The Intelligent Investor: The Classic Bestseller on Value Investing

The Intelligent Investor: The Classic Bestseller on Value Investing
by Benjamin Graham

The Intelligent Investor: The Classic Bestseller on Value Investing
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Book Summary Information

Author: Benjamin Graham
Reader: Bill Mcgowan
Edition: Audio Cassette
Audio: English (Original Language); English (Unknown); English (Published)
Format: Abridged, Audiobook
Published: 1997-01-01
ISBN: 0694518018
Publisher: HarperAudio
Accessories:

Book Reviews of The Intelligent Investor: The Classic Bestseller on Value Investing

Book Review: Outdated, one can obtain much more from any undergrad text in finance
Summary: 1 Stars

There are a number of problems with this audio tape. They are:

a) Content is very outdated. The original copyright was 1973 while the latest, on the audio tape box, was 1996. Despite this 23 year difference there are no modifications for almost anything that has happened in terms of either the financial markets, historically, since that time nor (more importantly) have their been any additiions for the large number of financial instruments that permit portfolio diversification (i.e., mutual funds are barely discussed, ETFs, indexing and foreign stocks and finacial instruments are not even mentioned). How can it be 2007 with not a mention (or bare mention of any of these?

b) No discussion of portfolio theory and the importance of diversification.

c) Stock analysis is primarily geared to manufacturing company. For example, the analysis on the importance of book value is geared exclusively to manufacturing and inventory carrying businesses. The concept of intellectual property is not even mentioned in passing.

d) No discussion of economic or financial market history since early 1970s. In addition, no mention of financial markets outside the U.S. (or world outside of the US for that matter).

e) Very limited financial discussion on financial ratios and the few there are are limited to manufacturing companies.

f) Emphasis in stock analysis is primarily on Dow Jows Industrials. Not much of a world outside that exists in terms of book's discussion.

One can obtain much more useful information on stock analysis and investment in almost any introductory level undergraduate text on finance.

There are two reasons it is to be given even one star. One is that it discusses some stock market history from WWI period to early 1970s. The second is that it was "cutting edge" for many years since it was first published. It thus provides some historical perspective on stock analysis (i.e., especially the analysis on manufacturing companies, almost no technology or intellectual property discussed, etc.). This alone is worth the one star as it will make one think how much of what is currently "mainstream" or "cutting edge" in stock/finance investment will become just as obsolete in another 30 years.


Summary of The Intelligent Investor: The Classic Bestseller on Value Investing

"This classic text fully conveys the basic principles of [Graham's] enormously successful and popular approach . . . to . . . investing." -Money magazine

The classic bestseller by Benjamin Graham, perhaps the greatest investment advisor of the Twentieth Century, The Intelligent Investor has taught and inspired hundreds of thousands of people worldwide. Since its original publication in 1949, Benjamin Graham's book has remained the most respected guide to investing, due to his timeless philosophy of "value investing" which helps protect investors against areas of (possible) substantial error, and teaches them to develop long-term strategies with which they will be comfortable down the road.

Over the years, market developments have borne out the wisdom of Benjamin Graham's basic policies. Here he takes account of both the defensive and the enterprising investor, outlining the principles of stock selection for each, and stressing the advantages of a simple portfolio policy. This tape demonstrates that the continued success of common stocks cannot be taken for granted. Among its special features are the use of numerous comparisons of pairs of common stocks to bring out their elements of strength and weakness, and also the construction of investment portfolios designed to meet specific requirements of quality and price attractiveness.

Benjamin Graham (1894-1976), the father of value investing, was perhaps the most influential investor of all time. His books are investment classics, with The Intelligent Investor (first published in 1949) and Securities Analysis (1934) selling steadily. His life and work have been inspiration for many of today's most successful businessmen, including Warren Buffett.

Bill McGowan, a two-time Emmy award winner, has been a corespondent and anchor for several nationally syndicated television series over the past decade.

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