Securities · Investments · investing
The Intelligent Investor by Benjamin Graham, Jason Zweig, Atsuhiro Dokō, Kazumi Masuzawa, Miwa Niimi, Warren Buffett, Yonatan Bar — Summary, Key Ideas & Quotes
1949352 pages✦ 3-min Big ideas★ 4.1 (140)
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What is The Intelligent Investor about?
This classic text is annotated to update Graham's 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 HarperBusiness Essentials edition of *The Intelligent Investor* is the most important book you will ever read on how to reach your financial goals.
A glimpse inside
The Margin of Safety
Graham’s most enduring principle is the concept of a 'margin of safety'—the idea that investors should only purchase securities when they are priced significantly below their intrinsic value. This buffer protects against errors in judgment, unforeseen market downturns, or bad luck. By insisting on a margin of safety, investors can minimize risk and avoid catastrophic losses, making this a cornerstone of prudent investing.
Investor Psychology and Discipline
Graham emphasizes that the greatest enemy of the investor is often themselves. Emotional reactions to market swings—greed during booms and fear during busts—can lead to poor decisions. The Intelligent Investor advocates for a disciplined, unemotional approach, urging readers to develop a sound investment plan and stick to it, regardless of market hysteria or euphoria.
Ratings at a glance
Open Library
★ 4.1 / 5
140 ratings
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Get smart in 3 min
6 key ideas, distilled
- 1The Margin of Safety
- 2Investor Psychology and Discipline
- 3Difference Between Investing and Speculating
- 4Defensive vs. Enterprising Investors
- 5Mr. Market Metaphor
Popular quotes from The Intelligent Investor
“The investor's chief problem—and even his worst enemy—is likely to be himself.”
“In the short run, the market is a voting machine but in the long run, it is a weighing machine.”
“Margin of safety is always the secret of sound investment.”
Frequently asked
This classic text is annotated to update Graham's 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 st