By Benjamin Graham, Jason Zweig
More than a million hardcovers sold
Now to be had for the 1st time in paperback!
The vintage textual content Annotated to replace Graham's undying knowledge for Today's industry Conditions
The maximum funding consultant of the 20 th century, Benjamin Graham taught and encouraged humans world wide. Graham's philosophy of "value investing" -- which shields traders from giant errors and teaches them to increase long term options -- has made The clever Investor the inventory marketplace bible ever for the reason that its unique book in 1949.
Over the years, marketplace advancements have confirmed the knowledge of Graham's techniques. whereas keeping the integrity of Graham's unique textual content, this revised version contains up-to-date statement by means of famous monetary journalist Jason Zweig, whose viewpoint comprises the realities of today's marketplace, attracts parallels among Graham's examples and today's monetary headlines, and provides readers a extra thorough realizing of the way to use Graham's principles.
Vital and essential, this HarperBusiness necessities version of The clever Investor is crucial ebook you are going to ever learn on the best way to achieve your monetary goals.
Read Online or Download The Intelligent Investor: The Definitive Book on Value Investing (Revised Edition) PDF
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Extra info for The Intelligent Investor: The Definitive Book on Value Investing (Revised Edition)
Example text
Buying a neglected and therefore undervalued issue for profit generally proves a protracted and patience-trying experience. * The principle is sound, its successful application is not impossible, but it is distinctly not an easy art to master. There is also a fairly wide group of “special situations,” which over many years could be counted on to bring a nice annual return of 20% or better, with a minimum of overall risk to those who knew their way around in this field. They include intersecurity arbitrages, payouts or workouts in liquidations, protected hedges of certain kinds.
And as you read ahead in the book, notice how everything else Graham tells you is designed to help you grapple with that truth. Since you cannot predict the behavior of the markets, you must learn how to predict and control your own behavior. Investment versus Speculation 25 a possible loss in market value, since he is sure of full repayment, including the 6% interest return, at the end of a comparatively short holding period. 5%. Let us assume that now, as in the past, the basic policy decision to be made is how to divide the fund between high-grade bonds (or other so-called “cash equivalents”) and leading DJIA-type stocks.
Finally, there is the more familiar possibility that we shall witness another great speculative rise in the stock market without a real justification in the underlying values. Any of these reasons, and perhaps others we haven’t thought of, might cause the investor to regret a 100% concentration on bonds even at their more favorable yield levels. Hence, after this foreshortened discussion of the major considerations, we once again enunciate the same basic compromise policy * Since 1997, when Treasury Inflation-Protected Securities (or TIPS) were introduced, stocks have no longer been the automatically superior choice for investors who expect inflation to increase.
