The Intelligent Investor: The Definitive Book On Value Investing, Revised Edition

Rating: 4.5/5 Stars
Rank: 243

The hallmark of Graham's philosophy is not profit maximization but loss minimization.

In this respect, The Intelligent Investor is a book for true investors, not speculators or day traders.

He provides, "in a form suitable for the laymen, guidance in adoption and execution of an investment policy" (1).

This policy is inherently for the longer term and requires a commitment of effort. Where the speculator follows market trends, the investor uses discipline, research, and his analytical ability to make unpopular but sound investments in bargains relative to current asset value.

Graham coaches the investor to develop a rational plan for buying stocks and bonds, and he argues that this plan must be a bulwark against emotional behavior that will always be tempting during abrupt bull and bear markets.

Since it was first published in 1949, Graham's investment guide has sold over a million copies and has been praised by such luminaries as Warren E. Buffet as "the best book on investing every written." These accolades are well deserved. In its new form--with commentary on each chapter and extensive footnotes prepared by senior Money editor, Jason Zweig--the classic is now updated in light of changes in investment vehicles and market activities since 1972.

What remains is a better book. Graham's sage advice, analytical guides, and cautionary tales are still valid for the contemporary investor, and Zweig's commentaries demonstrate the relevance of Graham's principles in light of 1990s and early twenty-first century market trends. --Patrick O'Kelley

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Editorials

	Amazon.com
	Among the library of investment books promising no-fail strategies for riches, Benjamin Graham's classic, The Intelligent Investor, offers no guarantees or gimmicks but overflows with the wisdom at the core of all good... read full editorial
	Barron's
	"The wider Mr. Graham’s gospel spreads, the more fairly the market will deal with its public."
	Book Description
	More than one million hardcovers sold Now available for the first time in paperback! The Classic Text Annotated to Update Graham's Timeless Wisdom for Today's Market Conditions The greatest investment advisor of... read full editorial

Customer Reviews

	Warren Buffet, right again!
	(Sacramento, CA) June 10, 2005 - 5.0/5 stars
	Warren Buffet calls this the best book ever written on investing, and I whole heartedly agree with him. Professor Graham elegantly lays out the distinction between an investor and a speculator and makes the convincing case... read full review
	The Intelligent Investor: The Definitive Book On Value Inves
	(Illinois) December 31, 2004 - 5.0/5 stars
	Why another review of the already famous and much reviewed book ? The phrase "The definitive book ..." in the title seems like an advertising gimmick added by the publisher but I think that is not exaggerated. It is even... read full review
	Read the 4th Revised Edition instead
	(Illinois) December 30, 2004 - 1.0/5 stars
	If you want to read Graham, read the 4th revised edition (1997, 368 pages) in which Graham has expressed his idea very clearly. To me, this edition (2003, 640 pages, with Jason Zweig) adds no value upon the previous one... read full review

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