Amazon.se: Kundrecensioner: The Intelligent Investor: The Definitive Book on Value Investing

Diego

Quality

Recenserad i USA 🇺🇸 den 24 januari 2023

The quality and the way they pacakage for the book to not get damaged is incredible! I ordered 13 books from different places and this is the best delivery I had. Thank you!

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Feng tai da

Good Read

Recenserad i USA 🇺🇸 den 27 januari 2023

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Graham's chapters are a helpful & clear financial read. However, there's additional author, Jason Zweig, who tries to vainly attempt to update the material. He doesn't write as well as Graham and; thus, muddies the investing water.

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dessy

Book is in good quality but just a little scratch .

Recenserad i Storbritannien den 15 januari 2023

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seek11

Great insights!

Recenserad i USA 🇺🇸 den 30 januari 2023

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A great book to ready but the prints are so small!

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M. Davis

Belongs in every Investment Library

Recenserad i USA 🇺🇸 den 25 januari 2023

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Very informational on value investing. Some chapters have more relevancy than others. Not a "light" read.

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David Boyd

It’s a comprehensive and informative book about investing.

Recenserad i Australien 🇦🇺 den 29 december 2022

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It’s an excellent and comprehensive book about investing, written in an easy readable style and understandable by most people. It outlasts many other texts because in the many oscillations of markets it explains the reasons for the many market variations. In particular I like the explanation of an intelligent investor on page 13, a concept that is carried throughout the book - all 600 pages of it.

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Paige Turner

Shakespeare for the Investing Crowd

Recenserad i USA 🇺🇸 den 28 juli 2006

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This book is light reading compared to Ben Graham's seminal tome, Security Analysis. It's easier to read, and shorter. It's also more up to date. Highly recommended for investors of any stripe, value or growth. The appendix, from Warren Buffett's speech at Columbia University is particularly entertaining, as he debunks academia's love affair with efficient market theory. Jason Zweig, an obvious Graham disciple, does a fantastic job bringing the book's principles to life through modern examples. The only grating thing is his constant derision of brokers or anyone that actually gets paid to manage money. (full disclosure: I'm an analyst now and was a broker for 10 years).

Ben Graham clearly invested in the stock market during a period of hustlers, crooks, crashes, and frauds. Brokers, investment bankers and analysts back then were not much more than fast-talking salesmen. Wait a minute, that sounds just like the way things are today on Wall Street! Things may not have changed as much as we would like to think. Due to his travails as an investor in difficult markets, Ben Graham's investment style evolved into a systematic, logical approach which became the basis for value investing. In "The Intelligent Investor", Graham lays out the foundation of value investing by three introducing key principles: the idea of "Mr. Market", a value-oriented disciplined approach to investing, and the "margin of safety" concept.

"Mr. Market."

The stock market on a daily basis resembles a casino, only without the comfort of free cocktails. Watching the stock ticker is like having a business partner that is totally schizophrenic; Graham calls him "Mr. Market." One day he loves the business and wants to pay a ridiculous price to buy out your half. The next day, all hope is lost, and he wants to sell you his portion for pennies on the dollar. Graham argues that this daily liquidity is an advantage that most investors turn against themselves: (p. 203) "But note this important fact: The true investor scarcely ever is forced to sell his shares, and at all other times he is free to disregard the current price quotation. He need pay attention to it and act upon it only to the extent that it suits his book, and no more. Thus the investor who permits himself to be stampeded or unduly worried by unjustified market declines in his holdings is perversely transforming his basic advantage into a basic disadvantage. That man would be better off if his stocks had no market quotation at all; for he would then be spared the mental anguish caused him by other persons' mistakes of judgment." This is profound. It's not a question of whether our stocks will drop; they will: the trick is how we respond to that eventuality.

Ben Graham's Stock selection for the defensive investor.

Graham lays out some important characteristics of "value" stocks. (p. 348). Some of the metrics are dated, but the principles are still valid. Even deep value investing today would seem like GARP investing to Ben Graham. Investors are now more focused on future earnings than they were in his day, and valuations reflect that. Graham recommends:

a. Adequate size of the enterprise (>$100M revenue, old figure)

b. Sufficiently strong financial condition (2:1 current ratio)

c. Earnings stability (some earnings every year last 10 years)

d. Dividend record (uninterrupted payments for at least 20 years)

e. Earnings growth (1/3 increase in per share EPS past 10 years)

f. Moderate price/earnings ratio (P/E < 15x average last 3 years EPS)

g. Moderate ratio of price to assets (price/book < 1 1/2 times)

h. Overall stock portfolio, when acquired, should have an overall earnings /price ratio- the reverse of the P/E ratio - at least as high as the current high-grade bond rate. A P/E no higher than 13.3 against an AA bond yield of 7.5%

Margin of Safety as the central concept of value investing.

This is an investment rule that was written by a man who had been deeply bruised by bear markets. I believe he came up with this by learning from his losses. When the market turns into a storm of feces, like it inevitably will, if the stock has no earnings to rely on, you have nothing to grab onto. You can't make yourself stay in the stock when the price is down. Graham says: (p. 515) "The margin of safety is the difference between the percentage rate of the earnings on the stock at the price you pay for it and the rate of interest on bonds, and that is to absorb unsatisfactory developments". Furthermore he writes: (p. 518) "The buyer of bargain issues places particular emphasis on the ability of the investment to withstand adverse developments. " You can and will still lose money in the market with value-oriented investing, but according to Graham: (p. 518) "The margin guarantees only that he has a better chance of profit than for loss-not that loss is impossible."

Conclusion

So that's it, those are the three basic points of the book, but you should still buy it and read it, it's a very enjoyable experience, Shakespeare for the investing crowd. Despite being a realist, Ben Graham wasn't a total pessimist. Late in the book Graham makes a point that is one of my favorites: (p. 524) "A fourth business rule is more positive: "Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgment is sound, act on it- even though others may hesitate or differ. You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right. Similarly, in the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand. "

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Client d'Amazon

Great book but you need a lot of money to make it useful

Recenserad i Frankrike 🇫🇷 den 23 februari 2022

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Great book but you need at least 6 figures, if not 7 figures savings to be able to leverage it.
I mean, the aim of this book is max 20% return per years. This seems a lot compare to 8% in basic market. But even with 100 000€/$ to invest (I mean, that you are ok to lose), it will take 13 years to reach a million. And this is if everything works as expected. Because, some of you will probably not be able to follow correctly the advice. I mean, not everyone is Warren Buffet. Some of us will probably not have the promised 20%. Or at least not the first years, while learning.
On the other hand, if you have 1 million to invest (just won the lottery or through hard work, who knows ?), it is a great book to learn the principles on how to invest them to create a passive income. Or if you have 100 000 and some connections to reach entrepreneurs and act as a business angel and the patience to wait 10 years to grow you fortune, it is also a good book.
Ah yes, because it is not really to buy public stock everyone has access to. It is more how to evaluate if a business is over/under valued. So you need to read at least the balance sheets. But it is better if you personally know the people you invest in.
In short, it is for business angels or people wanting to create a fund and raise money to invest than for the average Joe looking to invest 10 000 or even 100 000. You need millions to really leverage this books (don't forget Warren Buffet created a fund after he had earn it's first 100 000$ thanks to his 1st business)

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Chester Bautista

Goodjob 😁😄🙈

Recenserad i Japan 🇯🇵 den 22 december 2022

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Ankit

Good book for beginners mindset

Recenserad i Indien 🇮🇳 den 5 december 2022

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Good book for beginners mindset

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3 stjärnor		5%
2 stjärnor		2%
1 stjärna		2%

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