The Intelligent Investor

I’ve started reading The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition). It’s originally written by Benjamin Graham who seems to be a pioneer of some sort in value investing. It also appears to be endorsed by Warren Buffet. I sought books on investing and the stock market, and this one stood out because it seemed to be at an appropriate level for me: technical enough to provide new information but basic enough to tie in with what I already know.

So far, the book has been interesting. Despite its technical nature, its conclusions and lessons are pretty straightforward, almost to the degree of what some would call common sense. The author, Benjamin Graham, passed away in 1976, so this book is his most recent edition with updated commentary from Jason Zwieg after each chapter.

The overall lesson seems rather straightforward: Regard investing as investing and you’ll be okay. Everything seems to support that. Be disciplined so that speculation doesn’t do you in, and avoid being drawn into the speculative world of day trading through watching tickers constantly. Remember to regard these as actual investments in a company and not to let the abstractions of ticker symbols and stock prices hide that.

I only just finished the third chapter, so it’ll be interesting what other lessons can be gained.

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