Chargement
The Intelligent Investor Rev Ed.
Résumé
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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The base advice is timeless, though the examples he uses, mostly from the 1940s through early 1970s, are dated. Luckily, Jason Zweig's useful commentary follows each chapter, summarizes the material, provides newer examples, from the late 1990s/early 2000s, and let's the reader know when changes in the industry have made one of Graham's points less relevant. It is a combination that works well. Younger readers, however, might find discussions of Enron and Global Crossing just as opaque as Graham's discussion of railroad bonds, and wish that there was an even newer revision.
The Intelligent Investor, in its last edition by Benjamin Graham, is a book whose acquaintance would have benefited me greatly had I come across it as a young man back when it was published in 1973. As much a psychological guide to market investing as a technical one, Mr. Graham provides wise and emphatic counsel on when you should be excited to invest (not when euphoric markets reign) and the investments one should seek (not the hottest ones exciting everyone most). He demonstrates how to evaluate companies in order to become the defensive investor he believes most of us should be, with good advice for “enterprising” investors too. It’s a clarifying vision. And helpfully, this vintage volume was updated by Jason Zweig in 2003 with interesting footnotes and commentaries.The Intelligent Investor also calls our attention to the pitfalls of uncritical belief and the vigilance necessary to avoid them. As an example, he acquaints us with the accounting malpractice employed by some business concerns, something investors can’t afford to ignore. Jason Zweig injects passion into the text when discussing dividends and stock buybacks, aiming scorching words at corporate chiefs who devalue the former practice and too often celebrate the latter.Direct, intelligent, and even at times entertaining, The Intelligent Investor is a valuable aid for most anyone wishing to learn how to think over, with composure, the issues involved in making better investment decisions.
It makes perfect sense. It changed my investment Strategy.
This is the bible of financial literacy. Well worth the time!
Very poorly written/abridged. This book is for a seasoned investor and doesn't speak to the novice. Also there a bunch of antiquated stories without properly explaining the concepts of investing.
I am kind of guy who can't read for too long if some paragraph does not make me excited but anyhow I wanted to finish this book and this audiobook made it happen. It's like somebody is reading a book to you. I loved it
Interesting to hear that all the cycles are repeating themselves over and over. The ones who are steady in their decisions, are the ones to succeed.
Great book but probably better as a normal non audiobook. hard to follow the numbers and tables in audio format.
Great foundation for any investor. Incredibly detailed and generous. Too much to take in the first time...I will be back.
Difficult to understand all the examples which involved figures, in the absence of tables. I suggest, it should be a mix of audio and table version
Read and follow the advice page per page and grow rich!!!!
Fantastically helpful book if you're interested in investing in individual stocks. Well written and interesting, but not a breezy beach read by any stretch of the imagination. Zweig's introduction is well worth reading, too.
A book on investing that every investor should have read. The principles that Benjamin Graham outlines are the very precepts that guided many great investors. Although the book was first published in 1949, and is still very relevant for today's markets. When Benjamin Graham writes about categories of investors, approaches to security analysis, the proper disposition investors should have toward market moves, and other fundamental investment subjects, his advice is timeless. This is a "must-read" even if you are an investor who bases their strategy on technical analysis. Every investor must have a fundamental understanding of how markets interact, and although this book is not easy to read, and takes some discipline to complete, it is time well spent. This book is highly recommended for everyone interested in investing in today's markets.
Classic guide to investing - shame the enhancement with charts is not available (easily discoverable)
A penny saved is a penny earned ... and if invested for 20 years, compounded daily at an average of 6% you'll have $.03 more in your retirement fun ...
An exceptional book about value investing. Written over 60 years ago, the advice given is still great today. Zweig's commentary is the best part, as it gives relevance and essential updates to the often dated examples. The book is also a great book for the philosophy of investing, setting very realistic goals. Overall I felt that it was a truthful book and has the backing of unmatched investors. Be warned, it's also a very long read, but broken up well into chapters.
I see why this book is so popular and well-respected. However, out of the 20 chapters, there are only 6-8 chapters that I couldn't "must reads." If you want to read about investing, definitely add this to your list, but I recommend that you go to Investopedia to look up some of the terms and concepts. This is a heavy read, so don't rush through it.
This was given to me by my boyfriend and by far still one of the best books about stock trading for the long and safe term. :) Another good pick for guides on financial goals.
Summary of Topics
- Investment vs. Speculation
- Defensive Investment vs. Enterprising Investment
- Decent return for the Defensive: 4%
- Decent return for the Enterprising: 8%
- Investors are owners
- Margin of safety
Reception
A lot of the talking points in this book could easily be given at a talk on Slow Money [the alternative or new economy movement]. And yet what's so striking is that this book is also supposed to be the foundation of modern investment. How could this be, as the two are supposed to be opposites?
Well, most mainstream "investment" is actually speculation. And most Slow Money isn't that radical, but this is changing.
The book lays out two divergent strategies. The first is for the normal "defensive" investor. This strategy is largely passive, and focuses only on minimizing loss; impressive return is ignored.
The second is that of the "enterprising" and aggressive or full-time investor. Here the emphasis is still on minimizing exposure, but returns are expanded by heavily researching all possible pathways.
What's most interesting is not how the concepts of this book apply to investing, but how they apply to life. One of the key points is that, no matter how careful our calculations, some part of every decision is left to chance, and there's no way to eliminate this. So our best option is to align ourselves with those factors of which we will always be ignorant.
Much of the book is about dividends. Apparently they were the primary source of return back then. But it's gotten me thinking: how is it a good deal for a company to perpetually pay investors through dividends? Why not just pay them off? Dividends are essentially just debt service.
- Investment vs. Speculation
- Defensive Investment vs. Enterprising Investment
- Decent return for the Defensive: 4%
- Decent return for the Enterprising: 8%
- Investors are owners
- Margin of safety
Reception
A lot of the talking points in this book could easily be given at a talk on Slow Money [the alternative or new economy movement]. And yet what's so striking is that this book is also supposed to be the foundation of modern investment. How could this be, as the two are supposed to be opposites?
Well, most mainstream "investment" is actually speculation. And most Slow Money isn't that radical, but this is changing.
The book lays out two divergent strategies. The first is for the normal "defensive" investor. This strategy is largely passive, and focuses only on minimizing loss; impressive return is ignored.
The second is that of the "enterprising" and aggressive or full-time investor. Here the emphasis is still on minimizing exposure, but returns are expanded by heavily researching all possible pathways.
What's most interesting is not how the concepts of this book apply to investing, but how they apply to life. One of the key points is that, no matter how careful our calculations, some part of every decision is left to chance, and there's no way to eliminate this. So our best option is to align ourselves with those factors of which we will always be ignorant.
Much of the book is about dividends. Apparently they were the primary source of return back then. But it's gotten me thinking: how is it a good deal for a company to perpetually pay investors through dividends? Why not just pay them off? Dividends are essentially just debt service.
I read it for the 2nd time - the first time I quit it after 100 pages.
Once you are done with this wonderful book on investing, you'll learn that most other literature in the field of value investing seems mimicking what the master has said decades ago.
If you are not from the finance background, initially the book may seem boring or esoteric - as was the case with me. But once you begin to pick up investment basics I'm sure the book will be priceless.
Still I can't claim that I've understood it completely, but then that's why I'll read it for 3rd time, or maybe 100 more times.
I recommend this book for everyone.
Once you are done with this wonderful book on investing, you'll learn that most other literature in the field of value investing seems mimicking what the master has said decades ago.
If you are not from the finance background, initially the book may seem boring or esoteric - as was the case with me. But once you begin to pick up investment basics I'm sure the book will be priceless.
Still I can't claim that I've understood it completely, but then that's why I'll read it for 3rd time, or maybe 100 more times.
I recommend this book for everyone.
The Intelligent Investor: The Definitive Book on Value Investing by Benjamin GrahamThe father of value investing, Benjamin Graham, wrote a powerful and insight book that has changed the way individuals invest their money. The basic premise in value investing is not to look for the quick changing high payout stocks but rather to focus on long-term investment strategies. This same strategy is the one used by Warren Buffett and look where he, and Berkshire Hathaway clients, is today.I thought about dabbling in the world of the stock market and thought I needed more education before I sunk my teeth into this world. Enter Benjamin Graham and The Intelligent Investor. This book opened my eyes to a new and valuable understanding of the stock market. It also introduced me to how people can make substantial amounts of money investing correctly. Armed with the right information, any new investor can succeed in the markets.Graham’s book covers a variety of topics including investment versus speculator; inflation and the investor; the defensive investor; the enterprising investor; market fluctuations; investment funds; and a whole lot of comparisons and valuable information. Nearly 600 pages of valuable information that any stock investor should be aware of.This books information is dated as it was published in 2003 but the premise is a sound today as it was in 1949 when Graham first published this work. Numerous famous companies provide examples throughout the book to give real world analysis of value investing strategies. Companies like ALCOA, Coca-cola, General Motors, IBM, McGraw-Hill, Penn Central Railroad, Sears Roebuck, Standard Oil of California, Standard Oil of New Jersey, Wal-mart and Yahoo.I never did invest money into the stock market directly; I decided to go a safer route through mutual funds. There is something inherently risky about the stock market, which did not suit my investment purposes. That is not to say that mutual funds are risk free because they are not. To me, mutual funds are a safer investment vehicle because they rely not on a single stock but rather many different stocks to make up the portfolio.Anybody interested in value investing should read this book. In fact, I would suggest that anybody contemplating investing any money in any investment vehicle should read this before they invest. I know I am happy to have read this book before making any investments.Happy Reading,
Way overrated and out of date. There are some investment principles that would not change over time, but those covered in the book appear to be too elementary for any professionals.
As the title of this book might suggest, Steven Pinker, following in the footsteps of Noam Chomsky, contends that humans are born with an innate instinct for language. Not with language itself, obviously, but with mechanisms in our brains that make it easy for us to learn language and that account for commonalities of structure that exist across all languages, despite their obvious variability. Some of Pinker's arguments and conclusions are stronger than others, but the general idea seems pretty sound to me, although I know there's still some controversy over it, two decades later.Pinker goes into a lot of detail about how languages are structured and how our brains process that structure. I found this detail quite interesting, but rather slow going, despite the fact that Pinker's prose is very accessible to the layman and is broken up here and there with moments of humor or the occasional whimsical quotation. Those who are just looking for a general overview of the subject might find those chapters, which make up about half the book, to be a bit much, but if you're at all interested in the nitty-gritty details of how the human brain constructs sentences, it's well worth reading.
This is indeed quite an amazing book. The writing style is simple, and Stevenmanages to handle this considerably complex subject with a great deal of dexterity. Each chapter is complete in itself, and I would recommend that each chapter be read on a separate day. This allows you to think about what has been written, before proceeding further. It is not a book for the casual reader, nor for the dilettante.It is a book that you must return to after a while.
A highly readable account on how language is an inherent characteristic of the human species, which I found a bit unpleasant to read at times. Pinker is such a good writer that I feel a little inadequate in responding to his book, but that aside, I thought it was an erudite book on a complex topic, like all Pinker’s books. It is also a bit controversial, as Pinker skewers many a layman’s misguided ideas about language, its origins, and its uniqueness to humanity. And not only a layman’s ideas; Pinker takes everyone from the social scientists to what he calls the ‘language mavens’ (editors and other arbiters of prescriptive grammar) to task for promulgating false ideas about language. I found Pinker’s more polemical chapters a bit uncongenial, mostly because they attack some of my own subconscious ideas about language. I didn’t realise that I felt as strongly about prescriptive grammar until Pinker attacked it and its proponents. I don’t mind Pinker’s attacks on some of the more archaic rules of grammar (such as split infinitives and ending sentences on prepositions, and so forth) but I did find his fulminating a bit tiresome at times, especially when he sets up some straw men that he can easily knockdown. A quibble, really, but still.Pinker is on much firmer, and to me more interesting, ground when he explains the psychological and evolutionary origins of language. This is simply brilliant and lucid exposition, and I enjoyed it immeasurably. Pinker’s explanation of how language evolves in children, and how this seems to argue for a ‘language instinct’ in humans (Chomsky’s Universal Grammar) is masterful. I also enjoyed his withering refutations of the assertions of those primatologists who claim to have taught chimpanzees sign language, and the more absurd claims of some anthropologists (such as the infamous ‘100 different words for snow’ claimed for the Eskimos).My one problem with the book is that it came out in 1994, so how up to date it is, in an ever-changing field, is problematic. I wish Pinker would update the book, but maybe he’s too busy writing books about the decline in violence (The Better Angels of Our Nature, which I intend to read next year), and whatnot.Highly recommended, but not one to swallow hook, line, and sinker.
Took me a terribly long time to get through this book, but I did enjoy it a lot.
This is a book I gave to my oldest son one Christmas when he was in lovewith language and it looked like he was heading down the path to becoming alinguist. He went back to school before I could steal the book off his bookshelfto read it, so when I found it on his bookshelf in Seattle I was overjoyed. I'vewanted to read this book for a long time. It was worth the wait. Pinker is anexcellent science writer and he makes the (often difficult) material as easy tounderstand as anyone could. An excellent book.
I enjoyed the way that Pinker is able to make difficult and often dry subject matter appealing to a wider audience, but I think at times he went a bit far with the pop-culture references and it started to annoy me.
Absolutely key book for those interested in how language evolved. Some of its central points are the subject of impassioned debate: Pinker is a Chomskyite, and argues that humans are born with an instinctual ability to learn the language spoken around them. Many others are less deterministic. Pinker's evidence -- the extraordinary speed with which children of two to four learn language -- is powerful, but underlying assumption of an innate "grammatical gene" is not accepted by many in the field. Despite the debate, those with an interest in how language developed and what it is should read this book. Not only is it thought provoking, it is very, very well written.
This guy is very clever. He is even cleverer at explaining the clever things he thinks about in such a clever way that you don't need to be nearly as clever as him to get to drips with them.I confess to getting completely lost in the grammar discussions and skipping forwards a little. But even then I found the rest of the book very rewarding indeed.The main reason I like this chaps books is because they are all about me.They are about you as well, so go and read them now.Beautifully written with a naughty sense of humour and one hell of a profound message.