The Intelligent Investor Rev Ed.: The Definitive Book on Value Investing
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Description
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. Read more
Publisher : Harper Business
Publication date : February 21, 2006
Edition : Revised Edition
Language : English
Print length : 640 pages
ISBN-10 : 0060555665
ISBN-13 : 65
Item Weight : 2.31 pounds
Dimensions : 5.31 x 1.6 x 8 inches
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Top Amazon Reviews
Format: Hardcover
How to become an intelligent Investor? Benjamin Graham is famous with the fact that one of the most famous investor, Warren Buffett was taught by him in Columbia business school. So I choose this book to read since I was curious of the figure, Benjamin Graham. The book `Intelligent Investor' deals with the financial concepts such as stock investment, the inflation relates to bond investments and interest rates. Hence, this book was very helpful to understand at not only the investment, but also the sense of finance. I believe that this book indicates that these two concepts are very considerable; `Margin of Safety', and `Uncertainty'. These two concepts were Graham's fundamental concepts. Benjamin Graham sees the principle of investment of common stock as follow. 1. It's good have diversified investment, minimum 10, maximum 30. 2. Selected stock type should be large-cap stock, have high prospects at performances, and should be a risk based capital. 3. Selected stock type should have a consistency over distributed performances. 4. Should restrict on purchase price over the company's annual average net income per share for past 7 years. And then, after comparing 4 listed company, above principles' detailed numerical value was shown in follows; 1. Moderate company scale. 2. Strong financial position. 3. At least 20 years of consistently distributed performances. 4. At least for 10 years, more than one-third growth of EPS. 5. Stock prices per share do not go over than 1.5 times of net asset value. 6. Stock prices do not go over more than 15 times of average EPS in recent 3 years. I read this book throughout the weekend again. I read this book couple of weeks ago one time, and I started re-read this book again. It was kinda hard to understand this book at the first time, however as I read them over, I started to understand a bit better. Honestly, I just do not prefer the individual stock investment, thus I thought how Benjamin Graham's way of selecting stock was very interesting, however I never really thought that I need to change the index investment strategy for that. Instead, the definition of initial investment and speculation, and concept of margin of safety were the part that could be able to apply in anyways of stock investment, hence it was very good chance to refresh the investing mind. Especially, I love to read the chapter 20. It was the description of margin of safety, which explains that to earn profits in stock market; we need to approach with long-term mind while securing the minimum safety margin. When I read this book through, what I felt first was that I have to put my assets into cash, stock, and real estate while evenly distribute. Every type of assets have their own pros and cons, hence it is always good to have evenly distributed on the different type of assets. In this way, even if the certain market has failed to perform high valuation, the others may not. The second thought about the diversification was I would invest in high, middle, and low risk investment. In Wall-street, with all that passions, researches, and talents there are a lot of cases losing money. It is actually common to lose. Thus, our goal of investment should be not to earn more than the average, but to earn money that will satisfy my needs. That is, not to win markets, nor to pass the goal faster than some other figure. It is just to reach the goal and pass that finish line though. It doesn't matter how fast nor how slow it may take. To accomplish this important goal, we need to make realistic estimation for the future, and to purchase the stock with the price that can secure enough safety margins. Also through the long-term investment and diversified investment, we need to endeavor to manage the risk of the investment. Additionally, I believe that we can finally become a intelligent investors when we trust and take pluck on our own analysis and investment. At last, Benjamin Graham mentioned in his book that `If a person sets out to make profits from security purchases and sales, he is embarking on a business venture of his own, which must be run in accordance with accepted business principles if it is to have a chance of success.' With the four principles that he explained in this book, he explains that `To achieve satisfactory investment result is easier than most people realize; to achieve superior results is harder than it looks.' Especially in these days, everything change so fast and the trend of yesterday is different with that of today. However, the book `Intelligent Investor' that was written by Benjamin Graham and published in 1949. It is actually very amazing that how the principle of investment that was written in 1949 is still considered as the best investment book in nowadays. It is still a steady seller from the Amazon as well. One of reasons this book is so popular and grabs investors' attention is how this book has focused on the upright investing principles and the attitudes that investors should have, instead saying the methods of stock analysis, nor trading techniques. I definitely recommend this book to the individual investors. There is another famous book of Benjamin Graham called, `Security Analysis', however this book may be difficult to read for individual investors. I heard this book is more targeted towards the professional analyst. However, this book that I read, `Intelligent Investor' is more likely towards the individual investors. Hence, again I strongly recommend this book to anyone who is hesitating to start reading this book. It may hard to read for the beginners of investment however it should be the must-read book before even starting investment. At the same time, for who is actively performing investors, it is good way to remind the basic principle that must not to be forgotten. For me, it was great way to refresh the investing mind, and I would love to suggest this book towards my friends as well.
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Reviewed in the United States on November 21, 2012 by Eun Ji Cho
Format: Paperback
GRAHAM REVIEW Graham's original work itself is fantastic, if you take the time to absorb it and understand it. It took me two reads before I really felt like I grasped it well. I don't need to write an elaborate review discussing this book for people to know it is obviously an investment classic; it has Warren Buffett's full endorsement which is the reason a lot of people opt to read it in the first place. The practical advice offered is timeless. In particular I found Chapter 1 (the difference between speculation and investing), Chapter 8 (managing your emotions), Chapter 10 (discerning the advice from others) and Chapter 20 (having a margin of safety) to be enlightening, as those four chapters were probably the most useful to me personally. The advice in the very first chapter regarding the difference between investing and speculating gets lost on a lot of people today, as anything and everything that involves stocks, bonds, options, or futures seems to be categorized as investing. The portion of Chapter 8 that discusses managing your emotions is arguably the most difficult for people to actually implement in the real world, despite being a very important concept. Graham truly makes a compelling case in favor of a value approach, which as I will discuss later in this review, is inherently reliant on the belief that investments can and do become undervalued. Buffett notes that the most significant chapters for him were 8 and 20. I agree, but also add chapters 1 and 10 to that shortened list. For others that might be different. A unique thing that I appreciated about Graham is that he discusses two different ways of investing, depending on how much time you have to put into the matter. For those who have too many other things going on to put the time into it, he advocates "defensive investing," which basically focuses on safer, larger companies and is a little more bond-heavy. And for those who want to put a lot more work into it, he advocates "enterprise investing," where he lays out a more rigorous approach to value investing. While the enterprising method does indeed yield greater returns over the long run, there is nothing wrong with taking the defensive approach, particularly for those who aren't able to commit enough time in order to make the enterprising method effective. There are a few minor areas that are no longer relevant as they were in Graham's day, such as his suggestion that one should use a local bank to handle transfers of stock certificates... when it is basically all online these days. But if one reads it and remains aware that it was written in the early 1970s, then these little quirks will not bother them. I will also add that Graham places an emphasis on dividend maintenance that is probably less relevant today. In his day, strong companies actually paid out about 1/3 to 2/3 of their surpluses, whereas these days that is far less common. Graham's followers, including Buffett and Klarman, do not emphasize this so heavily (Klarman has gone as far as saying that looking at dividend policy is almost useless in today's era), although it is still probably relevant to look at the continuity of dividends especially for "defensive" investors. It should be added that while Graham has an almost aloof/academic air about him, he is equally humble and sincere, never underestimating the intelligence of his readers. And for those occasional uppity words that he uses, there is always a dictionary nearby. It may take more than a cursory read, but if you are patient, then this book is a gold mine. As a result, I give Graham 5 stars. ZWEIG REVIEW Jason Zweig's commentary really deserves its own separate review, as this is basically two different books. Throughout MUCH (not all) of the book, I would have given Zweig 4 or 5 stars, as his commentary adds to the discussion and thought process of Graham. However, Zweig departs from Graham in a very fundamental way in three portions of the book, causing me to believe that Zweig either truly disagrees with or otherwise does not fully understand what Graham's argument is. Zweig essentially subscribes to the "Random Walker" camp of those supporting a Semi-Strong version of Efficient Market Hypothesis (EMH) and believes that one is simply speculating when choosing individual stocks instead of index funds. Zweig lets his own views seep into the book slowly, chapter by chapter, until it becomes more obvious that he is not a value investor. Graham did not subscribe to this relatively recent view (only existing since the 1960s) in his approach to VALUE investing. The entire premise of value investing is that securities sometimes do become undervalued, which is rare/impossible according to proponents such as Zweig. Though to my knowledge Graham never wrote a piece articulating his stance, his actions were to the contrary of what Zweig seems to believe his position was. It's also notable that his contemporaries/students blatantly countered the EMH viewpoint (see Buffett and "Superinvestors" below; see also Phil Fisher in "Developing an Investment Philosophy" chapter 4, entitled "Is the Market Efficient?"). (1) In the first and most notable departure for Zweig, there is a portion of the book where Graham says "[i]t would be rather strange if - with all the brains at work professionally in the stock market - there could be approaches which are both sound and relatively unpopular. Yet our own career and reputation have been based on this unlikely fact." (Graham, p. 380). If one reads the version in its proper context, then they will realize rather quickly that Graham is arguing that this unlikely fact of the markets actually being inefficient much of the time is actually TRUE, and is thus a compelling reason to study value investing. However... Zweig goes on in the commentary to say that Graham is pointing out that the market is efficient, and discusses the definition of the Efficient Market Hypothesis (EMH). This is clearly NOT what Graham was saying... rather the opposite. (2) In the second notable departure, there is a commentary chapter of Zweig's where he discusses how to effectively manage your portfolio. In the chapter itself, Graham discussed stock selection. Zweig, however, goes on to say that people should not actually pick stocks with more than 10% of their money, as doing so is akin to speculating, and should instead place all or nearly all of their funds into index funds that can come close to tying the market because of the EMH. Even though this advice MIGHT (arguably) be relevant for the "defensive" investor that Graham discusses (those who do not have the time or want to put the time into managing their own portfolio), this advice is a blatant misrepresentation of what Graham advises for "enterprising" investors (those who want to actively practice value investing) in such a fundamental way as to make me want to give Zweig 1 star instead of 5. But due to my holistic review, Zweig gets more than 1. (3) Zweig places an emphasis on diversification that I don't think Graham fully intended. Graham discusses the value of diversification throughout the book by taking multiple positions. Note though that Graham does NOT advocate buying everything...simply holding a few varied positions. But Zweig interprets this concept in such a way as to, in my humble opinion, advocate over-diversification... which is effectively nothing more than buying so many things that you should have just purchased an index fund to begin with. Collectively, Zweig's most significant contribution to the book was simply putting some of Graham's now-dated statements into context. I'm not saying there's anything wrong with believing in EMH in the markets the way that Zweig does, per se. But I am harsh on Zweig because advocating EMH and claiming that any stock is "speculative" is a blatant misrepresentation of Graham's views and stance. Despite departing from Graham quite fundamentally in two or three areas, Zweig mostly added a beneficial/informative conversation. Thus I hesitantly give him 3 stars. BUFFETT REVIEW Warren Buffett has a brief introduction towards the beginning of the book that tells what readers can expect from reading his mentor, Graham. As already mentioned, he places additional emphasis on chapters 8 and 20. But more importantly, there is a compelling essay/speech by Buffett in the back of the book that is called "The Superinvestors of Graham and Doddsville" that was given at Columbia University in 1984. You don't have to buy the book to read this essay, as it is free on the internet in a few different places. But it is arguably the best rebuttal to the Efficient Market Hypothesis that anyone has ever put out, and I don't know of any EMH proponents that have ever addressed Buffett's argument. In essence, Buffett points out that many different versions of investing that have little in common with each other beyond a decidedly long-term value-driven approach have all yielded positive results over time that have had decidedly superior returns to the market. There is unfortunately little written on this topic by actual practitioners, but Buffett's argument is worth a read. It's a definite 5 stars. CONCLUSION As a result, I give this whole book collectively 5 stars. You can just ignore the areas where Zweig errs, sometimes rather substantially. You could safely ignore his additional chapters/commentary altogether, although I think it is useful to read for putting certain portions of Graham's writing into perspective. Entire book is recommended; but if you don't read the whole thing, at least read Chapters 1, 8, 10, and 20, as well as Buffett's essay. It's a great addition to any investment library. I know that adding those up rounds to 4, but it is Graham's book after all (much as Zweig might wish it was his)... so it's 5 stars.
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Reviewed in the United States on October 30, 2012 by Scott W. McMurray II