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Intelligent Investor: The Definitive Book on Value Investing - A Book of Practical Counsel Paperback – 23 Oct 2003


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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: 13.5 x 4.1 x 20.3 cm
  • Average Customer Review: 4.5 out of 5 stars  See all reviews (95 customer reviews)
  • Amazon Bestsellers Rank: 920 in Books (See Top 100 in Books)

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Product Description

Review

“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.

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Customer Reviews

4.5 out of 5 stars

Most Helpful Customer Reviews

280 of 287 people found the following review helpful By Petrolhead VINE VOICE on 21 Sept. 2006
Format: Paperback
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Graham's text is solid, a little heavy, sometimes a little out of date, and some of his tables a bit user-unfriendly; but no matter: it is the timeless lessons he teaches that matter.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 dot.com 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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5 of 5 people found the following review helpful By Gcrikey on 19 April 2012
Format: Kindle Edition Verified Purchase
this is considered by many to be the 'bible' when it comes to investing. after reading it - it's easy to understand why.

i originally started reading this a few years ago, but quickly realised i was in way over my head - if you are new to value investing i highly recommend reading easier introductions such as the "little book" series, Lynch's - pOne Up on Wall Street (A Fireside book) , Common Stocks and Uncommon Profits and Other Writings (Wiley Investment Classics), The Dhandho Investor: The Low Risk Value Method to High Returns,You Can be a Stock Market Genius: Uncover the Secret Hiding Places of Stock Market Profits first. these book will act as a great primer before reading this.

since i reading the above books, i decided to give intelligent investor another go. a lot of people out there feel that this book is past it's sell by date as it was originally written in the 1930s - i p[ersonally feel that what is written is just as valuable today as it was back then - the underlying message is that you should only invest in a stock or a bond when the price is well below it's value. this will force you to avoid bubbles such as the internet boom, and also avoid with ease dangerously dodgy companies such as enron, worldcom etc. basically common sense investing.
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34 of 37 people found the following review helpful By Mr. M. Shanker on 1 May 2006
Format: Paperback
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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26 of 29 people found the following review helpful By a reviewer on 24 Sept. 2006
Format: Paperback
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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73 of 83 people found the following review helpful By Donald Mitchell HALL OF FAMETOP 500 REVIEWERVINE VOICE on 30 July 2004
Format: Paperback
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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