The Intelligent Investor
The Intelligent Investor is widely considered the bible of value investing and one of the most influential investment books of all time. First published in 1949 by Benjamin Graham, it has educated and inspired millions of readers worldwide with its practical approach to building wealth. The book has guided generations of investors—including Warren Buffett, who famously described it as “by far the best book on investing ever written.” More than seven decades later, The Intelligent Investor remains a classic, offering timeless principles, strategies, and wisdom for achieving long-term success in the stock market.
KEY CONCEPTS
Graham advocates investing in securities that are undervalued relative to their intrinsic worth, creating a protective margin of safety.
Investor vs. Speculator
Graham distinguishes between investors, who make decisions based on careful analysis to preserve capital and earn adequate returns, and speculators, who chase short-term market trends, momentum, or hype, often exposing themselves to higher risk.
Mr. Market Analogy
Graham personifies the stock market as “Mr. Market,” a business partner who offers to buy or sell shares daily at varying prices. Sometimes he is euphoric, sometimes fearful, and the intelligent investor uses his mood swings to their advantage.
The cornerstone of Graham’s philosophy—always invest with a buffer by purchasing securities at a significant discount to their intrinsic value, protecting against downside risk.
Investment decisions should focus on a company’s fundamental financials—including earnings, assets, and dividends—rather than market speculation or short-term price movements.
PRAISE FOR THE BOOK
"By far the best book about investing ever written."
"If you read just one book on investing during your lifetime, make it this one."
"The wider Mr. Graham's gospel spreads, the more fairly the market will deal with its public."
"The most important investing book ever written. Jason Zweig's masterful commentary provides a modern lens to this timeless wisdom."
—Morgan Housel, author of The Psychology of Money
"The Intelligent Investor teaches that value investing occurs at the intersection of fundamental investment analysis and psychology."
—Seth Klarman, CEO of the Baupost Group
"Benjamin Graham is no longer here to advise investors when markets act up, but no one channels him better than Jason Zweig, who brings the great master's counsel into the twenty-first century with cutting-edge academic research, dead-on commentary, and trademark wit."