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Title: The Intelligent Investor: The Classic Bestseller on Value Investing by Benjamin Graham ISBN: 0-06-015547-7 Publisher: HarperBusiness Pub. Date: 22 January, 1986 Format: Hardcover Volumes: 1 List Price(USD): $30.00 |
Average Customer Rating: 4.29 (55 reviews)
Rating: 4
Summary: benchmarking and business analysis
Comment: The book lays out benchmarks for bonds and stock pricing. Earnings coverage for bonds for the different classes of safety - its a synopsis of his security analysis section - and describes bond price movements over time re: interest rate fluctuations, this provides the basis for a would be bond speculation strategy over the mid-term. The stock part deals with analysing stocks, mainly from a financial perspective - its not thick on management and market analysis - and identifying stocks which are likely to see a steady or improving business value. He shows general ways of assessing whether the stock is an attractive price and therefore a technique to buy low and sell high. That is the summary of the investment techniques outlined. He also covers the different types of investors, wrongly advocating bond holdings for defensve investors - a S&P 500 index tracker would be better over 3 decades by far, if more volatile - the roles and relationships with various financial firms and their business techniques, which havent changed much. You should read it like Philip Fisher says either to empower yourself to invest or simply to intelligently assess investment operations like mutual funds.
Rating: 3
Summary: Somewhat out of date
Comment: Before deciding on whether to buy this book or not, one should take into account that even this version is 30+ years old, and that the original version was written over 50 years ago. Though successful investing for the greater part is founded on principles (which are timeless), the content, style and writing of the book is old-fashioned, which makes it a bit tedious to read.
Stock market history may be interesting, but the book continuosly refers to the 1971 - 1972 stockmarket, which is quite a bit out of date. There have been considerably better books written on investing since then (Hagstrom: "The Warren Buffett way", Lynch x 2: "Beating the Street, One up on Wall Street").
Yet there are still interesting chapters in the book, and some valuable pieces of advice as well. The book contains what Buffett views as the most valuable words ever written on investing: "Investing is most intelligent when it is most businesslike". Other valuable pieces of advice include why one should be careful about investing in IPOs.
Since one basically only has to understand and follow a couple of basic laws to become successful as investor (and those laws has nothing to do with beta or APT) and this book contains some of them, it can be recommended, with some reservation. But it is tediouos to read and better books on investing have been written since 1973.
Rating: 5
Summary: Buy it !!! For any investor
Comment: The issue is how to make money on the stock market.
The conclusion is that if you have the discipline and follow the advise with rigour, you will make money on the stock market. It is not for a day trader but a genuine investor.
There are many pieces of sound advice. One of the recommended easy and time saving way to pick a stock: buy the stock of Dow Index companies with minimum P/E ratio.
It is a classic.
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Title: Security Analysis: The Classic 1934 Edition by Benjamin Graham, David Dodd ISBN: 0070244960 Publisher: McGraw-Hill Trade Pub. Date: 01 October, 1996 List Price(USD): $50.00 |
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Title: Security Analysis: The Classic 1940 Edition by Benjamin Graham, David Dodd ISBN: 007141228X Publisher: McGraw-Hill Trade Pub. Date: 10 October, 2002 List Price(USD): $60.00 |
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Title: The Essays of Warren Buffett : Lessons for Corporate America by Warren Buffett, Warren E. Buffett, Lawrence A. Cunningham ISBN: 0966446119 Publisher: Lawrence A. Cunningham (The Cunningham Group) Pub. Date: 11 April, 2001 List Price(USD): $25.00 |
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Title: The Interpretation of Financial Statements by Benjamin Graham, Spencer Meredith ISBN: 0887309135 Publisher: HarperBusiness Pub. Date: 15 January, 1998 List Price(USD): $30.00 |
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Title: Common Stocks and Uncommon Profits and Other Writings by Philip A. Fisher, Kenneth L. Fisher ISBN: 0471445509 Publisher: John Wiley & Sons Pub. Date: 22 August, 2003 List Price(USD): $19.95 |
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