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on January 5, 2016
Most of people doing investment recommend to read that book, and other mentioned that book gave them a great idea. I really don't know why!

The book is boring and you can't start read that book as your first book about investment in stock market, you will not absorb or feel the words.

If you are not financially literate or you are trying practice trading, that book not for you.

Start by rich dad poor dad, by Kiyosaki, or finance for dummies I think more useful
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on October 24, 2014
This is the definitive book on value investing, and it is the only way I have found to make money in the stock market.

The ideas in this book are encapsulated in just a few pages in Buffett's 1984 essay, The Superinvestors of Graham-and-Doddsville. I stumbled across Buffett's essay online and it transformed my investing "life." That led me to Graham's book. This edition contains Buffett's essay in the appendix.

Insofar is Jason Zweig's commentary is concerned, I don't agree that the commentary does not add value to the discussion. The shift in expository style (and typeface) is at times jarring, but Zweig, writing after the tech wreck, draws useful parallels to the contemporary stock market. I think his material also helps sell the book to the younger generation (i.e. people in their early 20's) who, by virtue of their very youth, have absolutely the most to gain from Graham's approach to investing.


To a 20-something man or woman wanting to secure their financial future I would say this: it was figured out 65 years ago. The best book on the subject was originally written in 1949 and last revised in 1973, shortly before the author died. Nothing has exceeded it, before or since. The 3rd richest man in the world, who was the author's student, summarized his ideas 30 years ago.
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on April 27, 2016
Better to buy hardcover version without Zweig's comments. In my opinion, this edition is a little bit unpractical in terms of size, font and layout. Despite I ordered new item, the book arrived slightly damaged at the bottom.
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on June 12, 2006
When it comes to the subject of investment, one cannot speak about it without mentioning the household name, Warren Buffett. After all, this is a man who had made himself the second richest man in the world solely by investing money in companies. It is through learning more about Buffett that lead me to Benjamin Graham and his investment classic, The Intelligent Investor. In this 2003 updated edition, supplementary commentaries and footnotes were added throughout the book by Jason Zweig, a senior writer at Money magazine. This updated edition offers a fresh look at an investment classic, and convinces the reader that the book is still relevant 33 years after Graham’s last revision.

Let me begin then with an observation. Nowadays, just about everybody who has worked a day job knows about putting their money in the stock market. There are some who does it out of greed, some out of fear, but the vast majority does it just because everybody else is doing the same thing! It appears to me that only a tiny group of minorities are really making intelligent investment decision. What about the rest? They buy/sell when they feel like it. Emotion is their chief investment advisor, and they listen to it religiously. Is it any wonder that the financial market behaves the way it does? Good news, because one will learn from Graham that the sillier the market’s behavior, the greater the opportunity for the business-life investor.

Graham begins by laying out the foundational definition of investment versus speculation. “An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. Operations not meeting these requirements are speculative." In the following chapters, Graham gives his reader unprecedented access to the stock market history and grants readers the wisdom that are used in developing portfolio policies in the body of the book. This book attempts to inject some transparency into the secret world of finance and he has succeeded abundantly.

The final and most important chapter of this book sums up the secret of sound investment into three words, MARGIN OF SAFETY. To quote, “The margin of safety is always dependent on the price paid. It will be large at one price, small at some higher price, nonexistent at some still higher price.”

The Intelligent Investor isn’t a book about analyzing companies, but one which really nails into the readers’ heads the proper investment principles and attitudes. Professor Graham’s academic writing style delivers his powerful idea in a simple and gentle way.

To summarize, in the added appendix of the book is an article called Superinvestors of Graham of Doddsville written by Buffett, “There seems to be some perverse human characteristic that likes to make easy things difficult… Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace, and those who read their Graham & Dodd will continue to prosper.”
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on May 28, 2014
This book is a very helpful discussion of the basic philosophy of SENSIBLE investing. Graham explains why preservation of capital is a vital component of any investment plan, and how to achieve it. There may be people who achieve much better returns than Graham, but do they sleep at night? Read Graham, follow his advice and you will not need the Valium or Pepto. His explanations just make so much sense that, if you are not as greedy as a politician, you soon understand what to do in the market.
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on October 23, 2012
I actually have the PDF file of this book (on my smartphone and tablet), but I think it's just not the same comparing to reading the paperback version. I actually hope they would make it hard cover, with stronger and durable paper materials since you will read it many many times.

I have novels in similar construct before and they tend to fall apart after couple of years. I guess I will buy another book if that does happen.

The content of the book of course is top notch, it feels like a nice conversation with Ben himself (along with little insert from his students). I have the PDF version of the book a year ago, been buying and testing many different stocks based on Graham teaching and have return anywhere from 30 to 150 percent (he is really conservative on his stock selection, but the main thing is mentality and not to sway by the market). I guess most of fund managers on wall street are too impatient for this type of investing techniques.

I am thinking about not making contribution to RRSP funds in the future, and just self direct TFSA trading all the way until I retire.
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on June 29, 2004
I was deciding between getting this edition or the more expensive hardbound edition (which does not contain the Jason Zweig commentaries). I naturally thought, why not go for the cheaper one and get the commentary for free? After all, I could just ignore the commentary if it doesn't help.
Bad bad choice. It was like choosing between a Beethoven CD and the same CD but with free shrieking commentary by a Damon Wayans movie character during and in between each symphony.
Zweig's writing when inserted between Graham's is like the annoying paperclip in MS Office, except there is no way to turn it off. He's in the footnotes (virtually every page!), he's in between every chapter. Open the book at a random page, and most likely you'll open it to a Zweig page.
The content and style of his writing feels condescending and contrasts so much with Graham's. When reading Graham you have elegant timeless prose by a humble, wise man who makes you feel he is sincerely interested in your well-being. By contrast, Zweig feels like someone who wants to impress you with his word plays, and puns. He really should have attempted to recede into the background and limited his voice.
I would recommend everyone to just buy the hardcover edition.
Buy Graham only. If you cannot read Graham, Zweig will only help marginally, and you still need to verify his comments against other contemporary Graham commentators. Get another book. If you *can* read Graham, then you do not need the commentaries in this book. Any questions you may have can be answered in thousands of sites on the net.
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on July 24, 2003
The updated commentary makes this book a more enjoyable version than previous editions. If however you are already a believer in the Grahm school of thought you might as well read Security Analysis and skip this one. Security Analysis is FAR more in depth. For those of you who do not believe in the Grahm method, this probably won't convince you. I give this book four stars simply because it qualifies as some sort of classic, as far as investment books go. And Mr. Zwieg has done a good job including more current info and examples.
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on January 30, 2014
A common sense, proven approach that many of the world's greatest investors have practised and many continue to today. Like gravity, the principles laid out in this book have stood the test of time.

The 'updates' at the end of each chapter illustrate current market conditions which are very helpful.
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on July 13, 2003
Graham's writing is clear, concise and level-headed. He warns against unreasonable financial expectations and proceeds to explain his theories in sufficient detail to be worthwhile, without being over the comprehension of the layman interested in investing.
The book is lengthy and "solid", as opposed to other finance books that hope to explain investment in 100-200 pages. Topics include stocks vs. bonds, inflation, security analysis, and margin of safety (Graham's analysis of the assets of a company in relation to its debt). Zweig's commentary is useful, with footnotes to clarify historical references and, occasionally, demonstrate instances where Graham's predictions proved untrue. At the end of each chapter, Zweig uses recent (up to early 2003) examples of Graham's concepts to make things clearer to modern readers. (Graham's text itself is his 1973 revision to the original 1949 edition.) Also helpful are numerous references to online articles at various sites (I cannot yet vouch for these links' present state.)
Based on my understanding, I highly recommend this edition to anyone interested in this book. I feel that I gleaned more from this annotated edition than I would have from the original, without having to conduct additional research.
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