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The Intelligent Investor, Rev. Ed (Collins Business Essentials) by [Graham, Benjamin, Jason Zweig]
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The Intelligent Investor, Rev. Ed (Collins Business Essentials) Rev Sub , Kindle Edition

4.5 out of 5 stars 202 customer reviews
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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.

Product details

  • Format: Kindle Edition
  • File Size: 3260 KB
  • Print Length: 640 pages
  • Publisher: HarperCollins e-books; Rev Sub edition (17 Mar. 2009)
  • Sold by: Amazon Media EU S.à r.l.
  • Language: English
  • ASIN: B000FC12C8
  • Text-to-Speech: Enabled
  • X-Ray:
  • Word Wise: Enabled
  • Enhanced Typesetting: Not Enabled
  • Average Customer Review: 4.5 out of 5 stars 202 customer reviews
  • Amazon Bestsellers Rank: #13,716 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Customer Reviews

Top Customer Reviews

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Graham's text is solid, a little heavy, sometimes a little out of date, and some of his tables a bit user-unfriendly; but no matter: it is the timeless lessons he teaches that matter.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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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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Format: Hardcover
Not so much a book about analysing companies, but a book where attention is mainly paid to investment principles and attitudes. It's accurate and contains some really pertinent points for the long-term investor although it is, at times, a little difficult to read.
Graham ponders the weighting between high-grade bonds and equities for the two different investors, and suggests on the portfolio's equity selection criteria. In short, Graham advises the enterprising investors to follow "sound but unpopular" strategies, the unpopularity indicating "value" could be at hand.
Surprisingly, for a book about individual investment philosophies, Graham touches upon Investment Funds and an investor's advisers. He takes the opportunity to reiterate the differences of investment against speculation: "The most realistic distinction between the investor and the speculator is found in their attitude towards stock market movements." Finally, he sums up the secret of investment into three words: "MARGIN OF SAFETY - Investment is most intelligent when it is most businesslike". In summary, the writing style doesn't make it the easiest of reads but despite that it really is a must for serious personal investors.
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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.
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