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Thanks for exploring this SuperSummary Study Guide of “The Intelligent Investor” by Benjamin Graham. A modern alternative to SparkNotes and CliffsNotes, SuperSummary offers high-quality Study Guides with detailed chapter summaries and analysis of major themes, characters, and more.
Mar 25, 2021 · 10 Key Lessons. "An investment operation is one which, upon thorough analysis promises safety of principal and an adequate return. Operations not meeting these requirements are speculative." 1. Investment vs Speculation. Benjamin Graham starts off the book by defining the difference between investing and speculation.
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- The Intelligent Investor’S Beginnings
- What You Can Learn from The Intelligent Investor
- The Intelligent Investor and Warren Buffett
- The Bottom Line
After graduating from Columbia University in 1914, Graham went to work on Wall Street. During his 15-year career, he was able to cultivate a sizable personal nest egg. Unfortunately, Graham, like many others, lost most of his money in the stock market crash of 1929and the subsequent Great Depression. Those experiences taught Graham lessons about mi...
Graham, along with David Dodd, began teaching value investing as an investment approach at Columbia Business School in 1928. In 1949, Graham and Dodd published The Intelligent Investor. Here are some of the key concepts from the book.
About The Intelligent Investor, legendary investor Warren Buffett, who Graham famously mentored, described it as "by far the best book on investing ever written.” In fact, after reading it at age 19, Buffett enrolled in Columbia Business Schoolin order to study under Graham, with whom he developed a lifelong friendship. He later worked for Graham a...
Although details of Graham's specific investments aren’t readily available, he reportedly averaged an approximate 20% annual return over his many years managing money. His method of buying low-risk stocks with high return potential has made him a true pioneer in the financial analysis space, and many other successful value investorshave his methodo...
- Investment versus Speculation: Results to Be Expected by the Intelligent Investor. Graham gives examples of what constitutes speculation and investment in the stock market.
- The Investor and Inflation. Again, Graham uses very specific historical numbers and data to discuss rates of inflation and their effect on investment performance, the relative merits of investing in stocks vs bonds when keeping inflation in mind, and so on.
- A Century of Stock-Market History: The Level of Stock Prices in Early 1972. This chapter is almost completely historical. Graham compares stock prices, earnings and dividends for the preceding 100 years using ten year averages.
- General Portfolio Policy: The Defensive Investor. Graham first alludes to his central maxim of how returns are not proportional to risk. Graham then discusses allocation in stocks vs bonds.
Application of investing wisdom should be adapted to current circumstances. The Intelligent Investor is a classic and Graham’s wisdom is timeless. The principles of investing presented by Graham hold true in varied economic and investing climates. Still, how this wisdom is applied in making investment decisions can change to address varied ...
Oct 13, 2021 · According to Benjamin Graham, "the challenge for the intelligent investor is not to find the stocks that will go up the most and down the least, but rather to prevent yourself from being your own worse enemy-from buying high just because Mr.Market says 'Buy!' and from selling low just because Mr. Market says 'Sell!'. 2.
The Intelligent Investor: A Book of Practical Counsel by Benjamin Graham is considered a classic text on the subject of investing. Originally published in 1949, The Intelligent Investor has been updated several times to remain relevant in changing market conditions. This guide refers to the First Collins Business Essentials Edition published in ...
