemplos de Graham y los titulares financieros actuales， y brinda a los lectores una comprensión más plena de cómo hacer para aplicar dichos principios。
Fundamental e indispensable， El inversor inteligente es el libro más importante que usted leerá jamás sobre cómo alcanzar sus objetivos en lo financiero。
Fundamental e indispensable， El inversor inteligente es el libro más importante que usted leerá jamás sobre cómo alcanzar sus objetivos en lo financiero。
Reviews
Leena Zahir
，
Good intro to value investing for the uninitiated。 I especially appreciated the commentary on each chapter， although even that is now dated。
Kevin Stambaugh
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A bit dated， but most principles can still hold today。
MR M W KELSALL
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Great insight into investingAs someone who’s just getting into investinv， this is a great read to understand the market history。 It might get a bit dry， but definitely worth the read。
Harv Rettberg
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This book was a slog。 Very detailed and also inciteful。
Sean Paterson
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Not for the faint of heart and not recommended to the typical investor - stick with some index trackers。
Kemp
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Don’t read this book for fun。 It will wear you down。 The writing is weird。 The original book was written by Benjamin Graham and， I think， was built from his lectures while lecturing at Columbia’s Business School。 It was first published in 1949。 Graham updated it several times with the last one in the early 60s。 Jason Zweig then worked with Graham to create this version in 2003。I might have preferred Zweig just write his own book but then the cachet Graham provides would be lost。 You can almost g Don’t read this book for fun。 It will wear you down。 The writing is weird。 The original book was written by Benjamin Graham and， I think， was built from his lectures while lecturing at Columbia’s Business School。 It was first published in 1949。 Graham updated it several times with the last one in the early 60s。 Jason Zweig then worked with Graham to create this version in 2003。I might have preferred Zweig just write his own book but then the cachet Graham provides would be lost。 You can almost get away with reading the first few paragraphs Graham wrote then jump to Zweig’s commentary。 Doing this you’ll avoid the out-of-date examples and get the gist of the book。Each chapter begins with Graham’s lecture topic with updates to the 60s and is followed by commentary and updated examples written by Zweig。 Few examples from the earliest editions will resonate with today’s reader。 And only marginally more will be remembered from the 60s edition。 At least Zweig’s comments only hearken back to the dot。com bust of the 00s。 The walk away; if you’re not prepared to do your investment homework stick to low-cost index funds。 That isn’t Graham’s recommendation – index funds didn’t exist when he wrote – it’s Zweig’s。 If you invest without doing your homework， you’re a speculator or a gambler。 I rated it three starts but its three strong stars and， regardless of the rating， should be read by potential investors。 。。。more
Tauras
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Even before opening the book， I considered myself to be a passive （defensive） investor for the foreseeable future。 "The Intelligent Investor" confirmed these beliefs to be rational， together with introducing the concept of an enterprising investor and what would kind of effort would be needed in becoming a value investor。 The book overviews a lot of things - some mechanical techniques， historical insights and psychological fallacies that humans tend to fall to。 Despite the book being really old， Even before opening the book， I considered myself to be a passive （defensive） investor for the foreseeable future。 "The Intelligent Investor" confirmed these beliefs to be rational， together with introducing the concept of an enterprising investor and what would kind of effort would be needed in becoming a value investor。 The book overviews a lot of things - some mechanical techniques， historical insights and psychological fallacies that humans tend to fall to。 Despite the book being really old， I'd still label it as a relevant and helpful guide in building the foundations for an investor。Nevertheless， the book has aged a fair bit and it is increasingly more difficult to cherry-pick the relevant pieces of information。 Still， at the end of the day， it's up to the individual to pick out the information and come to their own informed decisions - the same as in investing。 。。。more
Hussain Murtaza Ali
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Read it as slowly and as patiently as you can。 It will test your patience。
Fabian
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Don't know how to rate a book like this: it won't appeal to everyone but it was exactly what I was looking for -- something like "stock investing from first principles"。 The main text of this book was last updated in 1972， but this edition includes 2003 commentary from Jason Zweig。 Helpful to get a long view into how stock and bond markets operates over long periods of time。 Lots of the advice （esp bond advice） is US-specific。 Main thesis is: don't put money into stocks based on your expectation Don't know how to rate a book like this: it won't appeal to everyone but it was exactly what I was looking for -- something like "stock investing from first principles"。 The main text of this book was last updated in 1972， but this edition includes 2003 commentary from Jason Zweig。 Helpful to get a long view into how stock and bond markets operates over long periods of time。 Lots of the advice （esp bond advice） is US-specific。 Main thesis is: don't put money into stocks based on your expectations of future market prices， buy stocks as if you were buying a tiny chunk of the company。 When doing so， buy stocks that are obviously underpriced compared to value， because then there's more room for something to go wrong。 It's got one or two good fundamental ideas， and then proceeds to apply and unpack those as they apply to various situations。 It's mostly well written and pretty engaging。 。。。more
Jake Hancox
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Most of it scalped me as it flew over my head。。。。 best put on the shelf， to be read at a later date。 Investing and financial lingo needs improvement。。。 light has been shed。
Nicola
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There's little you can say about this seminal work， often considered the Bible of investing。Having read few other classics on the subject， written or recommended， among the others， by John Bogle， Burton Malkiel and William Bernstein， I was really impressed to discover a lot of of the same core ideas and principles， despite this work being written originally in 1949。I can clearly see why it's so highly considered， being so modern and actual after so many decades。 There's little you can say about this seminal work， often considered the Bible of investing。Having read few other classics on the subject， written or recommended， among the others， by John Bogle， Burton Malkiel and William Bernstein， I was really impressed to discover a lot of of the same core ideas and principles， despite this work being written originally in 1949。I can clearly see why it's so highly considered， being so modern and actual after so many decades。 。。。more
Rameswar
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The best book out there on investment as mentioned by Warren Buffet。 I've read this book almost couple years back and this time I started through Audible。 The elaborated details regarding various types of investment like conservative or aggressive， passive or active are wonderful。 However， there are just too many specific examples with numbers that it might not be suitable for readers just starting with stock investment。 A little bit practical exposure should be good。 I'll need to pick this book The best book out there on investment as mentioned by Warren Buffet。 I've read this book almost couple years back and this time I started through Audible。 The elaborated details regarding various types of investment like conservative or aggressive， passive or active are wonderful。 However， there are just too many specific examples with numbers that it might not be suitable for readers just starting with stock investment。 A little bit practical exposure should be good。 I'll need to pick this book later again and read slowly to properly understand it。 Some of the good things which hit the spot right are the ideas around attitude needed to be a long term investor， Mr。 Market and Margin of Safety。 。。。more
Jate
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Какая прекрасная книга， как трудно её читать！
Oleksandr Lisik
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500 сторінок інвестиційної класики。 Сама книжка написана в 1972 році + є коментарі з 2003 року。 Спочатку здається， що інформація застаріла， але насправді в книжці якраз та основа， яка буде актуальна ще десятки чи сотні років。 Автор багато уваги звертає на психологію інвестування。 Один з головних інсайтів який виніс після книжки - якщо великі та професійні гравці не можуть обіграти ринок， то мені тим більше не вийде。 Дисципліна， послідовність і здоровий глузд - запорука правильних інвестицій。 Ще 500 сторінок інвестиційної класики。 Сама книжка написана в 1972 році + є коментарі з 2003 року。 Спочатку здається， що інформація застаріла， але насправді в книжці якраз та основа， яка буде актуальна ще десятки чи сотні років。 Автор багато уваги звертає на психологію інвестування。 Один з головних інсайтів який виніс після книжки - якщо великі та професійні гравці не можуть обіграти ринок， то мені тим більше не вийде。 Дисципліна， послідовність і здоровий глузд - запорука правильних інвестицій。 Ще запам'яталсь цитата:"-Як розбагатіти？- Просто не зазнавати збитків" 。。。more
Stuart Mckrell
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Extremely hard read but extremely valuable lessons for investing。
Dat_Pera
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Financial milestone: must read
Alexandru-Thomas Narita
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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
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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
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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
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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
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تعلمت منه الكثير
Eduards Sizovs
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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
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