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19 of 20 people found the following review helpful
4.0 out of 5 stars A good read but some of the opportunities have gone
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...
Published on 11 Sept. 2009 by Mr. W. J. Haines

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0 of 1 people found the following review helpful
3.0 out of 5 stars Interesting
Well written but was expecting something more. The issues deployed here are too theoretical. For those who like academic reading, is a must have in their bookshelves
Published 12 months ago by AlexM


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19 of 20 people found the following review helpful
4.0 out of 5 stars A good read but some of the opportunities have gone, 11 Sept. 2009
By 
Mr. W. J. Haines (East Sussex, England) - See all my reviews
(REAL NAME)   
This review is from: Intelligent Investor: The Classic Text on Value Investing (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 Some of the concepts for making an accurate valuation of company worth are out of date.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.
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20 of 21 people found the following review helpful
5.0 out of 5 stars The gold standard in investment titles, 7 Feb. 2007
By 
Rolf Dobelli "getAbstract" (Switzerland) - See all my reviews
(TOP 500 REVIEWER)    (REAL NAME)   
This review is from: Intelligent Investor: The Classic Text on Value Investing (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.
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5 of 6 people found the following review helpful
5.0 out of 5 stars Utterly Brilliant, 30 Mar. 2011
This review is from: Intelligent Investor: The Classic Text on Value Investing (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 ...
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5.0 out of 5 stars Good classics with interesting viewpoints., 28 Mar. 2014
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This review is from: Intelligent Investor: The Classic Text on Value Investing (Hardcover)
It is worth reading, even if some of ideas seem old-fashioned. Interesting and written as a revelation, I would say.
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5.0 out of 5 stars Magestic, 23 Mar. 2014
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This review is from: Intelligent Investor: The Classic Text on Value Investing (Hardcover)
It was a nice read with very interesting facts written inside. It truly is a book of rarity. The book is a bit edged out all copy's come out like that no idea why but it is not really a bother and it still is a high quality book none the less.
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5.0 out of 5 stars Great book for inverstors, 2 July 2013
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This review is from: Intelligent Investor: The Classic Text on Value Investing (Hardcover)
The books is exactly what I expected. It's the best value investing book that I read so far. I totally recommend it
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5.0 out of 5 stars A must read!, 9 Dec. 2014
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This review is from: Intelligent Investor: The Classic Text on Value Investing (Hardcover)
I'm still reading this book, but it sure is a page turner! Sure, it is a little old fashioned, but it's rules and principles apply even in the 21st Century.
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5.0 out of 5 stars Five Stars, 23 Nov. 2014
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This review is from: Intelligent Investor: The Classic Text on Value Investing (Hardcover)
Excellent Service and Product. A+++++++
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5.0 out of 5 stars Five Stars, 4 Nov. 2014
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This review is from: Intelligent Investor: The Classic Text on Value Investing (Hardcover)
Brilliant book, Brilliant Author
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4.0 out of 5 stars Four Stars, 25 Dec. 2014
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This review is from: Intelligent Investor: The Classic Text on Value Investing (Hardcover)
nice, and classic~
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Intelligent Investor: The Classic Text on Value Investing
Intelligent Investor: The Classic Text on Value Investing by Benjamin Graham (Hardcover - 6 Oct. 2005)
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