The Intelligent Investor: The Classic Text on Value Investing
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- Create Date：2021-04-19 10:51:30
- Update Date：2025-09-06
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- Author：Benjamin Graham
- ISBN：0060752610
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Summary
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。
Reviews
Shivam Purohit
，
read one up wall street if aren't aware about stocks or money 。。。 coz its basically a schoolbook for stock market and stuff read one up wall street if aren't aware about stocks or money 。。。 coz its basically a schoolbook for stock market and stuff 。。。more
Irfan Alam
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Motivated book
Parimal Patil
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Having been an active investor myself for last 3 years， I came across number of occasions where this book was highly recommended。 The oracle of omaha， warren buffet， himself saying that this book was the best book written on investing so far， was what caught my eye。 Written way back in 1948， the author who is a fan of investing over long time， has presented time tested principles of investing。 He has touched upon various aspects of investing starting from value investing， long term investing， bo Having been an active investor myself for last 3 years， I came across number of occasions where this book was highly recommended。 The oracle of omaha， warren buffet， himself saying that this book was the best book written on investing so far， was what caught my eye。 Written way back in 1948， the author who is a fan of investing over long time， has presented time tested principles of investing。 He has touched upon various aspects of investing starting from value investing， long term investing， bonds etc。He goes on to explains why investing is less about the stock market but more about the individual as one doesn't become rich when one invests as per the Mr Market （a metaphor used to describe stock market） but invests as per his/her time tested principles which this book mentions。There are many chapters where he dedicatedly gives examples of how erratically the stock behaves over a period of time， thereby giving a hint to the investor that one should not invest in the stock looking at the price but invest in he underlying business by looking at the company as a whole。He divides all investors into 2 categories viz。， defensive investor & enterprising investor & asks the reader to decide in which category he/she falls & accordingly gives guidelines for investing。The book also talks in detail about how to do a fundamental analysis of a stock。 。。。more
Anh Nguyen Duc
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Old but gold。 The book introduces 2 important pillars of Value Investing: intrinsic value and margin of safety。 Though all examples are fairly old， readers are informed about the result of this method over a long period of time， compared with other popular ones at W。S。 （You never live enough to make all mistakes in this world， so we need to learn history）
Des
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Warren Buffett called it “the best book on investing ever written” and I don’t think I’ll argue with him。 An intellectually challenging read across 500+ pages， but one I think I’ll return to every few years。It’s brilliant seeing how principles first laid in the financial markets of the 1930’s and 1960’s are still just as relevant today in 2021。 Human nature never changes， especially when money， greed， risk and fear are involved。
Taylor Douthit
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I’m glad to have stumbled upon Graham’s sage advice early in my investing career。 The wealth of knowledge he shares， as well as the clarity Zweig’s commentary brings， will save me from some dumb mistakes I would have otherwise made。 I even corrected one mistake I made this year while in the midst of reading this book。 My portfolio is now free of one electric vehicle company with a P/E ratio greater than 1，100 （you know who you are）。 If I was bullish on anything， I am certainly less so now after I’m glad to have stumbled upon Graham’s sage advice early in my investing career。 The wealth of knowledge he shares， as well as the clarity Zweig’s commentary brings， will save me from some dumb mistakes I would have otherwise made。 I even corrected one mistake I made this year while in the midst of reading this book。 My portfolio is now free of one electric vehicle company with a P/E ratio greater than 1，100 （you know who you are）。 If I was bullish on anything， I am certainly less so now after reading this book。 I’m dipping my toes in and dollar-cost-averaging low-cost mutual funds rather than cannonballing into commission free trades left and right。 。。。more
Booklover Paddy
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The best book for a newbie investor who is serious about investing。 It puts things in perspective， gives some timeless lessons about investing and saves you a lot of headache in advance。 Highly recommended。
Tyler Fitt
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Book really just gives a general base for an individual who wants to grow their own wealth steadily。 That being said it isn't the best option if you are someone like me who is willing to take on high risk in order to achieve better than average returns。 Seems like an ideal book if you are already established in a career path with steady income etc。 If you are looking to get a detailed understanding on analysis in order to attempt to beat the market， this isn't it， lots of better options out ther Book really just gives a general base for an individual who wants to grow their own wealth steadily。 That being said it isn't the best option if you are someone like me who is willing to take on high risk in order to achieve better than average returns。 Seems like an ideal book if you are already established in a career path with steady income etc。 If you are looking to get a detailed understanding on analysis in order to attempt to beat the market， this isn't it， lots of better options out there。Oh and if you want to fast track this book just read the commentary at the end of each chapter。 The original context of the book really has very little use and the commentary has all the key information。 。。。more
Thomas Khodjasarian
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So many things make sense now as far as investing goes。 I graduated with a degree in Economics and Finance and after reading this book， I realized that schools do NOT teach you to become successful investors， even if you do pursue a Econ/Finance degree like myself。 All they do is groom you to become an analyst or underwriter for a big corporation to make someone else rich。 This book shows that the power is in your hands if you become an "Intelligent Investor。" Read this book， Take Notes， and app So many things make sense now as far as investing goes。 I graduated with a degree in Economics and Finance and after reading this book， I realized that schools do NOT teach you to become successful investors， even if you do pursue a Econ/Finance degree like myself。 All they do is groom you to become an analyst or underwriter for a big corporation to make someone else rich。 This book shows that the power is in your hands if you become an "Intelligent Investor。" Read this book， Take Notes， and apply it to your life。 。。。more
Mick Wolbers
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Toegankelijke inleiding in het principe van waarde beleggen door de grondlegger geschreven。+ Ondanks dat de voorbeelden gedateerd zijn is de theorie nog steeds grotendeels van toepassing。+ Ook te begrijpen zonder cijfermatig inzicht。 - Het taalgebruik is ouderwets waardoor het niet luchtig leest。In 1949， 5 sterren。 Vandaag de dag zijn er betere boeken te vinden over waarde beleggen。
Dani
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4。5 stars。Review to come。
Derek
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This book is somewhat problematic。 I'm a market efficiency person， a boglehead， a passive investor。 I think this book hurts people's investment performance because it is so well laid out。 The value investing approach is intuitive， it's probably the reason the value factor exists， however， if one wants the best investment results， they shouldn't read this book。 They should index。 They should be boring。 So why 5 stars then？ Because it's will written， informative， and explains the subject of value This book is somewhat problematic。 I'm a market efficiency person， a boglehead， a passive investor。 I think this book hurts people's investment performance because it is so well laid out。 The value investing approach is intuitive， it's probably the reason the value factor exists， however， if one wants the best investment results， they shouldn't read this book。 They should index。 They should be boring。 So why 5 stars then？ Because it's will written， informative， and explains the subject of value investing famously well。 It's where you should start to learn about investing。 It helps you believe in why investing works。 。。。more
Laura Mantell
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This book contains great advice from a master， and mentor of Warren Buffett。 I enjoyed and learned a lot， though note that many examples are dated and sometimes the material isn't that accessible。 This book contains great advice from a master， and mentor of Warren Buffett。 I enjoyed and learned a lot， though note that many examples are dated and sometimes the material isn't that accessible。 。。。more
Richard
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A true quality read that teaches and reinforces key investing principles。 The examples used to demonstrate these were nuremous and interesting。 I enjoyed it most because I learned。 For me， the second half was more interesting than the first because it got into some nitty-gritty details about individual securities and it was fun to work through Graham's thought process。 Not sure I'd read it again but the 'quality' piece of it - and how much I personally agreed with the investing style encouraged A true quality read that teaches and reinforces key investing principles。 The examples used to demonstrate these were nuremous and interesting。 I enjoyed it most because I learned。 For me， the second half was more interesting than the first because it got into some nitty-gritty details about individual securities and it was fun to work through Graham's thought process。 Not sure I'd read it again but the 'quality' piece of it - and how much I personally agreed with the investing style encouraged （for whatever that's worth） - make it a 5-star。 This was the revised edition （published in 2003） and included chapter commentary and footnotes from Jason Zweig。 The chapter commentary was probably my favorite parts of the book - lots of biting criticism of the 90s tech stocks bubble。 Always enjoy reading about that。 。。。more
Mark Skinner
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ThoroughThis revised edition updates for readers and conservative investors the keys to focus on in managing a portfolio。 It gives you the prime variables to use in developing your strategies and philosophies in how you invest going forward。 Graham and his contemporaries give you sound items to factor into your process on investing。 Thank you。
Can
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It helped me start to invest in my college years although I changed my investment style a lot。 If you buy a quality asset cheap it is hard to lose money。 It avoided me from following crazy crowds and hypes。
Shishir
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good read for investing。
Andres Rojas
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This review has been hidden because it contains spoilers。 To view it， click here。 Inspiring， I totally recommend it！ Let's put it in practice！ Inspiring， I totally recommend it！ Let's put it in practice！ 。。。more
John
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Outdated and super long winded。 Four and a half stars。
Robert Iturbide
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Cómo dice Buffet， el mejor libro de Inversiones jamás escrito， 600 páginas de puro conocimiento y serenidad sobre estrategias de productos financieros
Fernando Courreges
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The book is recommended by no-less than Mr。 Buffett， which should be enough to read it and trust its recommendations。 The advice seems sensible， but it takes a few years of investing to give a pragmatic review of the book。
Nicolas
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Simplemente espectacular。 Es un libro que se debe leer si o si para entender el mundo financiero。
James Driver
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A few gems in there but long and hard to stay focused
Luuk de Ruiter
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Pfoe een ‘zware pil’ als je dit boek leest na ‘Blondjes beleggen beter’ van Janneke Willemse。 Ik kwam moeilijk door het boek heen。 Het leest soms wat moeizaam weg met lange， soms moeilijk begrijpbare teksten en berekeningen。 Een aanrader？ Als je van complexiteit en ingewikkelde berekeningen houdt zeker， anders niet。
Evert
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This review has been hidden because it contains spoilers。 To view it， click here。 Great book。 I had the 70's version with updated comments。 It explains how stocks and bonds are not a safeguard against inflation， how index funds are the way to go and they explain all cases in detail with examples both in the text of Graham and the updated notes。 Great book for anyone who wants to invest in stocks and bonds。 Great book。 I had the 70's version with updated comments。 It explains how stocks and bonds are not a safeguard against inflation， how index funds are the way to go and they explain all cases in detail with examples both in the text of Graham and the updated notes。 Great book for anyone who wants to invest in stocks and bonds。 。。。more
Yommy
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Most people who want to read this have been told it's because they know he influenced Warren Buffet Most people who want to read this have been told it's because they know he influenced Warren Buffet 。。。more
Matthew
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The Intelligent Investor is one of the greatest investing books of all time - this cannot be reasonably disputed。 Its wealth of knowledge is useful both to the novice and the expert investor。 For the former， it is an eye-opening experience that illustrates to the investor some of the most important points of investing。 For the latter， Graham reminds them of the sage advice that they ought to already know。 Some of the most important takeaways of The Intelligent Investor are the following: - Most The Intelligent Investor is one of the greatest investing books of all time - this cannot be reasonably disputed。 Its wealth of knowledge is useful both to the novice and the expert investor。 For the former， it is an eye-opening experience that illustrates to the investor some of the most important points of investing。 For the latter， Graham reminds them of the sage advice that they ought to already know。 Some of the most important takeaways of The Intelligent Investor are the following: - Most of us do not have the time， interest， or temperament to be stock-pickers （"aggressive/enterprising investors"）。 - You need to establish your own risk tolerance before you even begin investing。- For the "defensive investor"， the most you can hope for is a return that is sufficient - ideally tracking market averages。 More on the "defensive investor" to follow。 - Never fall into the trap of investing FOMO- Be excited when a stock price drops or a stock "goes on sale" - Real wins in the market cannot be expected through shallow research。 One must delve into a business' fundamentals， financial statements， etc。 before they can truly make an informed decision。- Securities analysts are no better at predicting the future than you or I。 No one knows beforehand whether a stock-price will go up or down。 - The margin of safety （ch。 20） is an essential read if you do want to pick your own stocks。 - When you buy a stock， anticipate holding it for a long-horizon （think 10+ years on average）。- Never lose money。With the above points covered， I now must address where The Intelligent Investor is no longer as relevant as it once was。 With low-cost index funds and ETFs （many of these emerging after Graham's death）， the defensive investor does not need to pick his or her own stocks。 Rather， a diversified， broad market ETF will meet most， if not all， of Graham's criteria。 Therefore， the book may not be as useful now as it once was， since Graham's general approach for defensive investing is captured by ETFs （think Vanguard or BlackRock's V/XEQT， V/XGRO， VXC/XAW， etc。）。 It is for these reasons that I must knock one star off the book's rating。 Jason Zweig， who has written a commentary for each of these chapters， does address some of these points。 Though， some of his advice regarding the market's current offerings is also somewhat outdated （2002/3）。 For the enterprising or aggressive investor， this book does still contain valuable information regarding stock-picking， methodology for doing so， etc。 Lastly， the book does contain some very detailed - somewhat dry - discussion of securities。 When I'm reading a book for educational purposes， I want the information that is relevant。 I can't say I'm very interested in discount， par， or premium bonds and their coupon rates。 I understand it is in place for the sake of providing applicable examples， but it could be pared down to something more simple - especially when it is unlikely that the specific rates are not going to remain static over time。 Jason Zweig's commentary does offer a nice break from the somewhat drier chapters written by Graham。 With all the above in mind， I would recommend that this is a good book to read if you're interested in investing as a whole。 However， if you're only interested in a defensive or passive approach to investing， I would not recommend this book。 For your time， a much more valuable resource would be Ben Felix's "Common Sense Investing" youtube channel （https://www。youtube。com/channel/UCDXT。。。）。 You could also read a summary of Warren Buffet's approach to investing and garner roughly the same level of value （Buffet was a student of Graham）。 I'm glad I read this， since I've realized that:1。 I am an aggressively passive investor。 I will only invest in something other than a broad-market ETF if I believe that the company is both fairly priced and has excellent outlook。 To date， I've picked only one stock， which did exceed market performance over the last 5 years。 You get very few opportunities to invest in something that will exceed market performance - I consider this my one and， likely only， opportunity。 2。 Stock picking is a risky endeavour and you are likely to lose money in the long-run， with a minuscule chance of finding a stock that will outperform the market （note: 1。3% of stocks managed to account for all US market gains; the international rate is 1%） Are you really able to find the right choice， even among all the value picks？3。 You cannot predict future market performance。 You can simply hedge against the risk of loss。 。。。more
Felipe Triana Castañeda
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El inversor inteligente no es un libro introductorio de inversión。 Siendo la tercera vez que intento leerlo （careciendo de una formación formal en finanzas）， recomiendo que antes de abordar el libro se tenga cierto conocimiento sobre jerga financiera y de mercado de valores。A pesar de esto， el método de inversión que expone Graham no es de ninguna manera complejo o sofisticado; por el contrario es un método de sentido común: comprar barato y vender caro， a través del análisis fundamental de empr El inversor inteligente no es un libro introductorio de inversión。 Siendo la tercera vez que intento leerlo （careciendo de una formación formal en finanzas）， recomiendo que antes de abordar el libro se tenga cierto conocimiento sobre jerga financiera y de mercado de valores。A pesar de esto， el método de inversión que expone Graham no es de ninguna manera complejo o sofisticado; por el contrario es un método de sentido común: comprar barato y vender caro， a través del análisis fundamental de empresas。El libro expone a mí parecer los siguientes conceptos fundamentales: el value investing， el margen de seguridad， el promedio de coste monetario， la distinción entre inversores defensivos y emprendedores， la política de dividendos y la competencia de las juntas directivas。Finalmente a pesar de su antigüedad， el libro brinda un andamiaje mental de inversión a quien lo lee que es más que relevante hoy en día dada la cantidad de basura informativa a la que estamos expuestos， y subraya a mí parecer dos fundamentales: no hay plata fácil y el sentido común es el menos común de los sentidos。 。。。more
Emerald Fallarme
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It's an eye opener， but definitely not the ABC of stocks。 It's the plus， minus， multiply， divide so make sure you know your ABCs and 123s before taking this book from the shelves。 I had difficulty reading through some chapters as there are business terms and knowledge necessary to understand and relate to the sample scenarios。 I was using an app which explains the basics of stocks as reference。 I'm hooked on the commentaries as they are more digestible。 In any case， if you are serious about beco It's an eye opener， but definitely not the ABC of stocks。 It's the plus， minus， multiply， divide so make sure you know your ABCs and 123s before taking this book from the shelves。 I had difficulty reading through some chapters as there are business terms and knowledge necessary to understand and relate to the sample scenarios。 I was using an app which explains the basics of stocks as reference。 I'm hooked on the commentaries as they are more digestible。 In any case， if you are serious about becoming a good investor， this should be one of the books in your list。 。。。more
Taylor Swift Scholar
，