The Intelligent Investor

By Benjamin Graham

Rating: 9/10

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  • To invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights, or inside information. What’s needed is a sound intellectual framework for making decisions and the ability to keep emotions from corroding that framework.

    Page: 1
  • In our own stock-market experience and observation, extending over 50 years, we have not known a single person who has consistently or lastingly made money by thus “following the market.”

    Page: 3
  • By the time everyone decides that a given industry is “obviously” the best one to invest in, the prices of its stocks have been bid up so high that its future returns have nowhere to go but down.

    Page: 16
  • In most periods the investor must recognize the existence of a speculative factor in his common-stock holdings. It is his task to keep this component within minor limits, and to be prepared financially and psychologically for adverse results that may be of short or long duration.

    Page: 20
  • [...] we are skeptical of the ability of defensive investors generally to get better than average results—which in fact would mean to beat their own overall performance.

    Page: 28
  • An investor calculates what a stock is worth, based on the value of its businesses. A speculator gambles that a stock will go up in price because somebody else will pay even more for it.

    Page: 36
  • An investor calculates what a stock is worth, based on the value of its businesses. A speculator gambles that a stock will go up in price because somebody else will pay even more for it.

    Page: 195
  • The most realistic distinction between the investor and the speculator is found in their attitude toward stock-market movements. The speculator’s primary interest lies in anticipating and profiting from market fluctuations. The investor’s primary interest lies in acquiring and holding suitable securities at suitable prices.

    Page: 205
  • Investing isn’t about beating others at their game. It’s about controlling yourself at your own game.

    Page: 219
  • Patience is the fund investor's single most powerful ally.

    Page: 256
  • At some point in its life, almost every stock is a bargain; at another time, it will be expensive. Although there are good and bad companies, there is no such thing as a good stock; there are only good stock prices, which come and go.

    Page: 473
  • You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right.

    Page: 524
  • In the words of the psychologist Paul Slovic, that “risk is brewed from an equal dose of two ingredients— probabilities and consequences.” Before you invest, you must ensure that you have realistically assessed your probability of being right and how you will react to the consequences of being wrong.

    Page: 529
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