قراءة المزيد
THE INTELLIGENT INVESTOR A BOOK OF PRACTICAL COUSEL
I read
the first edition of this book early in 1950, when I was nineteen. I thought
then that it wasb far the best book about investing ever written. I still
think it is.
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. This book precisely and
clearly prescribes the proper framework. You must supply the emotional
discipline.
If you follow the behavioral and business principles
that Graham advocates—and if you pay special attention to the invaluable advice
in Chapters 8 and 20—you will not get a poor result from your investments.
(That represents more of an accomplishment than you might think.) Whether you
achieve outstanding results will depend on the effort and intellect you apply
to your investments, as well as on the amplitudes of stock-market folly that prevail
during your investing career. The sillier the market’s behavior, the greater
the opportunity for the business-like investor. Follow Graham and you will
profit from folly rather than participate in it.
To me, Ben Graham was far more than an author or a
teacher. More than any other man except my father, he influenced my life.
Shortly after Ben’s death in 1976, I wrote the following short remembrance
about him in the Financial Analysts
Journal. As you read the book, I believe you’ll perceive some of the
qualities I mentioned in this tribute.
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