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Book: The Intelligent Investor: A Book of Practical Counsel :: Book
Date: Thursday, 08 January, 2009 :: 20:56
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The Intelligent Investor: A Book of Practical Counsel
List Price: USD $30.00
from USD $44.95
Product Group: book
Manufacturer: Harper & Row
Studio: Harper & Row
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Editorial Review: Product Description
The classic bestseller by Benjamin Graham, perhaps the greatest investment advisor of the 20th century, The Intelligent Investor has taught and inspired hundreds of thousands of people worldwide. Since its original publication in 1949, Benjamin Graham's book has remained the most respected guide to investing, due to his timeless philosophy of "value investing," which helps protect investors against the areas of possible substantial error and teaches them to develop long-term strategies with which they will be comfortable down the road.Over the years, market developments have borne out the wisdom of Benjamin Graham's basic policies. Here he takes account of both the defensive and the enterprising investor, outlining the principles of stock selection for each, and stressing the advantages of a simple portfolio policy. Among the book's special features are the use of numerous comparisons of pairs of common stocks to bring out their elements of strength and weakness and the construction of investment portfolios designed to meet specific requirements of quality and price attractiveness. The Intelligent Investor may be the most important book you will ever read on making your investments a success. "The Intelligent Investor is the best book ever written for the stockholder," says author and investment counselor John Train. Benjamin Graham's classic work offers sound and safe principles for investing-principles that have worked for more than forty years since the first edition was published. With an introduction and appendix by Warren Buffett, one of Graham's most famous students in investing strategy, this book takes account of both the defensive and the enterprising investor. "By far the best book on investing ever written." -- Warren E. Buffett "There have been other good books written about money since 1841, but only a few hold up. The best known and most likely to make you money is The Intelligent Investor." -- Andrew Tobias "Graham ranks as this century's (and perhaps history's) most important thinker on applied portfolio investment." -- John Train, author of The Money Masters
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Reviews:
Average Customer Review: 
Summary: Great advice from the father of value investing!
Date: 2009-01-05 - 
Comment: I read Benjamin Graham's "Security Analysis" prior to reading "The Intelligent Investor," and while the earlier book is much more detailed and considerably longer than this one, Graham has captured all the important information here.
In this book, Graham makes his opinion on technical analysis clear. He notes that the one principle that applies to nearly all "technical" approaches is that one should buy because a stock or the market has gone up and sell because it has declined. He says this is the exact opposite of sound business sense.
He then goes on to explain his philosophy of investing, which is to buy stocks and bonds at a discount to their intrinsic value. By including a margin-of-safety at the time of purchase, an investor does not have to rely on accurately forecasting what the future will bring.
Graham spends a lot of time addressing separate strategies for "defensive" as opposed to "enterprising" investors. He notes the majority of security owners should be defensive (i.e. passive) because they don't have the time or the determination to treat investing as a quasi-business. The stock selection strategies for defensive investors are much more strict than those for enterprising investors, because the latter can spend more time evaluating the quantitative and qualitative characteristics of the companies in which he or she may wish to invest.
I would highly recommend this book to anyone interested in long-term investing. It provides a great foundation for any value-based investing strategy.
Summary: A True Investing Classic
Date: 2007-11-18 -
Comment: With an Introduction and Appendix by Warren Buffett (one of the world's most successful and well-known investors), "The Intelligent Investor" is a true classic.
This book outlines Benjamin Graham's core investment philosophy through a number of devices, including direct explanation and "case examples" which compare companies in light of the principles espoused in this excellent book.
This is not the easiest book to read, but it is worth spending the time making it through the entire volume. The book covers the field of investing in general, considerations for defensive investors as well as for "enterprising" investors and the concept of "margin of safety", among other topical areas. Moreover, a number of instructive "case studies" comparing companies add to the value of this publication.
Warren Buffett calls this book, "By far the best book on investing ever written." - a positive and weighty endorsement indeed. I highly recommend this book to anyone with even a passing interest in the field of financial investing.
1 of 1 people found the following review helpful:
Summary: Good Book on Value Investing and Market Psychology
Date: 2007-05-16 -
Comment: This book will deliver a theory on investing, which is no doubt well known, but rarely practiced, while giving you an insight into the psychology of the market.
It begins via explaining the difference between speculations and investing, and outline what profits you can realistically expect to make in bonds, preferred and commons stocks.
It then proceeds into inflation, and explains how an investments in the stock market will provides protection against it. Graham provides a short history lesson on the stock market over the last 100 years and how and why it has fluctuated.
The book then introduce a very important subject Portfolio Policy and recommends the amount an individual should diversify between graham two investment mediums, Bonds and Stocks, and will outline the amount one should hold in each medium with consideration to his/her financial position, what he/she is trying to achieve, and when fund should be rotated between the 2 mediums.
The book then provide a Introduction to investment funds, seeking advice, security analysis, Earnings, Stock Selection, Convertible Issues and warrants, and will compare companies with case studies.
The final chapter of the book titled `Margin of Safety' is a must read and worth the books purchase price alone.
The book will NOT provide an in depth discussion of security analysis, and provides little insight into practicing fundamental analysis and financial statement's. For an understanding of these concepts read Security Analysis also by Benjamin Graham.
2 of 3 people found the following review helpful:
Summary: Buffett's most favorite investment book
Date: 2007-05-13 -
Comment: Buffett consider this book the best ever written about investment. He wrote the preface for the book. In the preface, he said if we learn two things from the book, first take advantage of Mr. Market (As stock market prices go up and down, we should buy good company stocks with good discounts, and sell to take profits when prices gone too high) and second have Margin of Safety (One should only buy a stock with significant discount to have room for ones valuation error on the stock), he or she should do well in the stock market.
Summary: The Ultimate Classic Book on Value Investing
Date: 2007-02-28 -
Comment: All time classics on value investing.
Warrent Buffet learnt from Benjamin Graham. That's all one needs to say.
Lucy Chen
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