- Paperback: 640 pages
- Publisher: Collins Business; Revised edition (July 8, 2003)
- Language: English
- ISBN-10: 0060555661
- ISBN-13: 978-0060555665
Amazon.com Review
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 portfolio management.
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 ever 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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