"The intelligent investor is a realist who sells to optimists and buys from pessimists."
Benjamin Graham (1894–1976) was an economist and investor widely regarded as the father of value investing. A professor at Columbia Business School, his students included Warren Buffett, who called The Intelligent Investor 'by far the best book on investing ever written.' Graham's principles of buying below intrinsic value with a margin of safety remain the foundation of modern value investing.
Our in-depth summaries and reviews of his work
Benjamin Graham's definitive guide to value investing. Mr. Market, margin of safety, defensive vs enterprising investing, and a 7-day action plan.
Read Summary →Imagine the market as a manic-depressive business partner who offers you a price every day — sometimes euphoric, sometimes despairing. The intelligent investor uses his mood swings rather than being ruled by them.
Never pay for a stock what it's worth in a best-case scenario. Buying well below your estimate of intrinsic value creates a cushion against bad luck, bad timing, and being wrong.
An investment must promise safety of principal and an adequate return after thorough analysis; anything else is speculation, no matter how it's dressed up.
"But investing isn't about beating others at their game. It's about controlling yourself at your own game."— The Intelligent Investor
"An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. Operations not meeting these requirements are speculative."— The Intelligent Investor
"People who invest make money for themselves; people who speculate make money for their brokers."— The Intelligent Investor
"You will be much more in control, if you realize how much you are not in control."— The Intelligent Investor
Benjamin Graham's definitive guide to value investing. Mr. Market, margin of safety, defensive vs enterprising investing, and a 7-day action plan.
