The Intelligent Investor
The Intelligent Investor
Lessons learned
Every day the market offers me a price. Some days it's manic, some days it's depressed. I don't have to take the offer, and I shouldn't let his mood become mine.
Buy well below what something is worth, so being wrong doesn't ruin me. This one idea applies to deals, hiring, and real estate as much as stocks.
If I can't explain why a thing is worth what I'm paying, I'm speculating. That's fine, as long as I call it what it is and size it small.
Graham's whole point is that temperament beats intelligence. The investors who lose aren't dumb, they're impatient.
A boring, diversified, low-cost approach beats most people trying to be clever. I don't have to beat the market to get rich slowly.
Who should read it
Anyone who has money in the market and has ever sold in a panic. It's dense, but the Zweig commentary makes it readable.
