The Intelligent Investor
by Benjamin Graham · first published 1949
62% recommend33% neutral4% critical
Why HN recommends it
Foundational value-investing text that treats stocks as businesses and stresses intrinsic value, margin of safety, and emotional discipline; suits newcomers and money managers who want a fundamentals-first approach.
Common criticism: Dense and somewhat dated, so heavy going for casual investors
Summarised by Claude from recommending comments
This classic text is annotated to update Graham's timeless wisdom for today's market conditions... The greatest investment advisor of the twentieth century, Benjamin Graham, taught and inspired people worldwide. Graham's philosophy of "value investing" -- which shields investors from substantial error and teaches them to develop long-term strategies -- has made The Intelligent Investor the stock market bible ever since its original publication in 1949. Over the years, market developments have proven the wisdom of Graham's strategies. While preserving the integrity of Graham's original
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…education today: Schumpeter - History of economic analysis Adam Smith - Theory of Moral Sentiments Kaynes - The General Theory of Employment, Interest and Money Marx - Capital Benjamin Graham - The Intelligent Investor Galbraith - The Affluent Society Galbraith - The Great Crash Milton Friedman - Capitalism and Freedom Nassim Taleb - Black Swan Ron Suskind - Confidence Men Scott Patterson - Dark Pools If you…
on “Ask HN: What are the must-read books about economics/finance?” ↗…about what you think will happen. Buying stocks in a business is about buying into something that has shown to be profitable, and stable. Enough to exchange your hard-earned money for it. Read "The Intelligent Investor" by Benjamin Graham to gain a better picture of what investing really is.
on “Facebook closes at $38.23 first day NASDAQ trading, above IPO price $38.00” ↗…financials, etc, etc) Anyways. Not all traders are technical traders. Fundamental analysis is also analysis, and probably easier to implement to be consistently successful. The top book on that is "The Intelligent Investor" [5] by Ben Graham, which Warren Buffets calls the best book on finance ever written (I agree). [1] http://en.wikipedia.org/wiki/Technical_analysis [2] http://en.wikipedia.org/wiki/Fundamental_analysis…
on “Trader: I dream of another recession (and Goldman Sachs rules the world)” ↗The Intelligent Investor by Benjamin Graham is a classic. Graham's approach shaped Buffett's. Personally, I found The Intelligent Investor to be more clearly written than Buffett's letters. It more clearly left me with a framework…
on “Annual Letter to Berkshire Shareholders (2019) [pdf]” ↗…BANKING / VENTURE CAPITAL Bruck, Connie (1988) Predator's Ball: Inside Story of Drexel Burnham and Rise of Junk Bond Raiders Draper, William (2011) Startup Game Graham, Benjamin and Jason Zweig (2006) Intelligent Investor, revised ed. _________ and David Dodd (2008) Security Analysis, 6E Greenblatt, Joel (1999) You Can Be a Stock Market Genius Greenwald, Kahn, Sonkin, Biema (2001) Value Investing: From Graham to Buffett…
on “Ask HN: What are the must-read books about economics/finance?” ↗…to make wealth" from "Hackers and Painters's chapter 6 - " 3. "The Way to Wealth by Benjamin Franklin" Investing books in this order 1. Peter Lynch's One Up on wall street 2. The Intelligent Investor (Ben Graham) 3. Common Stocks and Uncommon Profits 4. Security Analysis (Ben Graham) 5. The Warren Buffet Way is a famous business read not exceptional but read it if you have some time left…
on “Ask HN: Best books/source to learn about investing?” ↗"Trading" is not the answer. "Investing" is. Read The Intelligent Investor and Security Analysis, both by Benjamin Graham; and F Wall Street by Joe Ponzio (His website fwallstreet.com also has a number of gems. Particularly, his post about how to value a business http://www.fwallstreet.com/article/25-calculating-the-value-...…
on “Ask HN: How do I turn 100K into 1 million?” ↗I also have to suggest The Intelligent Investor by Benjamin Graham. Graham was a genius and revolutionized the financial world. He wrote the book in the 50's, and it has been republished with anecdotes tying it to the modern day many times. The most…
on “Ask HN: Summer reading” ↗…has online classes as well Also you can try, (I've not taken this course): https://www.coursera.org/learn/financial-markets For Value Investing, Benjamin Graham is a classic: http://www.amazon.com/Intelligent-Investor-Definitive-Invest... > For Technical Analysis and Futures Trading though, there are tonnes of books. May be you can start with these: http://www.amazon.com/Technical-Analysis-Financial-Markets-C...…
on “Ask HN: What's your favorite online course?” ↗…Prosperity" lays out a very readable and convincing argument for how countries have grown and become rich. https://www.amazon.com/Poverty-Prosperity-Intangible-Liabili... For finance I very much enjoyed The Intelligent Investor, which also (apparently) inspired Warren Buffett's investing philosophy. https://www.amazon.com/Intelligent-Investor-Definitive-Inves...
on “Ask HN: What are the must-read books about economics/finance?” ↗Benjamin Graham - Intelligent Investor It's what got me into fundamental analysis, which after investing for more than a decade had definitely a positive impact on how I allocate money etc. It isn't a modern book by any means and there might…
on “Ask HN: Which books made you the most money?” ↗Read "The Intelligent Investor" by Benjamin Graham.
on “Ask HN: Do you invest in the stock market?” ↗The Intelligent Investor by Benjamin Graham.
on “Ask HN: Getting started with personal investing” ↗…formal education in finance, but I understood everything in the Sowood letter, even without Marc's commentary. (Really, sometimes I think that money managers would do well to read Benjamin Graham's The Intelligent Investor and nothing else. Many of the complicated mathematical stuff - which my employer makes a business of selling - actually hurts your performance in the long run.)
on “What is the value of a formal business education? [Pics]” ↗The New New Thing Founders at Work Hackers and Painters How To Get Rich Competitive Strategies The Intelligent Investor (or Security Analysis) Liar's Poker
on “Best Books For a Startup?” ↗