The Intelligent Investor by Benjamin Graham PDF

Do you love reading books about Investing? If yes, then Benjamin Graham The Intelligent Investor PDF would be the best pick for you. The Intelligent Investor PDF is one of the best investing books anyone interested in investing should read. Intelligent Investor by many is considered to be the best book on value investing that you will ever read. The Intelligent Investor PDF book was written by Benjamin Graham who was Warren Buffett’s lecturer at Columbia University. Warren Buffett who is one of the greatest investors of all time personally recommends it. Would you like to read this book? Relax you are just a click away from getting The Intelligent Investor pdf free!

This review is more than enough to pick and place the intelligent investor ebook on your bookshelf and include it in your reading list. Prior to making large investments, it was primarily to understand the whims of the market. In the intelligent investor book pdf, Benjamin Graham emphasizes safe investments. He was the one to coin the term “The Margin of Safety”. He explains the process of investment operation and focuses on adequate monetary returns. Intelligent Investor PDF Copy states every minute aspect of market investments and the author warns the reader from committing judgment errors and emotional mistakes by becoming obsessed with the market values.

Benjamin Graham The Intelligent Investor PDF Details

• Book Title: The Intelligent Investor: The Definitive Book on Value Investing
• Authors: Benjamin Graham, Jason Zweig, Warren E. Buffett (Collaborator)
• Goodreads Link: The Intelligent Investor by Benjamin Graham PDF
• Published: February 21, 2006
• ISBN: 0060555661 (ISBN13: 9780060555665) 9780061745171
• Formats: [PDF] [Epub]
• No. of pages: 640
• Size: 5.55 MB
• Genre: Business, Non-Fiction, Self-Help, Economics
• Language: English
• File Status: Available for Download
• Price: Free

The Intelligent Investor PDF Summary

Below is The Intelligent Investor Summary:

More than one million hardcovers sold
Now available for the first time in paperback!

The Classic Text Annotated to Update Graham’s Timeless Wisdom for Today’s Market Conditions

The greatest investment advisor of the twentieth century, Benjamin Graham taught and inspired people worldwide. Graham’s philosophy of “value investing”—which shields investors from substantial error and teaches them to develop long-term strategies—has made The Intelligent Investor the stock market bible ever since its original publication in 1949.

Over the years, market developments have proven the wisdom of Graham’s strategies. While preserving the integrity of Graham’s original text, this revised edition includes updated commentary by noted financial journalist Jason Zweig, whose perspective incorporates the realities of today’s market, draws parallels between Graham’s examples and today’s financial headlines, and gives readers a more thorough understanding of how to apply Graham’s principles.

Vital and indispensable, The Intelligent Investor is the most important book you will ever read on how to reach your financial goals.

Benjamin Graham The Intelligent Investor Review

Benjamin Graham’s last line in The Intelligent Investor sums up the entire book in his trade-mark common-sense way: “ To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.”

First published in 1949, this version that I read was re-published in 2005 with a forward written by John Bogle who started Vanguard Mutual Fund. Bogle’s forward serves as a very good summary of The Intelligent Investor, highlighting key points clearly. So I found it useful to read the forward again after finishing the book as a quick refresh of its content.

Graham’s language may be a bit old-fashioned, so some may find his writing style takes a little bit of getting used to. However, once I got my pace of reading going, I find the old fashion style gives me a sense of comfort and assurance – as if a grandfather was sharing all his valuable experiences with me. Certainly, good things stand the test of time, just as sound values: “Sound investment principles generally produced sound investment results…we must act on the assumption that they would continue to do so.”

Graham is very clear from the start that he is not writing for speculators but for the layman who wants to have a sound approach to grow his wealth steadily. He believes that lay investors can achieve “a creditable if unspectacular result with a minimum of effort and capability…since anyone – by just buying and holding a representative list – can equal the performance of the market averages…”

He warned those who try to beat the market, as many smart people have tied to do this and failed. How he explained this makes a lot of sense to me – every stock market broker thinks he can outdo the market. That means the stock market experts as a whole are trying to beat themselves – a logical contradiction. They just cancel each other out.

Thus, one should not rely on a financial advisor who promises the sky and raise your hopes that he can do better than the market average. That, claims Graham, is not possible.

“The real money in investing will have to be made, as most of it has been in the past, not out of buying and selling but out of owning and holding securities, receiving interest and dividends, and benefiting from their longer-term increase in value.”

Graham chastises average investors for their sloth and ignorance, for willingly giving up their responsibility and rights as business owners to manage. This, he feels, is due to the institutionalization of financial services which has left investors a step removed from ownership.

He disagrees with the commonly held view that “If you don’t like the management, sell the stock.” He feels this does nothing to improve bad management, only puts down the price of the stock and shifts the ownership to someone else. “Investors as a whole seem to have abandoned all claim to control over the paid superintendents of their property.”

Ultimately, it is important for investors to give themselves a margin of safety by buying a stock at a price that is lower than its appraised value and to diversify the portfolio. These would put the investors in good stead, as against speculators.

I like this book. It does not give you many formulas for security analysis (Graham says you can read further in his earlier book Security Analysis). What The Intelligent Investor does is that it lays the foundation for laymen by giving a sound approach to investment, written with common sense and simplicity. The intelligent investor pdf book covers all the relevant topics useful in the study of investment and financial trading for anyone interested in investment. It’s a must-read for anyone who wants to learn all the investment principles and practices applied in stocks, bonds, and mutual funds investment.

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