The Intelligent Investor : The Definitive Book on Value Investing (Third Edition) Paperback – 22 October 2024

This is the real guiding light for people looking to make investment in equities

Good book , quality of paper is also good .

Must-read for those venturing into Stock market investments. Graham has very aptly shared his experience and the pitfalls for different types of investors and Jason has simplified it further summarizing the learnings quite well.

I purchased for my son. Ok. Received in good condition. Can be purchased for knowledge.

"The Intelligent Investor" by Benjamin Graham, I must say, this book is a must-read for anyone interested in investing. Despite being published decades ago, the insights and principles in this book are still very relevant today.Graham's approach to investing is based on thorough research and analysis, as well as a focus on long-term strategies rather than short-term gains. The book is very well-written and easy to understand, even for those who may not have a lot of experience in the stock market.One of the things I appreciated most about this book is that it emphasizes the importance of maintaining a rational and disciplined approach to investing. Graham provides a lot of practical advice on how to avoid common pitfalls and make sound investment decisions.Overall, I would highly recommend "The Intelligent Investor" to anyone looking to improve their investment strategy and knowledge. The book is a classic for a reason and is definitely worth the read. Whether you're a beginner or an experienced investor, there is a lot to learn from Graham's wisdom and expertise.

The pages were folded, torn, curled what else can I say.. the cover title too, was out of proportion.

This book is perhaps the most important and insightful book on investing, and an eternal classic. It is not a book that promises ‘How to become rich…’ or ‘Mastering Stock market in a week….’ or ‘Beating the market made easy…’ or any shortcut to a quick buck. The book teaches three powerful lessons of how one can:- minimize the odds of suffering irreversible losses- maximize the chance of achieving sustainable gains- practice emotional control and behavior to help the investor achieve full potential.The book is about investing and having said that, investing is for the long term. Short term investing is like saying one is a spendthrift miser. While long term investors buy stocks or bonds for its intrinsic value and hold them, the 'short termers' play on its price like a video game, high on dopamine, ‘seeing price patterns’. While the intrinsic value of the security is stable, the markets, built upon the greed and fear of speculators, fluctuate widely and it is this constant flow of price movements that is the juice of speculation.The intelligent investor is the one who estimates the value of a stock based on some key parameters like the company’s long-term prospects, quality of management, financial strength and capital structure, dividend record, and current dividend.Graham lists two types of intelligent investors. The ‘active’ or ‘enterprising’ who does continuous researching, selecting and monitoring a dynamic mix of stocks, bonds and mutual funds. The ‘passive’ or ‘defensive’ investor on the other hand, creates a permanent portfolio that runs on autopilot and requires no further effort (but generates very little excitement) argues the author so elegantly. Quoting the investment thinker Charles Ellis, ‘’the enterprising approach is physically and intellectually taxing, while the defensive approach is emotionally demanding’’.For the long-term defensive investor, who has abundant emotional courage not to be distracted by daily price movements, there is no need to look at the daily price. In fact, the investor ‘’would be better off if his stocks had no market quotation at all, for he would be spared the mental anguish caused by other persons’ mistakes of judgement.’’ We don’t check the price of our house every hour! The intelligent investor would make use of any opportunity if a good company is facing a temporary crisis and add more shares to his portfolio at lower price. (In cases of extreme exuberance, it is also wise to sell if the price seems too high to be real). A prudent investment methodology would be to add on more of high quality stocks on a regular basis, thus paving way for ‘dollar cost averaging’. A well-diversified stock and bond portfolio ensures long term risk mitigation.Though the book is highly acclaimed in investment circles, in practice, only a miniscule of market participants adhere to the key principles the world over. Hence, situations like the Dot com bubble, the financial crisis of the last decade and the collapse of high priced so called ‘high growth stocks’ of unworthy and nefarious companies happen repeatedly.‘’A man is known by the books he reads” said Ralph Waldo Emerson. Invest in companies that have proven track record, stellar management capabilities and high ethical standards of corporate citizenry. Being an intelligent investor is more a matter of ‘character’ than ‘brain’, is the key message of this great tome.