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If you don't want to spend time, take safe investments, like index funds mutual funds, and blue chip stocks that pay regular dividends. This is the man who taught Warren Buffett. It is not for the dabbler, the mildly interested, or the "can't wrap my head around complicated formulas" investor. For most investors, he recommends a diverse portfolio of bonds and stocks held for the long-term. Over the years, market developments have proven the wisdom of Graham's strategies.

This, he feels, is due to the institutionalisation of financial services which has left investors a step removed from ownership. 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.

View all 8 comments. Jan 23, Kenyon Harbison rated it it was amazing. Warren Buffett's pick as the greatest investment book of all time, and it really does live up to that review.

Some highlights: Minimize the extent to which you are a speculator. If you go in trying to get rich quick, you'll lose. This is a good indicator of a stable and sound business model.

Market crashes should be thought of as exciting and delightful fire sales on the best stocks. People criticize Graham for advocating market-timing, but really he advocates a form of dollar-cost-averaging, where one increasingly invests in companies that look objectively undervalued when the market goes down, and assuming one doesn't hold forever divests slowly as the market goes up, if in one's view one's individual stocks become over-valued -- he does not advocate investing or divesting simply because the market goes down or up, one always looks at individual companies.

He also has very interesting discussions of bonds, though I found them less relevant because I don't invest in bonds directly.

To Graham, incidentally, Buffett added: A know when to break these rules; B prefer companies with wide inherent 'moats' his famous example is that if you gave him a billion dollars today, he could not create a brand that would compete effectively with Coca Cola ; C buy private, illiquid-but-outstanding businesses on the cheap -- e. View all 4 comments. Nov 09, Brent rated it it was amazing. OK, the recent stock market drops scared me. I got hit by the drops in 99 and said I would never let it happen again.

This time I had what I thought would be value stocks. The problem was I didn't know if I should sell or hold the stocks. I stopped reading my other book and read this book like crazy.

It teaches you some basics about the behavior of the market and it teaches you to be very careful. I learned some OK, the recent stock market drops scared me. I learned some key's to determining the value of stocks and to buy stocks with a margin of safety relative to other stocks.

I did find that some of my "Value Stocks" weren't all that great. I absolutely recommend this book, especially right now. Now is a great opportunity to pick up value stocks that have dropped a bunch. They dropped not because that are bad stocks but because Mr.

Market has dropped and they've been pulled down. View all 3 comments. If you read investing books or magazines, you've undoubtedly heard of Benjamin Graham. He's considered the father of value investing, and Warren Buffett is one of his disciples. In fact, The Oracle of Omaha called this book "the best book about investing ever written.

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I'm a Boglehead follower of Vanguard founder John Bogle , so I invest through broadly diversified, passive index f If you read investing books or magazines, you've undoubtedly heard of Benjamin Graham. I'm a Boglehead follower of Vanguard founder John Bogle , so I invest through broadly diversified, passive index funds instead of individual stocks and bonds. I read this book to learn Graham's general investing advice and opinion of the market, not to learn his formulas for analyzing the values of stocks and bonds.

Much of the book's data is understandably stale, since it was first published in You can definitely tell it was written in the pre-Internet era of investing, before people had easy access to mutual funds, ETFs, k s, IRAs, and day trading. Although the financial world has changed much since his time, Graham's fundamentals remain solid.

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For most investors, he recommends a diverse portfolio of bonds and stocks held for the long-term. He strongly advises against trying to time the market, and says to never invest in something you don't understand. Graham warns against being an emotional investor; he says to invest based on arithmetic, not optimism.

The defensive investor is risk-averse, seeking to preserve capital and obtain a reasonable return. The enterprising investor is more risk-tolerant, willing and able to analyze stocks and bonds to find higher returns. You can't forecast or time the market. Unless you're forced to sell your shares, you shouldn't care about share prices. Ignore the daily ups and downs of the market. Use dollar cost averaging or formula timing plans to remove the psychological factors of investing.

Risk vs safety Risky investments are those that have a chance of declining in price, but a history of positive returns. You don't care about temporary declines as long as you hold the investment, because it's not until you sell that the decline would be realized. Unsafe investments are those with history of poor returns over many years; these are not wise investments.

Prices sometimes reflect the present, and sometimes reflect the future; because you can't tell which, it's hard to determine if stocks are fairly priced. Margin of safety Margin of safety is the secret to sound investing. This is a business' value over its debt its ability to earn more than it needs to cover its expenses , or the difference between price and value.

Guarantees a better chance of profit than loss not a guaranteed profit. Diversification across several stocks increases the certainty of profit. The margin is based on statistical data, not speculation.

View all 9 comments. Nov 09, David rated it really liked it Shelves: Okay, this is the book to read if you are serious about investing in stocks.

Benjamin Graham's "value investing" method is the time-tested "choose 'em carefully and hold 'em" long-term strategy used by Warren Buffett. So, you know, if you want to be rich like Warren Buffett, read this book. Of course it's not that easy. This book is long, dense, and dry.

And even if you read and absorb every page, you're still not going to be Warre Okay, this is the book to read if you are serious about investing in stocks. And even if you read and absorb every page, you're still not going to be Warren Buffett.

But you'll be a lot more informed about stock investing. Most of it is about how to analyze the actual long-term value of a stock, which means diving deep into company financial statements. Not just picking one based on a favorable history or because you think you can predict a stock is about to take off because you're sure the company is the next Apple.

Hey, remember in the 80s when Apple seemed all but dead? Meanwhile, how's that Kodak stock looking? Make no mistake, this is not one of those self-help "How to beat the market" books.

It's pretty much a textbook, with graphs and charts and long complicated financial terms that you need to study as seriously as you studied for your college final exams well, maybe more seriously than that if you're really going to get anything out of it. It is not for the dabbler, the mildly interested, or the "can't wrap my head around complicated formulas" investor.

No, no, I have not gotten rich like Warren Buffett.

Pdf intelligent investieren

I didn't buy Apple in the 80s, either. View 1 comment. Feb 24, Q. Pi rated it really liked it. I saw that Benjamin Graham was Buffet's professor at Columbia and one of his closest friends. In fact Buffet named one of his kids after Graham.

The Intelligent Investor teaches the philosophy that Buffet learned at school and went on to find massive success with. It does not teach people to ride market waves or speculate.

Instead it instructs those who follow its teachings to calculate the intrinsic value of companies, find the ones that are either under priced or successful, but proven to have I saw that Benjamin Graham was Buffet's professor at Columbia and one of his closest friends.

Instead it instructs those who follow its teachings to calculate the intrinsic value of companies, find the ones that are either under priced or successful, but proven to have long term proven success capabilities, and then create a portfolio with those. Because their choices were made based on intrinsic value and not market prices, these companies are good long term investments and the investor doesnt have to sell and buy new ones constantly.

It's also suggested to have companies spanning all sectors to reduce risk by diversifying. Dec 02, Tim Chang rated it really liked it. To be honest, the commentary and footnotes of this book were more useful to me than the original content.

The book in its original form is obviously outdated in terms of the specific examples it gives for ways to invest and the different companies it details. However, the commentary by Jason Zweig draws from the fundamental messages behind the book to provide more up-to-date advice on how to invest. Undoubtedly, Benjamin Graham provided the foundation for the commentary with his book, but I pers To be honest, the commentary and footnotes of this book were more useful to me than the original content.

Undoubtedly, Benjamin Graham provided the foundation for the commentary with his book, but I personally found Zweig's portions easier to read and relate to. Ten Rules for Financial Success for a simpler, more straight-forward alternative to this book. It's not that I wouldn't advise anyone to read The Intelligent Investor, it's just that if you don't have the time to plod your way through Graham's outdated details, either skip straight to the commentary, or check out Malkiel's book.

You won't go wrong either way, and you definitely won't go wrong if you want to try and read this thing in its entirety. It was just difficult for me to do so. Jan 07, S. Ach rated it really liked it Shelves: Warren Buffet calls out, " this is by far the best book on investing ever written. Not for traders. Don't forget to read Jason Zweig's commentary after each chapter to get the current context.

Most of the times, those help to understand the original text much better. May 14, Vivek Verma rated it it was ok.

I had high expectations from the book, which it failed to meet. But then, this book is too old to have a lot of relevance now.

Investieren pdf intelligent

Do solid fundamental, qualitative analysis rather than looking at charts. Know what the company stands for. Maybe if you know nothing about the stock market, then this book is for you to get an idea of what you are getting into and what to expect. The f I had high expectations from the book, which it failed to meet. The first 10 chapters were a drag. Invest the same number of dollars in stocks each month. This way you buy more when cheap and less when expensive -You cannot beat the market even if you are an active investor.

Some notes from chapter Estimating value of a stock: Things to look at in a company: Profitability Stability Growth Financial Position. Dividends Price History. For industrial companies current assets should be at least twice current liabilities—a so-called two-to-one current ratio. For public utilities the debt should not exceed twice the stock equity at book value.

Continued dividends for at least the past 20 years. Sep 08, Chchchch rated it did not like it. To be honest, I have never seen such a terrible book.

Investieren pdf intelligent

Actually, it is too expensive for me to afford this book because it cost me almost all my pocket money. But it doesn't worth such much money. When I am reading this book, I can't see anything about investing. I even don't believe the author can speak English. There are so many stupid mistakes like spelling mistakes and grammar mistakes. And through the articles that Benjamin Graham wrote, To be honest, I have never seen such a terrible book. And through the articles that Benjamin Graham wrote, I can't imagine that he is the father if value investing.

There is little doubt that this book is just rubbish. And nobody can invest well if they read this book. This book is just rubbish and the author is really stupid.

I really want to throw this stupid book away and burn all the books that this author wrote. Nov 07, Jason Navallo rated it it was amazing. This is an amazing book. I read it when I was 13 and what I've learned has stuck in my head ever since.

It changed my whole way of thinking about the stock market and investing in general. Jul 09, Scott Dinsmore rated it really liked it. Why I Read this Book: Warren Buffet became the successful man he is today greatly as a result of what he learned from the man who wrote this book.

We have the chance to read exactly what he read. Whether you are an avid investor with a complex understanding of the markets or a beginner who is yet to start learning, there is little doubt that you have heard of Warren Buffet.

He represents a level of success that very few people ever reach. Most of us know Buffet as the second richest man in the world, but many of us do not stop to think that he has build his great fortune solely off of investing.

He has not invented anything or built any specific business. He has gotten to where he is by nothing more than diligent value and principle based investing with very little debt I might add. I apologize for the long rant on Buffet especially since he only wrote the first few pages of this edition. It was many of his fundamentals and principles that got Buffet started with a foundation that soon grew to be insurmountable. The amazing thing is that anyone interested in these principles has the opportunity to buy a copy of this book for less than twenty dollars.

It continues to blow me away; the amount of success-related knowledge that is available to us for the learning. To be very honest up front, this is not the easiest read. It is written by a 20th century economist and quite frankly it often reads just like that. But to that note one should not pick this book up for humor and entertainment as much as he should to learn. Although there will be times when you will find yourself laughing or smiling at some of the stories told and how they ring true even today in our ever more sophisticated world.

One such example is the concept of emotional investing, one of which most all of us have been guilty at one time or another.

It is worth mentioning that for every bit of hard theory, this particular revised addition of the book has just about as much digestible commentary courtesy of Jason Zweig to help the reader through. This commentary is crucial to the level of satisfaction of the read. I would not dare to get into the specifics of this book as I would not do them justice and I feel that the above should be more than enough reason to read the full edition.

However I will comment on the over all tone of it. These principles are something that, no matter what the circumstances, is never to be broken. Both these men display an inhumane level of disciple to stick to the very principles they have developed. Having a principle-based investment strategy is something that will prove to be of much value as one progresses along his career or hobby of successful investing. If you are able to decide on a set of principles be them your own or those of others and stick to them at all costs, decisions suddenly become much more fluid and easy to make.

The real reason I mention this is that it has a much greater underlying message. If principle based investing has proven so successful provided your principles are sound of course then imagine what can be accomplished in the overall success of ones life if you live by a firm set of principles and core values.

This quickly becomes clear once you read through some of the top rated books in my personal development section. By now I hope you have already developed your set of core values by which to live. Now take advantage of this book to establish a similar set of values by which to judge personal investments. The added long term financial success will be explicit. Then again I guess you could just buy Berkshire, but perhaps you should make that decision for yourself after reading the book that helped create it.

Sep 03, Andy rated it liked it Shelves: The classic book on investing by the man who taught Warren Buffett. Originally written 50 years ago, and it is still relevant. The same lessons applied to specific industries and companies at the time of the writing have obvious parallels to different industries and companies today. And there are some radical ideas, despite it's age, that fly in the face of "conventional wisdom".

The most important example in my opinion was the idea of how much risk you should have in your investments: The "risk" The classic book on investing by the man who taught Warren Buffett. The "risk" you take on, in terms of volatility and uncertainty, should not depend on how close you are to retirement, but rather how much time you can spend on researching your investments.

If you don't want to spend time, take safe investments, like index funds mutual funds, and blue chip stocks that pay regular dividends. If you are willing to do research, and keep current, it makes sense to invest less diversely and include higher risk stocks.

Jan 22, Joseph rated it really liked it. I'd read several books about Benjamin Graham as well as articles by him in the past, but this was my first foray into reading a book authored by him.

It's definitely a great primer into the world of value investing and not only outlines its tenets but also their rationale. Several historical examples are used to illustrate his points. One criticism: Several proxies i.

This book is amazing. It is definitely a must read for investors in stock markets. It is not only a "book", it is a "reference". The piece written by BUFFET at the end of the book is such a wonderful one and - nearly - summarizes the whole idea of the book. I will unquestionably read this book again and will always keep it on my desk or at least in a place where I can reach easily.

The index at the end of the book is extremely useful for looking up specific topics that were mentioned in the book. Buffet said chapter 8 and 20 are the most important chapters of the book, and they are. But if I want to add other chapters for people who are interested solely in common stocks, I would recommend reading - in addition - chapters: Finally, I want to thank B.

And W.

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ZWEIG, who - in my opinion - was up to the challenge of bringing the original text to present and to summarize and simplify each chapter by his valuable comments. Aug 20, Kara Lane rated it it was amazing. I read Benjamin Graham's "Security Analysis" prior to reading "The Intelligent Investor," and while the earlier book is much more detailed and considerably longer than this one, Graham has captured all the important information here.

In this book, Graham makes his opinion on technical analysis clear. He notes that the one principle that applies to nearly all "technical" approaches is that one should buy because a stock or the market has gone up and sell because it has declined. He says this is th I read Benjamin Graham's "Security Analysis" prior to reading "The Intelligent Investor," and while the earlier book is much more detailed and considerably longer than this one, Graham has captured all the important information here.

He says this is the exact opposite of sound business sense. He then goes on to explain his philosophy of investing, which is to buy stocks and bonds at a discount to their intrinsic value. By including a margin-of-safety at the time of purchase, an investor does not have to rely on accurately forecasting what the future will bring. Graham spends a lot of time addressing separate strategies for "defensive" as opposed to "enterprising" investors.

He notes the majority of security owners should be defensive i. The stock selection strategies for defensive investors are much more strict than those for enterprising investors, because the latter can spend more time evaluating the quantitative and qualitative characteristics of the companies in which he or she may wish to invest. I would highly recommend this book to anyone interested in long-term investing.

It provides a great foundation for any value-based investing strategy. Jun 23, Phil rated it really liked it. It's amazing that this book is still relevant after so many years. Graham uses years of stock market data to humble and convince you that you never know what the market will do and if you ever start thinking you do know, be careful.

Based on the idea that you don't know, he then builds common sense strategy for investment. The newest edition as been updated with a chapter of commentary after each of Graham's original chapters that attempts to discuss how Graham's advice would have held up th It's amazing that this book is still relevant after so many years.

The newest edition as been updated with a chapter of commentary after each of Graham's original chapters that attempts to discuss how Graham's advice would have held up through various market conditions since he last updated the book. This is the man who taught Warren Buffett. It was great reading this book just before the most recent market crash and then asking "what would Graham do? You'll have a hard time not seeing so much of it as shear folly and so many "experts" right in the middle of it.

Jul 25, Omar Halabieh rated it it was amazing. This is a book that has been on my reading list for a while - as The reference in the investment field from a fundamental analysis perspective.

As Benjamin puts it in the introduction: Within t This is a book that has been on my reading list for a while - as The reference in the investment field from a fundamental analysis perspective. Regardless of which class the investor belongs to, the main premise of the book revolves around value investing - buying securities when they are undervalued based on their fundamentals.

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Benjamin goes on to discuss a breadth of topics in the area of investing including inflation, market fluctuation, portfolio management, stock selection, convertible issues, bonds etc. Last but not least, the commentary by Jason Zweig, adds a more modern context and further explains the concepts presented by Graham.

By reading both texts, the ideas and concepts are in definite reach of any reader. A must read for any investor, whether a beginner or pro.

As an investor myself, I have found as I am sure others have as well that the perspective Benjamin brings is both timeless and very applicable. Below are excerpts summarizing some of the key investing principles outlined in the book: The only indisputable truth that you will probably turn out to be wrong And the corollary to that law of financial history is that the markets will most brutally surprise the very people who are most certain that their views about the future are right.

Staying humble about your forecasting powers, as Graham did, will keep you from risking too much on a view of the future that may well turn out to be wrong.

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