The Intelligent Investor: The Definitive Book on Value Investing
Author: Benjamin Graham
First Published: 1949
Latest Edition: Revised edition (2013), with commentary by Jason Zweig
Overview
The Intelligent Investor is a seminal work in the field of value investing, written by Benjamin Graham, who is often referred to as the father of value investing. The book offers a comprehensive framework for investing wisely and emphasizes the importance of a disciplined, long-term approach.
Key Concepts
-Value Investing: The strategy of selecting stocks that appear to be trading for less than their intrinsic or book value.
-Margin of Safet: A principle that encourages investors to buy securities at a price significantly below their intrinsic value to minimize risk.
-Market Psychology: Insights into how emotions and psychological factors affect investor behavior and market trends.
-Investment vs. Speculation: Graham differentiates between investing (based on thorough analysis) and speculation (based on market trends).
-Defensive vs. Enterprising Investor: Strategies for conservative investors (defensive) versus more aggressive investors (enterprising).
Reception
The book has been praised for its timeless wisdom and practical advice, making it a cornerstone in investment literature. Warren Buffett has called it «the best book on investing ever written.»
Target Audience
Ideal for both beginner and seasoned investors looking to enhance their understanding of investment principles and strategies.
The Intelligent Investor continues to be a vital resource for anyone interested in building a solid foundation in investment strategy and philosophy.
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