The Intelligent Investor Book Summary - The Intelligent Investor Book explained in key points
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The Intelligent Investor summary

Benjamin Graham and comments by Jason Zweig

The Definitive Book on Value Investing

4.4 (1156 ratings)
21 mins

Brief summary

"The Intelligent Investor" by Benjamin Graham offers timeless investment advice, encouraging readers to focus on long-term value over short-term gains. With commentaries by Jason Zweig, this book is a must-read for those looking to invest wisely.

Table of Contents

    The Intelligent Investor
    Summary of 9 key ideas

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    Intelligent investors don’t rush in; they take time to rationally examine a company’s long-term value.

    There is a lot of money to be made through investing. But also a lot to lose. Finance history is full of stories of investors like Warren Buffett, who, by investing in the right companies, earned vast amounts of money in return. There are just as many — if not more — stories of misfortune, in which people place the wrong bets and end up losing it all.

    So, we have to ask ourselves: is investment really worth the risk? The answer is yes, it can be, so long as you follow the strategy of intelligent investing.

    Intelligent investors use thorough analyses in order to secure safe and steady returns. This is very different from speculating, in which investors focus on short-term gains made possible by market fluctuations. Speculations are thus very risky, simply because nobody can predict the future.

    For example, a speculator might hear a rumor that Apple will soon release a new hit product, and would then be motivated to buy lots of Apple stocks. If she’s lucky, then this knowledge will pay off and she’ll make money. If she’s unlucky and the rumor proves wrong, then she stands to lose a lot.

    In contrast, intelligent investors focus on pricing. These investors buy stock only when its price is below its intrinsic value, i.e., its value as it relates to a company’s propensity for growth.

    As an intelligent investor, you’ll buy a stock only if you believe there is a probable margin between what you pay and what you will earn as the company grows. Think of this margin of safety the same way you would if you were out shopping. An expensive dress, for example, is only worth it if you end up keeping it for a while. If the quality is insufficient, then you might as well buy a cheaper one that lasts for the same amount of time.

    The life of an intelligent investor isn’t very exciting, but that’s not the point. The point is the profit.

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    What is The Intelligent Investor about?

    The Intelligent Investor offers sound advice on investing from a trustworthy source – Benjamin Graham, an investor who flourished after the financial crash of 1929. Having learned from his own mistakes, the author lays out exactly what it takes to become a successful investor in any environment.

    The Intelligent Investor Review

    The Intelligent Investor (1949) by Benjamin Graham and comments by Jason Zweig serves as a comprehensive guide to investing wisely. Here's why this book is worth a read:

    • It provides timeless principles for successful investing, helping readers navigate through the volatility of the stock market.
    • Tackling topics like risk management, value investing, and market psychology, the book equips readers with knowledge to make informed investment decisions.
    • With its engaging case studies and practical examples, the book ensures that the topic of investing remains far from boring, keeping readers captivated throughout.

    Best quote from The Intelligent Investor

    Indeed, the investors chief problem — and even his worst enemy — is likely to be himself.

    —Benjamin Graham and comments by Jason Zweig
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    Who should read The Intelligent Investor?

    • Anyone who wants to invest, but doesn’t want to risk losing it all
    • Investors who want to improve their performance
    • Anyone who wants be able to control his emotions in order to put all energy into investing

    About the Author

    Benjamin Graham (1884-1976) began his career as investor in 1914, after which he had to deal with substantial losses during the economic crash in the 1920s. His book The Intelligent Investor is a compilations of the lessons he learned as a young investor.

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    The Intelligent Investor FAQs 

    What is the main message of The Intelligent Investor?

    The main message of The Intelligent Investor is to invest with a long-term perspective and focus on value investing.

    How long does it take to read The Intelligent Investor?

    The reading time for The Intelligent Investor varies, but it typically takes several hours. The Blinkist summary can be read in just 15 minutes.

    Is The Intelligent Investor a good book? Is it worth reading?

    The Intelligent Investor is worth reading for its timeless investment principles and practical insights. It's a valuable resource for both beginner and experienced investors.

    Who is the author of The Intelligent Investor?

    The author of The Intelligent Investor is Benjamin Graham.