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4.6 out of 5 stars
4.6 out of 5
29,380 global ratings
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The Intelligent Investor: The Definitive Book on Value Investing

The Intelligent Investor: The Definitive Book on Value Investing

byBenjamin Graham
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Top positive review

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Andrew Punch
5.0 out of 5 starsExcellent book, a hard slog for beginners
Reviewed in Australia on 2 September 2021
I have been trading shares personally for 20 years. Over that time I have effectively been value investing.

Reading a book that spells out that investment methodology is a revelation. Warren Buffet specifically wrote to Graham asking to attend his class at Columbia University.

The methodology is very risk averse. This book was written in 1948, with the Great Depression still visible in the rear view mirror.

Definitely recommend the book but you need to have read some other books on the mechanics of how the stock market works before tackling this book.

Also recommend Security Analysis by the same authors - I'd read this book first.
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4 people found this helpful

Top critical review

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Yurong ZHANG
1.0 out of 5 starsDON'T BUY FROM THIS SUPPLIER
Reviewed in Australia on 30 October 2019
Despite the content, the quality of the book is sooooo horrible.
The pictures are token the second I opened the parcel.
DON'T buy from this supplier.
So disappointed.
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17 people found this helpful

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From Australia

Hai dang quang
4.0 out of 5 stars Great Read For Beginner Investor But Not So Much As A Guide For Those Who Complete New To Business
Reviewed in Australia on 2 November 2021
Verified Purchase
If you are looking for a step-by-step guide on investing for those unfamiliar with different business concepts, this is not for you. However, this book is an excellent source of information for those who seek to understand better the basic strategy and the theory that an investor should be familiar with. It is presented by using a range of market case studies and a statistic to explain the basic investing concept and the thinking direction for a beginner investor.

If you are someone who had have some level of investing knowledge or financial knowledge this is a great book to start off from. However if you are someone who have absolutely no basic knowledge on finance or business I would suggest starting by learn those first before decide to go for this book.
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PeterC Sydney
4.0 out of 5 stars Good luck reading this - heavy going.
Reviewed in Australia on 27 July 2020
Verified Purchase
Not at all what I expected. Very in depth, heavy going material. Best to research if this is what you are looking for. First edition was apparently written in the 1950's, and updated in the 1970's.
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Troy
4.0 out of 5 stars Heavy read, but a quality read
Reviewed in Australia on 20 October 2020
Verified Purchase
Very heavy reading. Some paragraphs I had to reqd 5 times in a row to get my head around some of the things they were talking about.
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ade
4.0 out of 5 stars Good book, bit of damage
Reviewed in Australia on 24 May 2021
Verified Purchase
Amazing book i highly reccomend, although when my book did arrive i noticed dents on the bottom of it, luckily not too damaged like the reviews 👍
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ade
4.0 out of 5 stars Good book, bit of damage
Reviewed in Australia on 24 May 2021
Amazing book i highly reccomend, although when my book did arrive i noticed dents on the bottom of it, luckily not too damaged like the reviews 👍
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Lian Za Khai
4.0 out of 5 stars terminology
Reviewed in Australia on 2 October 2020
Verified Purchase
bit hard to understand the terminology
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From other countries

BhaveshB.O.T™
TOP 1000 REVIEWER
4.0 out of 5 stars 🔴#1 HONEST(Unbiased) REVIEW of The Intelligent Investor "Investment Book For Lifetime"
Reviewed in India on 30 May 2019
Verified Purchase
*Edition: I found commentary very useful (though often distracting). If you are not a professional - you'll appreciate the commentaries and epilogue - read it first? It's very inspiring.

*Book: "You either get the idea in the first five minutes, or you don't get it at all", said Warren Buffet in the epilogue.
- I would add - you don't necessarily need to read all 550 pages, but you must read through the idea of value investing - and it will change your way of looking at the world.
- I always felt confused and amazed by listening to all the ridiculous fuzz that comes from the Wall Street through TV and the internet. The book explains why.

🔴Several rules I noted into my keep:
፨ - Investor buys the business [based on its price/value], speculator buys the stock [based on an absurd believe that he can foresee where the stock price will go].
፨ - The best way to earn adequate return without any trouble whatsoever is to invest into cheap (low maintenance cost) indexes; use dollar averaging (buy every month instead of once at a random point of time) for smoothing the luck involved.
፨ - For enterprising investor (willing to spend much more time), look for a diversified list of bargain issues (at least 30 issues, business values (i.e. net current asset and other related metrics) is below market cap)
፨ - During the bubble, hot industries and companies are getting overpriced. That could only be financed from somewhere. Partially that money are coming from well established old economy companies that lose the appeal. Thus, invest in such old economy companies while bubble grows, as soon as the bubble burst - undervalued companies would rise back.
፨ - Don't ever buy IPOs! (See chapter for compelling arguments)
፨ - Don't consider companies that do not pay dividends. Dividends - money firm pays you for providing capital, they belong to you. They cut a piece for reinvestment - payout ratio. If firm doesn't pay dividends - invest all into growth so you could profit later - that's a speculation. Moreover stock price would be more volatile because it should now rely on future rather than current prospects.

The Intelligent Investor, by Benjamin Graham, is probably the most important and influential value investing book ever written even Warren Buffet described it as “by far the best book ever written on investing”.

፨ If you could only buy one investment book in your lifetime, this would probably be the one.
፨ It had been 6 months since I last read The Intelligent Investor. I have enjoyed my personal “refresher course” in value investing.

🔴Objective of The Intelligent Investor Book
፨ Benjamin Graham’s objective was to provide an investment policy book for the ordinary investor.
፨ He succeeded in putting seemingly hard concepts into terms that could be understood and, more importantly, implemented by the average investor.
፨ The typical investor has a tendency to “follow the market” when they should be employing portfolio risk management strategies. Instead, Graham gives us an alternative based on fundamental stock analysis.

፨ The goal is to learn how to avoid the pitfalls of allowing our emotions to control our investment decisions. Rather, Graham provides the foundation for making businesslike decisions.

🔴The Intelligent Investor puts special emphasis on teaching:
1. Risk management through asset allocation and diversification.
2. Maximizing probabilities through valuations analysis and margin of safety.
3. A disciplined approach that will prevent consequential errors to a portfolio.

🔴If you have any Doubt regarding this Review or this Product, then Feel Free to Contact me or Just ask me by commenting below.I Hope this Review was Helpful.Write reviews, help others, happy shopping.
Thank You for Reading this Review.
-●➽ʙʜᴀᴠᴇsʜ ʙ.ᴏ.ᴛ 🔥
Customer image
BhaveshB.O.T™
4.0 out of 5 stars 🔴#1 HONEST(Unbiased) REVIEW of The Intelligent Investor "Investment Book For Lifetime"
Reviewed in India on 30 May 2019
*Edition: I found commentary very useful (though often distracting). If you are not a professional - you'll appreciate the commentaries and epilogue - read it first? It's very inspiring.

*Book: "You either get the idea in the first five minutes, or you don't get it at all", said Warren Buffet in the epilogue.
- I would add - you don't necessarily need to read all 550 pages, but you must read through the idea of value investing - and it will change your way of looking at the world.
- I always felt confused and amazed by listening to all the ridiculous fuzz that comes from the Wall Street through TV and the internet. The book explains why.

🔴Several rules I noted into my keep:
፨ - Investor buys the business [based on its price/value], speculator buys the stock [based on an absurd believe that he can foresee where the stock price will go].
፨ - The best way to earn adequate return without any trouble whatsoever is to invest into cheap (low maintenance cost) indexes; use dollar averaging (buy every month instead of once at a random point of time) for smoothing the luck involved.
፨ - For enterprising investor (willing to spend much more time), look for a diversified list of bargain issues (at least 30 issues, business values (i.e. net current asset and other related metrics) is below market cap)
፨ - During the bubble, hot industries and companies are getting overpriced. That could only be financed from somewhere. Partially that money are coming from well established old economy companies that lose the appeal. Thus, invest in such old economy companies while bubble grows, as soon as the bubble burst - undervalued companies would rise back.
፨ - Don't ever buy IPOs! (See chapter for compelling arguments)
፨ - Don't consider companies that do not pay dividends. Dividends - money firm pays you for providing capital, they belong to you. They cut a piece for reinvestment - payout ratio. If firm doesn't pay dividends - invest all into growth so you could profit later - that's a speculation. Moreover stock price would be more volatile because it should now rely on future rather than current prospects.

The Intelligent Investor, by Benjamin Graham, is probably the most important and influential value investing book ever written even Warren Buffet described it as “by far the best book ever written on investing”.

፨ If you could only buy one investment book in your lifetime, this would probably be the one.
፨ It had been 6 months since I last read The Intelligent Investor. I have enjoyed my personal “refresher course” in value investing.

🔴Objective of The Intelligent Investor Book
፨ Benjamin Graham’s objective was to provide an investment policy book for the ordinary investor.
፨ He succeeded in putting seemingly hard concepts into terms that could be understood and, more importantly, implemented by the average investor.
፨ The typical investor has a tendency to “follow the market” when they should be employing portfolio risk management strategies. Instead, Graham gives us an alternative based on fundamental stock analysis.

፨ The goal is to learn how to avoid the pitfalls of allowing our emotions to control our investment decisions. Rather, Graham provides the foundation for making businesslike decisions.

🔴The Intelligent Investor puts special emphasis on teaching:
1. Risk management through asset allocation and diversification.
2. Maximizing probabilities through valuations analysis and margin of safety.
3. A disciplined approach that will prevent consequential errors to a portfolio.

🔴If you have any Doubt regarding this Review or this Product, then Feel Free to Contact me or Just ask me by commenting below.I Hope this Review was Helpful.Write reviews, help others, happy shopping.
Thank You for Reading this Review.
-●➽ʙʜᴀᴠᴇsʜ ʙ.ᴏ.ᴛ 🔥
Images in this review
Customer image Customer image Customer image Customer image
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1,900 people found this helpful
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Matt Bourne
4.0 out of 5 stars A must for anyone curious about investing...
Reviewed in the United Kingdom on 20 September 2018
Verified Purchase
Very boring and you'll have to fight your way through every page, but it's a finance book so what do you expect? I wanted to learn more about investing after covering some basics in Rich Dad, Poor Dad, and this book did just that, but the basic message for me was play it safe and go for a good mutual fund, made me realise how complicated and scary investing is and made sure that I will never have the patience or enough interest to do my own investing. Please read this before starting your investing journey I'm sure it will save you some money and stress in the future whether is scares or inspires you.
98 people found this helpful
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Tyler Bircher
4.0 out of 5 stars Helpful but not as important as people make out
Reviewed in the United Kingdom on 8 November 2020
Verified Purchase
I think most people would find this book quite a dry read, it does labour on a few points and is a long book. I think many see this book as a prerequisite to getting into investing and I don't think that's actually the case. 10 years ago this book was more accurate than it is today and although there are still things to be learned from reading it, it is not as essential as most people think.

Aside from being long and potentially dry, half of the book is not accessible to the average person or early investor, therefore I would not recommend this to anyone other than those already in the industry.
35 people found this helpful
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Amazon Customer
4.0 out of 5 stars Insightful, extremely detailed, but a bit out of date
Reviewed in the United Kingdom on 16 May 2020
Verified Purchase
I found this book hard to read at times. It's extremely detailed but I found it hard to relate to as most of the figures used as examples in the book are from when the book was first published in 1949. You are reading out of date content that has been amended with more up to date comments, sometimes telling you that the companies Benjamin Graham is referring to don't even exist anymore, and in some cases the comments are telling you to ignore his advice completely because the world has changed somewhat since the book was written.

Even so, if you're looking to start investing and want to buy shares I would still highly recommend that you read this book. I think you need to read something like this to get a solid foundation and also help to set your expectations. For me, this book made me realise I am a speculative investor, and probably always will be. Being an intelligent investor is a full time job. There is an enormous amount of work involved. But because of this knowledge, I evaluate risk differently and as a result can make more informed decisions about my investments.

Read it. Realise it's too much work. Gamble.
24 people found this helpful
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Smi
4.0 out of 5 stars Grazie Zweig
Reviewed in Italy on 19 May 2018
Verified Purchase
Ho letto recensioni che dicono: Zweig ha profanato un libro sacro, peccato per i commentari e così via dicendo. In tutta onestà mi schiero in totale opposizione con costoro. Io sono laureato triennale e magistrale in economia e vi posso garantire che senza i commentari il lavoro di Graham -AD OGGI- avrebbe lasciato il tempo che trovava. L’economia e soprattutto la finanza sono materie così mutevoli che già un libro di 5/6 anni fa appare superato, immaginate uno di 50 anni fa cosa può essere... detto ciò è bene sottolineare il fatto che non è un libro per traders né insegna ad analizzare securities, lo scopo è quello di fornire una filosofia morale a chi si avvicina alla finanza così da prendere decisioni in maniera più sensata. Ovviamente non è scevro da difetti, alcuni pensieri sono del tutto opinabili e il mio consiglio è ragionare sempre con la propria testa in qualsiasi cosa si fa. Ad es. se uno volesse cominciare ad investire ricchezza nei mercati finanziari secondo Graham dovrebbe tenere una quota tra il 25% e il 50% in azioni e il rimanente in obbligazioni il che è già una cavolata perché si sa che la quota dipende dalla correlazione dei rendimenti dei titoli che si intende detenere in portafoglio... proprio in quegli anni, infatti, Markowitz pubblicava una pietra miliare nella gestione del portafoglio... insomma che dire, lettura piacevole, a tratti interessante, il valore aggiunto nel 2017 è senza dubbio minore di quello che aveva nel lontano ‘73.
75 people found this helpful
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