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The Intelligent Investor
HarperCollins (
October, 2003 )
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The Supreme Work on Investment  |
As a well-read private investor, I know that excellent investment books are few and far between. Ben Grahams The Intelligent Investor is simply the most important book on investing ever written. Originally published in 1950 and revised by the author in further editions, this paperback is the first to be published after the authors death in 1976. In many ways, this edition is two books in one. Ben Grahams timeless investment principles are complemented by an excellent commentary on each chapter by Jason Zweig (written in early 2003). Although at times Grahams work is not an easy read, determination is well rewarded. Zweigs contribution assists the reader by putting the books principles into context for todays market (and lightening the tone of the book).If you dont want to take my word for it - listen to a man who really knows what he is talking about.... Warren Buffett, the most successful and famous investor in the world, lists this book as his favourite investing book of all time. The disciplined investor, who is able to stick to Grahams principles and avoid the natural human tendency to play the markets cannot fail to benefit from this book. Buy it, read it, read it again and keep it for reference. This is one of the few books that you will turn to for guidance years into the future.
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Intelligent , but just a touch dry  |
As a City equity analyst Ben Graham and Warren Buffet are like gurus, examples of how it should be done. Graham was the teacher and Buffet the talented protege. These are Grahams teachings. What happened to these two is remarkable; Graham outperformed market returns for a long time and Buffet exceeded everything his master had acvhieved, not only investing well, but managaing well and going on to become one of the wealthiest and most influential men in the USA today. Having raised your hopes thus, i should now explain a little further. Buffets successes are an oddity and it is unlikely that anyone will ever amass the sort of fortune that he has from todays markets. Time has moved on and Buffets style is not acceptable to the body of regulation that has built up around the industry. Moreover, Grahams teachings will not explain to you how to make a million. The lessons are directed more at investment professionals than at amateur investors. The average professional aims to beat the market by a few percentage points every year and that is as exciting as it gets. To the investors out there the margin of safety is a lesson we all ought to take more seriously. To the rest of you, why not try reading Buffets own writings, he has a much livelier, anecdotal style and, after all, its fun to read about a guy who has been a success for a change...!
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Worth reading.... |
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The book that Warren Buffett was reading when he was 19 and gives great reviews. i am 21 an read it for the first time, and found it quite tough, you have to really want to read it. It is however hopefull and very relivant for todays investment climate, suprising since it was writen in the 70s.
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