The Original 1949 Edition. Benjamin Graham's classic best seller on value investing has taught and inspired hundreds of thousands of people worldwide. This reissue of the pure, unadulterated 1949 text by Graham offers the investing principles as he originally laid them out - principles that continue to stand more than half a century since the book was first published. Time and market developments have proven the wisdom of Graham's basic strategies, and in today's volatile market, this is the most important book you will ever read on making the right decisions to protect your investments and make them a success.
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"By far the best book on investing ever written."--Warren Buffett
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.
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THIS CHAPTER will outline the viewpoints that will be set forth in the remainder of the book. Read the first page
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
THIS CHAPTER will outline the viewpoints that will be set forth in the remainder of the book. Read the first page
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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18 of 19 people found the following review helpful
By Rolf Dobelli
TOP 500 REVIEWER
Format:Hardcover
This classic book on investing belongs on the bookshelf of every investor. The principles that Benjamin Graham outlines are the very precepts that guided such great investors as Warren Buffett, and such mutual fund innovators as John Bogle, the noted Vanguard Group founder, who wrote this edition's foreword. First published in 1949, the text shows a few signs of age, most notably in its discussion of interest rates, investment vehicles such as savings bonds and other time-sensitive subjects. However, those are minor issues. When Benjamin Graham writes about categories of investors, approaches to security analysis, the proper disposition investors should have toward market moves, and other fundamental investment subjects, his advice is timeless. We highly recommend this seminal book.
12 of 13 people found the following review helpful
Format:Hardcover
I thoroughly enjoyed Ben Graham's book. Certainly the concept of buying a share in a company on its underlying value and prediction of growth makes lots of sense. You only have to look back at the dot com boom and bust to recall when we all got carried away acting on share price rather than value. More recently the enormous share prices our banks reached were revealed to be based on sand rather than sound foundations. Some of the concepts for making an accurate valuation of company worth are out of date. For example in Graham's time firms had a lot more tangible assets such premises and plant and machinery and warehouse based inventory that it owned outright with a demonstrable value. Obviously the future value of these could be reasonably appreciated or deprecated over a period of future time and if the company folded these assets could be sold at what ever price the market dictated.
But modern business is not so straightforward. Many firms now hire plant and machinery (if they need or have any at all) and premises are often rented. Many firms rely on just in time processes or drop shippers so we don't have the concept of a fixed stock of finished items that can be valued. Also many organisations have massive debt, which in the event of meltdown will need to be settled long before the humble shareowner gets a look in.
So basic value estimation of many of our large companies rely on asset values that are more difficult to predict (staff knowledge and ability / market contacts) Look at Amazon or ebay, both hugely successful but in terms of hard tangible assets that you could go and kick they have almost nothing. That said, the basic thought process that Ben Graham goes through in his book is as important today as it was 70 or 80 years back. I would suggest that people interested in Warren Buffett and his investment philosophy would enjoy reading this book and get a good understanding of how Warren approaches his investments.
But modern business is not so straightforward. Many firms now hire plant and machinery (if they need or have any at all) and premises are often rented. Many firms rely on just in time processes or drop shippers so we don't have the concept of a fixed stock of finished items that can be valued. Also many organisations have massive debt, which in the event of meltdown will need to be settled long before the humble shareowner gets a look in.
So basic value estimation of many of our large companies rely on asset values that are more difficult to predict (staff knowledge and ability / market contacts) Look at Amazon or ebay, both hugely successful but in terms of hard tangible assets that you could go and kick they have almost nothing. That said, the basic thought process that Ben Graham goes through in his book is as important today as it was 70 or 80 years back. I would suggest that people interested in Warren Buffett and his investment philosophy would enjoy reading this book and get a good understanding of how Warren approaches his investments.
3 of 4 people found the following review helpful
By demola
Format:Hardcover
Brilliant. Utterly brilliant. If you want to manage money and you haven't read this you may need to have your head examined. That's probably a bit harsh as this book focuses almost purely on equity investments. There's virtually nothing on bonds (apart from buy good quality bonds) but this book was published in 1949. There's consequently nothing on derivatives, hedge funds, CDOs or private equity etc etc. Yes it's dated a bit. To be honest none of that matters. Doesn't matter at all for what's really important is mind approach. What's the mindset to approach any investment? This is what Graham literally drills into you. It was like a switch was turned on. I'm going to be an investment manager and I have read the theories and studied the tools. But am I really ready for it? I am much more so now I have read this book. I won't give anything away here but I will repeat that if you want to manage money and you haven't read this book you may need to have your head examined. It's also a humorous read.
Some reviewer moaned about torn pages. This is a well finished hardback book with that old torn pages look and feel. That's the way they made it. It's got nothing to do with poor quality. Some people ...
Some reviewer moaned about torn pages. This is a well finished hardback book with that old torn pages look and feel. That's the way they made it. It's got nothing to do with poor quality. Some people ...
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Most Recent Customer Reviews
5.0 out of 5 stars
speed delivery, classic book, average printing quality
A real classic on value investing. The purchase arrived in good time but the only downside was the quality of the printing - as one other user points out "all the pages of the book... Read more
Published on 4 Oct 2010 by Mr. Todor D. Kostov
1.0 out of 5 stars
Printing Quality Issue with this Book
This is a warning to potential purchasers of this book from Amazon. Having initially ordered this book from Amazon, when delivered I found that all the pages of the book were... Read more
Published on 28 Nov 2009 by Simon J. E. Sharp
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