The Intelligent Investor
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"The Intelligent Investor" is a book written by [Benjamin Graham](/posts/Benjamin-Graham), first published in 1949. It is considered a classic in the field of investment and is widely regarded as one of the most important books on value investing. The book provides a comprehensive overview of the principles of investment and is aimed at the lay investor, as opposed to the more in depth book by Graham [Security Analysis](/posts/Security-Analysis). It covers topics such as stock and bond valuation, portfolio management, and the psychology of investing. ## Key Points 1. [Value investing](/posts/Value-Investing): Graham advocates for a value-oriented approach to investing, where investors should focus on the intrinsic value of a company, rather than its stock price. He emphasizes the importance of thorough research and due diligence when making investment decisions. 2. [Margin of Safety](/posts/Margin-of-Safety): Graham stresses the importance of having a margin of safety in investment, meaning that investors should only invest in companies that are undervalued by the market and have a safety net in case things go wrong. 3. Diversification: Graham advocates for diversification in the investment portfolio, arguing that investors should spread their investments across different companies and industries to reduce risk. 4. Long-term investment horizon: Graham emphasizes the importance of having a long-term investment horizon and avoiding the temptation to try to time the market. 5. The role of the investor: Graham argues that the role of the investor is to be rational and objective, not to be swayed by emotions or market fluctuations. He encourages investors to adopt a disciplined and systematic approach to investing. 6. The importance of understanding the business: Graham stresses the importance of understanding the underlying business and its financials before making an investment. He encourages investors to focus on the long-term prospects of a business and not to be swayed by short-term market fluctuations. Overall, "The Intelligent Investor" is considered a seminal work in the field of Value Investing. ## Other Resources [The Intelligent Investor Summed up in 12 minutes](https://www.youtube.com/watch?v=mHqiiGR52OM)