The Intelligent Investor: The Classic Text on Value Investing

by Benjamin Graham

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Product 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 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.

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All Customer Reviews
Average Customer Review: 4.5 out of 5 stars

2 of 2 people found the following review helpful:

5 out of 5 stars

A classic -- still worth reading after 60 years, 2008-05-17
Since reading Graham, I keep running into his name everywhere -- and for good reason. Graham (and his disciple Warren Buffet) does not talk about -- or believe in -- get-rich-quick schemes (those are speculation), but in sound principles of looking for solid, well-run companies, and buying their stock when the price dips. (The market gets hysterical and goes up or down in ways that have nothing to do with the intrinsic value of the company.) If other people are foolish enough to sell off a good company at a bargain price, there's nothing wrong with being smart enough to go against the market and buy a bargain. If you want to invest but don't know how to do it intelligently, read Ben Graham for starters.

1 of 1 people found the following review helpful:

5 out of 5 stars

A must for any investment collection., 2008-05-12
This book is hailed, and with strong reason, as one of the cornerstone pieces of investment literature. The ideas surrounding valuation and the like are as valid now as they were when the pen first touched this masterpiece.

It is not one of those over-hyped, over-produced get rich quick in the stock market type pieces, but rather a solidified educational fundamental foundation to theory of value investing.

A warning to the novice: This book is written in a very technical language that will be hard to grasp without an understanding of the market in general. This should not be a first investment book, but rather a compliment to your growing collection.

1 of 1 people found the following review helpful:

5 out of 5 stars

Smart Investment, 2008-02-29
If you are not a better investor after reading the first 2 chapters, you'd better give your money to someone else to invest for you. I will never be a speculator again. No wonder Warren is so filthy rich. This is the man he learned from.

0 of 1 people found the following review helpful:

4 out of 5 stars

Useful anywhere on the planet !, 2008-02-10
I am a brazilian investor and this classic text helped me the change my attitude when the subject is the capital market.

2 of 2 people found the following review helpful:

4 out of 5 stars

Classic Text on Intelligent Investing, 2008-01-03
I suppose that this edition--released after Jason Zweig released in 2003, the revised 1973 edition with his commentary jammed in between the chapters--was released to show people what Graham really wrote in his first 1949 text who might have not wanted a book with commentary inserted in it, and in its pure and unadulterated form. I might say, however, that I'm reading the 2006 edition by Jason Zweig right now, and I find it far more readable. The examples are more up to date there and the language is a little more modern.

However, I must admit the merits of the 1949 edition: Graham himself said people need a better sense of financial history, and what better way to see the past than to read his original edition, and it's kind of neat to see what he was thinking when he wrote the book in the first place. It allows the book to speak for itself, rather than telling you what it means in between each chapter, and I guess that's a positive in some ways. It was written in the heyday of Graham's career on Wall Street. Also, he warns on the first chapter that things mostly relating to specific securities would become completely outdated with time, but those precepts relating to human nature would remain the same.

Boy was he ever right!!! Wall Street acts no more intelligently in 2008 than it did sixty years ago. Just like a herd of frikking lemmings, all jumping off a cliff together!

I recommend reading the 1949 edition first, to give you a sense of historical-financial perspective. Then pick up a copy of the 2006 revised edition with Jason Zweig's commentary, and read that.

What I don't understand is, WHOM did Graham write this book for in 1949 of all times, when only 2 million Americans, mostly upper-class, owned stock? Maybe he was prescient and saw ahead to now, when 90 million Americans of all walks of life own stock (and stock mutual funds). If that's the case, this man is a prophet.

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