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Intelligent Investor: The Definitive Book on Value Investing - A Book of Practical Counsel [Paperback]

Benjamin Graham
4.6 out of 5 stars  See all reviews (62 customer reviews)
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Book Description

23 Oct 2003

More than one million hardcovers sold
Now available for the first time in paperback!

The Classic Text Annotated to Update Graham's Timeless Wisdom for Today's Market Conditions

The greatest investment advisor of the twentieth century, Benjamin Graham taught and inspired people worldwide. Graham's philosophy of "value investing" -- which shields investors from substantial error and teaches them to develop long-term strategies -- has made The Intelligent Investor the stock market bible ever since its original publication in 1949.

Over the years, market developments have proven the wisdom of Graham's strategies. While preserving the integrity of Graham's original text, this revised edition includes updated commentary by noted financial journalist Jason Zweig, whose perspective incorporates the realities of today's market, draws parallels between Graham's examples and today's financial headlines, and gives readers a more thorough understanding of how to apply Graham's principles.

Vital and indispensable, this HarperBusiness Essentials edition of The Intelligent Investor is the most important book you will ever read on how to reach your financial goals.

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Intelligent Investor: The Definitive Book on Value Investing - A Book of Practical Counsel + One Up on Wall Street (A Fireside book) + Common Stocks and Uncommon Profits and Other Writings (Wiley Investment Classics)
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Product details

  • Paperback: 640 pages
  • Publisher: HarperBusiness; Revised edition edition (23 Oct 2003)
  • Language: English
  • ISBN-10: 0060555661
  • ISBN-13: 978-0060555665
  • Product Dimensions: 20.3 x 13.4 x 3.8 cm
  • Average Customer Review: 4.6 out of 5 stars  See all reviews (62 customer reviews)
  • Amazon Bestsellers Rank: 936 in Books (See Top 100 in Books)

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Product Description


“By far the best book on investing ever written.” (Warren Buffett)

“If you read just one book on investing during your lifetime, make it this one” (Fortune)

“The wider Mr. Graham’s gospel spreads, the more fairly the market will deal with its public.” (Barron's)

About the Author

Benjamin Graham (1894-1976), the father of value investing, has been an inspiration for many of today's most successful businesspeople. He is also the author of Securities Analysis and The Interpretation of Financial Statements.

Inside This Book (Learn More)
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Customer Reviews

Most Helpful Customer Reviews
250 of 257 people found the following review helpful
3.0 out of 5 stars Two books: one old and good, one new and bad 21 Sep 2006
By Petrolhead VINE VOICE
This edition of The Intelligent Investor is really two books in one. There is the original 1973 edition of Ben Graham's classic on "value investing" and then a commentary on each chapter by Jason Zweig.

Graham's text is solid, a little heavy, sometimes a little out of date, and some of his tables a bit user-unfriendly; but no matter: it is the timeless lessons he teaches that matter. He is very methodical, a bit mathematical and -- if you follow him all the way -- will leave you with a good grounding in how to approach the stock market.

Basically his gospel is this: ignore all the hype and blather around the stockmarket. Invest for the long-term in big, rock-steady, simple businesses, after analysing them with a few financial criteria. But only buy when the market is offering them at a bargain price.

Unfortunately, each of Graham's sober tutorials is followed by a commentary by Zweig. He may claim to be a disciple of the great man, but he is certainly not cut from the same cloth. Zweig is just one more financial markets cheerleader: repetitive, pushy, and rolling out the same old disaster stories from the era ad nauseam, supposedly to show how wise Graham was (in case you didn't understand Graham's chapter). He also repeatedly cites his own magazine and keeps naming the same fund, which is annoying at the very least. He also resorts to a lot of "if you had bought shares on every third Wednesday since 1974 you would have made a 3,859 percent return!!" kind of hocus-pocus which is a complete waste of time.

Zweig could have used the opportunity to unpick some of the knottier points of Graham's book and help readers understand the harder parts.
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31 of 34 people found the following review helpful
5.0 out of 5 stars Excellent book to start investing with 1 May 2006
This book is now re-edited by jason zweig- the message still comes through clearly-there is no easy money anywhere. It takes time and a clear plan to succeed. Let me tell you a small secret and the synposis of the entire book- buy index funds that are cheap as possible( ones with no entry or exit load and with very little maintainence fees). In time they will pay you rich dividends as warren buffet says.

If however you want to do your own research then the book you need to get is security analysis by graham, but let me warn you it is not light reading and a level of knowledge of stocks is neccasary. Maybe someone will edit that as well making it easier for the novice investor.
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25 of 28 people found the following review helpful
5.0 out of 5 stars Invest In This Book, Invest In Yourself 24 Sep 2006
With more than one million copies sold and an endorsement on the cover by Warren Buffet, you know there has to be something to this book- and I think I know why. Simply because it is the first book ever to describe the emotional framework and analytical tools necessary for financial success for individual investors.

Probably the single best book on investing written for the lay-public and the stock market bible since its first appearance in 1949, it's a great resource, although it's quite a thick book and filled with detail- and probably not for anybody but the serious stock market investor. And if getting motivated to start investing is your problem, suggest The Sixty-Second Motivator. Good luck!
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69 of 79 people found the following review helpful
The Intelligent Investor effectively introduces the idea of examining a company's stock as though you might buy the whole company. This is the way that potential acquirers of the company will look at it. If it looks like a good buy as an acquisition, you have the added edge of a potential buy out to help buoy your stocks.
With so many stocks beaten down over the last few years, this is a good time to think about value investing. Also, remember that you can buy value investing indexed mutual funds now. And these have done well through 2004, especially the ones that focus on small capitalization stocks.
In March 2000, many people considered value investing about as useful as high-button shoes. If they had thought about value investing, they would have had another measure of how overpriced the market was. As a result, losses could have been avoided.
On the other hand, value investing will make you money more often than momentum investing will over the years. Long-term studies have shown that small cap value stocks beat the S&P 500 over time.
So even if this does not seem like this approach is right for you, you should learn more before rejecting this alternative.
Here's another reason why: Almost all stocks will be volatile relative to their average p/e, price/cash flow, or price/revenue ratio. By paying attention to this volatility, you can learn a lot about when to buy and sell a given stock. Astute traders based on value principles can also use options to lock in even larger profits, taking the normal ebb and flow of valuation into account.
Those who envy Warren Buffett's track record should understand these principles as well, because these ideas are the basis for some of the Buffett investing style.
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2 of 2 people found the following review helpful
5.0 out of 5 stars Head and shoulders above everything else 18 Jan 2011
This book is the best stocks and shares book you will ever read. I know this is a bold statement and I have not read them all, but I have read over 100 of them. None of the others even touch this (except for 1 other which I am keeping secret whilst I apply the knowledge learned). It is heavy reading especially at the beginning and requires a lot of concentration. The further you get through the book, the moe you realise the brilliance of the man and the simplicity of his methods. By the end I was literally so excited to get trading that I turned professional within a month of finishing this book. The best financial book I have ever read and the 2nd best book I have EVER read.
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Most Recent Customer Reviews
5.0 out of 5 stars The bible but a little heavy in places.
A bible for investors but a little heavy in places.
Published 13 days ago by DerekM
5.0 out of 5 stars Thanks seller!
Book received in neat condition.
Published 1 month ago by Stanley Woo
5.0 out of 5 stars comprehensive
Don't try to read it all at once. Read a few pages at a time. Return and read again. Full of priceless insights. As valid now as when it was written.
Published 2 months ago by david hutt
5.0 out of 5 stars A must read for Fundamental Investors !
Graham's writing is clear, concise and level-headed. It tells you everything you need to know about the investing field. Topics include stocks vs. Read more
Published 2 months ago by MJB
5.0 out of 5 stars must read if you invest in anything
Does not age
Must read if you invest in anything
Rich in content and makes you analyze and question the cnbcs, bloomberrgs etc
Published 3 months ago by Samantha Devin
5.0 out of 5 stars Intelligent investor by Benjamin Franklin
This is the best book ever written concerning investment. It's a foundational knowledge for anyone interested in investments. It is a great book
Published 3 months ago by Olawale Kehinde
5.0 out of 5 stars A must if you want to buy shares for the first time
This book is perfect if you want to get into long term investing. It has excellent notes after each section which clarify what Graham discussed. Read more
Published 4 months ago by Joseph F Wallis
5.0 out of 5 stars A must read for any serious invester in any global market
The Blueprint to getting rich maybe or not? Time will tell for some out there. Buy a copy asap people this could change your wealth for good.
Published 6 months ago by Mr. Christopher M. T. Bowden
5.0 out of 5 stars A great read.
This is a must read for all investors. The updates and comments after each chapter are also very helpful. Well done Ben Graham!
Published 7 months ago by Marcel Maier
3.0 out of 5 stars A difficult read
There are doubtless some gems here (I have found a few) but the book is very boring. Without Jason Zweig's commentary this would be a definite sell
Published 7 months ago by Robert Rosenberg
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