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The Intelligent Investor: A Book of Practical Counsel Hardcover – Jan 1 1973


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Hardcover, Jan 1 1973
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Product Details

  • Hardcover: 340 pages
  • Publisher: HarperBusiness; 4th Revised edition (1973)
  • Language: English
  • ISBN-10: 0060155477
  • ISBN-13: 978-0060155476
  • Product Dimensions: 20.6 x 14.7 x 3.6 cm
  • Shipping Weight: 544 g
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (55 customer reviews)
  • Amazon Bestsellers Rank: #220,424 in Books (See Top 100 in Books)


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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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2 of 2 people found the following review helpful By Manish on April 27 2004
Format: Hardcover
The issue is how to make money on the stock market.
The conclusion is that if you have the discipline and follow the advise with rigour, you will make money on the stock market. It is not for a day trader but a genuine investor.
There are many pieces of sound advice. One of the recommended easy and time saving way to pick a stock: buy the stock of Dow Index companies with minimum P/E ratio.
It is a classic.
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By Investorman on Sept. 7 2011
Format: Hardcover
This is a great investing book, but I bought the one from '72 so there are some dated aspects. Seller was awesome and the book was great value and arrived in like new condtion.
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Format: Hardcover
This is a must read for any person serious about investing (ie not gambling) in the stock market. The book is rather easy to read. Graham was an investor but also a teacher (at Columbia). He has a good balance between technical yet simple explanation. If you know absolutely nothing about the stock market and financials, you may still find it a bit obscure at time, but you should probably not invest directly anyway (at least not right away). For everyone else, read it.
Yes the latest edition was written in 1972. It is amusing at time to see the evolution. But actually this evolution is also part of what you learn by reading the book. You do see that some things never change (like valuing a company!), and others do change quite a bit. it gives you a nice perspective. Now the intersting part of the book is to understand the logic of Graham, less its conclusions. The conclusions date a bit. Graham used to work at a time when most corporations where industrial companies, when nowadays services are dominant for example. So take graham conclucions with a grain of salt. But do read in depth and try to understand his logic.
Value investing won't make you rich overnight. But reasonnably well done, it will avoid having you lose money, and can even open you the doors of year by year over-performance in the market. Warren Buffett and several other successfull investors have followed the approach of Graham. But as they all say, when you first read about value investing, you either understand it right away, or you never will. But trust my 15 year of investing on the stock market, you're better of understanding the value of value investing. And this book is the key to it.
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By A Customer on Dec 6 2003
Format: Hardcover
It may seem an odd thing to say about a book whose hallmark is prudence, but this volume is dangerous. The general principles it inculcates are fine but be very wary of following its more specific recommendations such as avoiding a stock if its price/book ratio is greater than 2. Under current conditions you would end up with an odd, unbalanced portfolio. The basic premise of this book, that Mr. Graham could reduce his complex discipline of value investing to rules of thumb simple enough for individuals to follow, may just be a mistake.
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By "stephenmd" on Nov. 10 2003
Format: Hardcover
Graham's book is by far the most thorough, well thought out volume on investing that has ever been produced. Graham's thought processes and advice are indispensable.
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By "mistermarket" on April 1 2003
Format: Hardcover
This book is must reading for anyone who is serious about investigating and analyzing investment opportunities in a logical, sound and prudent manner.
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Format: Hardcover
If you believe - as I have always believed - that the value approach is inherently sound, workable and profitable, then devote yourself to that principle. Stick to it, and don't be led astray by Wall Street's fashions, illusions, and its constant chase after that fast dollar.
Investing is most intelligent when it is most businesslike. After all, you are neither right or wrong when the market disagrees with you. You are right because your data and reasoning are right. True, there is safety in growth and some of us will go as far as to declare that there can be no real safety except in growth. But these sound to me like slogans than scientifically formulated and verified propositions. A case can be made for putting all your growth eggs in the best or relatively few best baskets.
If we assume that it is the habit of the market to overvalue common stocks which have been showing excellent growth or are glamorous for some other reason, it is logical to expect that it will undervalue - relatively, at least - companies that are out of favor because of unsatisfactory developments of a temporary nature. Focus on larger companies, for 2 reasons: First they have the resources in capital and brain power to carry them through adversity and back to a satisfactory earnings base. Second, the market is likely to respond with reasonable speed to any improvement shown.
Let me emphasize that it does not take a genius or even a superior talent to be successful as a value analyst. What it needs is, first, reasonably good intelligence; second, sound principles of operation; third, and most important, firmness of character.
Now, let me close with a few words of counsel from an 80-year-old veteran of many a bull and many a bear market.
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Format: Hardcover
There is no doubt that Benjamin Graham's insights and expertise have shaped the science of portfolio management to what it is today. It is also nice to look at a book like this and realize that literally there is nothing new under the sun. There have been daytraders and charlatans since the inception of the stock market. That being the case Benjamin Graham's approach to value investing will never go out of style. In a sea of volatility buying value is the only way to go.
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