The Intelligent Investor, Rev. Ed: The Definitive Book on Value Investing by Benjamin Graham (PDF)

Description

“By far the best book on investing ever written.” — Warren BuffettThe classic text of Benjamin Graham’s seminal The Intelligent Investor has now been revised and annotated to update the timeless wisdom for today’s market conditions.The greatest investment advisor of the twentieth century, Benjamin Graham, taught and inspired people worldwide. Graham’s philosophy of “value investing”—which shields investors from substantial error and teaches them to develop long-term strategies—has made The Intelligent Investor the stock market bible ever since its original publication in 1949.Over the years, market developments have proven the wisdom of Graham’s strategies. While preserving the integrity of Graham’s original text, this revised edition includes updated commentary by noted financial journalist Jason Zweig, whose perspective incorporates the realities of today’s market, draws parallels between Graham’s examples and today’s financial headlines, and gives readers a more thorough understanding of how to apply Graham’s principles.Vital and indispensable, this revised edition of The Intelligent Investor is the most important book you will ever read on how to reach your financial goals.

User’s Reviews

Reviews from Amazon users which were colected at the time this book was published on the website:

⭐This book is obviously a classic and uses references to companies os 70’s the commentaries on each chapter refers to the 2000’s. The strategies thought in this book should be the foundation for every novice investor that wants to go at it alone. Overall this is a good solid book.

⭐This is a must for any investor today.Its not an easy book to read for non financial people, or a rookie investor, but is one of the books you have to read more than once.

⭐There are some principles in this book that should be clearly understood before investing. Follow those principles to the T and you won’t be disappointed. Don’t follow the principles and you will most assuredly lose money.

⭐I just want to say how glad I am I bought this ebook. As someone who rather stupidly dropped accounting classes in high school, this book has taught me more in two months regarding how to make money work for you than my peers learnt in the 6 years they took accounting classes. There are plenty of thought experiments, good & bad examples of stocks and basic questions to ask yourself before making any kind of investment. I was also surprised to find some humorous content as well. With my background in the automotive industry, this book would have been like greek to me. But I endured. So to those with no background in accounting i would suggest reading slowly and looking up terms you are unfamiliar with before progressing. The Investopedia website is a great resource in that regard. The “Invest like Warren Buffet” course by Preston Pysh on YouTube has been a great way of visualising and understanding some of those terms. If you would like a free follow along chapter by chapter guide, I would recommend the Inteligent Investor playlist by Sven Carlin on YouTube. Always read the footnotes (endnotes) or whatever you call it. Keep in mind, though, that this is based on the American stock market. So some criteria may not apply if you’re not investing in American Markets. No doubt, i will be reading this book a few more times and follow it up with the latest version of “Security Analysis”. I gave this book 4 stars simply because it was last updated in 2003. I eagerly await a new version. I would recommend this book to anyone willing to put in the time and effort to learn about financial securities. Its a great launch ramp into the financial world. Godspeed fellow investor.

⭐Man, this book took a long time for me to finish! This happens every 4 years though; the US Presidential election cycle always consumes me no matter who is running.Anyways, on to the book! So I decided to pick this one because I wanted something totally out of left-field, a thing completely out of my comfort zone, and it also came highly recommended on some random-website suggesting books that would improve one’s self. I’m happy to report that I enjoyed it nonetheless.In brief summary, The Intelligent Investor is about how to wisely invest in the stock market, written by a guy who survived The Great Depression and really learned a thing of two from the experience. Now, I’m not going to lie, about 25% of this book went too in-depth for me to absorb, but I caught that other 75% and I found it absolutely fascinating.On the whole, this is one long book that can be summed as “the best path to wealth in investing is patience, diligence, and avoiding mistakes.” Essentially, Graham makes a strong argument that the stock market is going up and down all the time with a general upward trend from now to the end of days, so all you have to do is invest across the board, sit quietly, and let the funds roll in. I’m simplifying, but that’s the basic premise. According to Graham, the hardest part about being an investor is remembering you can’t predict the future and that you should be investing, not gambling.Sounds basic, right? And yet, The Intelligent Investor provides example after example after example of real life people in real life periods throughout history that made the gambler’s error, and over the course of this book one begins to pick up the simple fact that common sense is not actually all that common. Oh, and interestingly enough, this book has quite the comical side, as the author throws around a fair bit of wit. Prepare to chuckle on occasion.I’d highly recommend this book to anyone thinking about investing in the stock market, but I really can’t think of any other reason to read this book. It’s a highly specialized piece of reading material (not that I expected any less) but it absolutely owns its area of expertise. I swayed between 4 and 5 stars on this one, but I ended up going with the 4 because the book is a tad dated and can run a bit dry in the details (that 25% I mentioned earlier). A commentary section is needed after each chapter to clarify/clear up what has changed since Graham first wrote this book, and I enjoyed that commentary often times more than the actual chapter itself. For that reason, I went the 4-star route, since I’m not allowed to give 4.5 or anything in between. Still an amazing work though!

⭐I guess I didn’t realize I bought the kindle edition in 2016 because I didn’t read it. I wish I had. I bought the hardcover in 2020 and read it earlier this year. I thought it was one of the best books I’ve read on investing. I highly recommend it. I just finished One up wall St and that’s a good one also. This has a good primer on history and it’s not boring.

⭐I think most people would find this book quite a dry read, it does labour on a few points and is a long book. I think many see this book as a prerequisite to getting into investing and I don’t think that’s actually the case. 10 years ago this book was more accurate than it is today and although there are still things to be learned from reading it, it is not as essential as most people think.Aside from being long and potentially dry, half of the book is not accessible to the average person or early investor, therefore I would not recommend this to anyone other than those already in the industry.

⭐The title says it all, two words which are the main ingredients for a substainable journey towards profitability: Intelligent and Investor.This book may not be an easy read considering the amount of financial terms and historical references. But hell yeah, it’s probably one of the best examples on how to approach the dealing of financial instruments.Although it was first published long time ago, it will never become unfashionable.Simply a must read, it will change your perspective about the stock market forever.

⭐Doesn’t lay a false trail of promises to make you rich but if you pay attention it will provide the psychological foundation that will allow you to invest rather than merely save. A UK version of this is well overdue, but the US market is a useful enough simulacrum for the UK.

⭐tbh might be a good book 30 years ago, is boring af and really talks about investment back in the days. Just sayin

⭐If you have money to invest, that’s the book. I wished I had read it 30 years ago: for sure I would have avoided many mistakes, which is the key lesson by the author.

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