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The Intelligent Investor Rev Ed.
Écrit par Benjamin Graham
Raconté par Luke Daniels
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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.
Actions du livre
Commencer à écouterInformations sur le livre
The Intelligent Investor Rev Ed.
Écrit par Benjamin Graham
Raconté par Luke Daniels
Description
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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Avis
This book contains lots of common sense knowledge and examples of successful long term investment. The book is an older one so they are speaking in terms of the 1970's. While the abridged version includes information and examples into the early 2000's much of the information is dated and based off of older statistics and trends. I still got a ton of useful knowledge from this book and recommend it to anyone who is interested in starting to invest or to bolster their knowledge of long term investing.
Great insight definitely worth the listen. Make sure and take your time.
Such a great explanation for understanding the rules of investing. The last few chapters are a bit too advanced.
The Intelligent Investor serves as a foundation for anyone interested in learning about investing. It is dated but there are universal concepts that remain true today. The revision brings some needed updates with great discussion on the dot com bubble. What I gained from reading this is investor behavior has not changed and there are many speculators in the market. In the current bull market, there is a optimism in companies that Graham would not find financially sound. Many people are seeking the next Amazon or Facebook. The important takeaway is timing the market is less important than finding companies that represent good value with potential growth. This book is not designed to tell the reader what exact stock to buy but instead give perspective on a healthy view on investing.
One of the best investing book out there thank you
A book about fundamentals of investing and reflection upon the trends the stock market faces.
The foundation of value investing. A must read for defensive and enterprising investors alike.
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 ...
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
This is the bible of financial literacy. Well worth the time!
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.
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.
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.
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.
It makes perfect sense. It changed my investment Strategy.
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.
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 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.