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The Intelligent Investor

Benjamin Graham

The Intelligent Investor

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17min

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Investing in an intelligent way requires self-awareness first of all: how much time and work are you willing to dedicate? The choice between being a passive investor and an active investor depends on this. If you are aware that you want to make a minimum effort, you must focus on a defensive attitude and expect a moderate profit. Those who are ready to dedicate themselves to their portfolios with great commitment, can choose to become enterprising investors. In The Intelligent Investor, Graham has prepared a method capable of protecting the quality of your investment in order to obtain above average results. The path is simple: look back, analyze the data, keep your nerves steady and curb your enthusiasm, buy below the real value and sell when the price exceeds it, establish a margin of safety.

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Analysis and key concepts

01.

What do intelligent speculators and investors do?

02.

The intelligent investor and inflation

03.

What are the characteristics of a defensive investor?

04.

Who is the enterprising investor and what is their strategy?

05.

How should an intelligent investor behave towards fluctuations?

06.

Mr. Market: The Parable of Value Investing

07.

Intelligent investors and advisors

08.

Why is the intelligent investor lay?

09.

How to evaluate convertible bonds

10.

Shareholders must have an active role in the company

11.

The " margin of safety"

12.

What is the right purchase price to pay?

13.

The intelligent investor diversifies

14.

Quotes

15.

Take-home message

01. What do intelligent speculators and investors do?

Investment and speculation must be kept totally separate, both in your mind and in your portfolio. Just as intelligent investment exists, so does intelligent speculation. It's a matter of choice. What is absolutely wrong, is misunderstanding: to think that you are investing when you are speculating instead.

The intelligent speculator must work by looking forward, anticipating market trends. He must do the opposite of the intelligent investor, who instead bases his analyzes on what does not fluctuate, on what remains constant over time. For this it is necessary to have a satisfactory knowledge of the background of the stock market in which you want to operate.

However, to protect yourself against losses that can be catastrophic, you should never devote more than 10% of your funds to speculation.

02. The intelligent investor and inflation

03. What are the characteristics of a defensive investor?

04. Who is the enterprising investor and what is their strategy?

05. How should an intelligent investor behave towards fluctuations?

06. Mr. Market: The Parable of Value Investing

07. Intelligent investors and advisors

08. Why is the intelligent investor lay?

09. How to evaluate convertible bonds

10. Shareholders must have an active role in the company

11. The " margin of safety"

12. What is the right purchase price to pay?

13. The intelligent investor diversifies

14. Quotes

15. Take-home message

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Many useful tips to:

  • Invest successfully, and discover that you don’t need a stratospheric IQ: what you need is an intellectual attitude that helps you make decisions and the ability to manage your emotions.
  • Learn the difference between being an active or passive investor and choosing the most appropriate behavior for your preferences.
  • Discover the recipe for financial success: learn to become a critical thinker, trust facts, invest with patience, discipline and courage.

Benjamin Graham (London, May 9, 1894 - Aix-en-Provence, September 21, 1976) is considered the father of value investing, his innovative ideas have been the basis of his work as a university professor, and as an entrepreneur. The Intelligent Investor (1949), is still considered one of the most important financial investment techniques and is periodically republished, with changes that adapt it to modern times.

Publishing house:

Harper Business

Year:

2003

Pages:

640

ISBN:

978-0060555665