The Intelligent Investor

By Benjamin Graham

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About the book

First published in 1949, Benjamin Graham's guide to value investing teaches buying shares in sound businesses when they trade below their worth and holding them for the long term rather than reacting to short-term market swings. Graham introduces Mr. Market, an obliging but moody figure who offers each day to buy or sell at prices that are sometimes sensible and sometimes absurd, and argues that investors should profit from his folly instead of joining it. Graham favors buying groups of undervalued stocks that pass simple earnings tests over deep study of single companies, a shift from his earlier Security Analysis. Revised editions add commentary by financial journalist Jason Zweig linking Graham's examples to recent markets.

Warren Buffett said it sets out exactly the sound decision-making framework an investor needs, leaving the reader to supply the emotional discipline. Bill Ackman said it was the first investing book he read and the inspiration for his career, and Grant Cardone said it teaches investors to keep their emotions from steering their investment decisions.

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This book has 6 recommendations

Warren Buffett (CEO/Berkshire Hathaway)

To invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights, or inside information. What's needed is a sound intellectual framework for making decisions and the ability to keep emotions from corroding that framework. This book precisely and clearly prescribes the proper framework. You must provide the emotional discipline.

Michael Hebenstreit (Founder/MH Themes)

If you want to get into stock trading or in case you want to become an investor, then I definitely would recommend to read the book I already mentioned and in addition: The Intelligent Investor by Benjamin Graham.

Kevin Rose (Co-founder/Digg)

The foundation for investing. A lot of people have used this as their guide to getting into investment, basic strategies. Actually Warren Buffett cites this as the book that got him into investing and he says that principles he learned here helped him to become a great investor. Highly recommend this book. It’s a great way understand what’s going on and how to evaluate different companies out there before you make an investment.

Grant Cardone (Investor, Entrepreneur, Author)

The typical investor “follows the market” and learns bad investment habits trying to beat the market. Graham gives you an alternative from that mistake, teaching you to avoid allowing your emotions to control your investment decisions. A great point from this book I got was that it’s a mistake to forecast the future of stocks exclusively by pulling data from the past. [...]
This book is a great start for those looking to become millionaires. Don’t get into stocks, but if you do, read through this book carefully first.

Mohnish Pabrai

Wonderful Book. There is a lot of terrific data in this book. Needs to be read slowly and carefully - and then re-read. Strongly recommended.

Bill Ackman

Sure. Actually, it was the first investment book I read, and as such, it was kind of the inspiration for my career and a lot of my life. So important book.

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