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The Intelligent Investor (English) Paperback – 2013 Paperback – 1 January 2003
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- ISBN-109780062312686
- ISBN-13978-2156988579
- Edition2011th
- PublisherHarper Business
- Publication date1 January 2003
- LanguageEnglish
- Dimensions20.3 x 25.4 x 4.7 cm
- Print length360 pages
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- ASIN : 0062312685
- Publisher : Harper Business; 2011th edition (1 January 2003)
- Language : English
- Paperback : 360 pages
- ISBN-10 : 9780062312686
- ISBN-13 : 978-2156988579
- Reading age : Customer suggested age: 13 years and up
- Item Weight : 581 g
- Dimensions : 20.3 x 25.4 x 4.7 cm
- Net Quantity : 1.00 count
- Generic Name : BOOK
- Best Sellers Rank: #247 in Books (See Top 100 in Books)
- #10 in Economics Books
- #17 in Analysis & Strategy
- Customer Reviews:
About the authors
Benjamin Graham (/ɡræm/; born Benjamin Grossbaum; May 8, 1894 – September 21, 1976) was a British-born American economist and professional investor. Graham is considered the father of value investing, an investment approach he began teaching at Columbia Business School in 1928 and subsequently refined with David Dodd through various editions of their famous book Security Analysis. Graham had many disciples in his lifetime, a number of whom went on to become successful investors themselves. Graham's most well-known disciples include Warren Buffett, William J. Ruane, Irving Kahn and Walter J. Schloss, among others. Buffett, who credits Graham as grounding him with a sound intellectual investment framework, described him as the second most influential person in his life after his own father. In fact, Graham had such an overwhelming influence on his students that two of them, Buffett and Kahn, named their sons Howard Graham Buffett and Thomas Graham Kahn after him. Graham also taught at the UCLA Anderson School of Management.
Bio from Wikipedia, the free encyclopedia.
Jason Zweig is an investing and personal finance columnist for The Wall Street Journal. Previously, he was a senior writer at Money magazine, mutual-funds editor at Forbes magazine, and a guest columnist for Time and cnn.com. He is the editor of the revised edition of Benjamin Graham's "The Intelligent Investor," the classic text that Warren Buffett has called "by far the best book about investing ever written." He is also the author of "The Devil's Financial Dictionary," a satirical glossary of Wall Street terms, and "Your Money and Your Brain," on the neuroscience and psychology of financial decision-making. Zweig serves on the editorial boards of Financial History magazine and The Journal of Behavioral Finance. Visit the author at www.jasonzweig.com and follow him on Twitter at @jasonzweigwsj.
Customer reviews

Reviewed in India on 6 October 2022
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- minimize the odds of suffering irreversible losses
- maximize the chance of achieving sustainable gains
- practice emotional control and behavior to help the investor achieve full potential.
The book is about investing and having said that, investing is for the long term. Short term investing is like saying one is a spendthrift miser. While long term investors buy stocks or bonds for its intrinsic value and hold them, the 'short termers' play on its price like a video game, high on dopamine, ‘seeing price patterns’. While the intrinsic value of the security is stable, the markets, built upon the greed and fear of speculators, fluctuate widely and it is this constant flow of price movements that is the juice of speculation.
The intelligent investor is the one who estimates the value of a stock based on some key parameters like the company’s long-term prospects, quality of management, financial strength and capital structure, dividend record, and current dividend.
Graham lists two types of intelligent investors. The ‘active’ or ‘enterprising’ who does continuous researching, selecting and monitoring a dynamic mix of stocks, bonds and mutual funds. The ‘passive’ or ‘defensive’ investor on the other hand, creates a permanent portfolio that runs on autopilot and requires no further effort (but generates very little excitement) argues the author so elegantly. Quoting the investment thinker Charles Ellis, ‘’the enterprising approach is physically and intellectually taxing, while the defensive approach is emotionally demanding’’.
For the long-term defensive investor, who has abundant emotional courage not to be distracted by daily price movements, there is no need to look at the daily price. In fact, the investor ‘’would be better off if his stocks had no market quotation at all, for he would be spared the mental anguish caused by other persons’ mistakes of judgement.’’ We don’t check the price of our house every hour! The intelligent investor would make use of any opportunity if a good company is facing a temporary crisis and add more shares to his portfolio at lower price. (In cases of extreme exuberance, it is also wise to sell if the price seems too high to be real). A prudent investment methodology would be to add on more of high quality stocks on a regular basis, thus paving way for ‘dollar cost averaging’. A well-diversified stock and bond portfolio ensures long term risk mitigation.
Though the book is highly acclaimed in investment circles, in practice, only a miniscule of market participants adhere to the key principles the world over. Hence, situations like the Dot com bubble, the financial crisis of the last decade and the collapse of high priced so called ‘high growth stocks’ of unworthy and nefarious companies happen repeatedly.
‘’A man is known by the books he reads” said Ralph Waldo Emerson. Invest in companies that have proven track record, stellar management capabilities and high ethical standards of corporate citizenry. Being an intelligent investor is more a matter of ‘character’ than ‘brain’, is the key message of this great tome.
I apologize for the long rant on Buffet especially since he only wrote the first few pages of this edition. The man behind this book’s genius is Benjamin Graham. It was many of his fundamentals and principles that got Buffet started with a foundation that soon grew to be insurmountable. The amazing thing is that anyone interested in these principles has the opportunity to buy a copy of this book for less than twenty dollars. It continues to blow me away; the amount of success-related knowledge that is available to us for the learning.
To be very honest up front, this is not the easiest read. It is written by a 20th century economist and quite frankly it often reads just like that. But to that note one should not pick this book up for humor and entertainment as much as he should to learn. Although there will be times when you will find yourself laughing or smiling at some of the stories told and how they ring true even today in our ever more sophisticated world. One such example is the concept of emotional investing, one of which most all of us have been guilty at one time or another. It is worth mentioning that for every bit of hard theory, this particular revised addition of the book has just about as much digestible commentary (courtesy of Jason Zweig) to help the reader through. This commentary is crucial to the level of satisfaction of the read.
I would not dare to get into the specifics of this book as I would not do them justice and I feel that the above should be more than enough reason to read the full edition. However I will comment on the over all tone of it. The book (as well as Buffet’s proven strategy) is based on a fundamental set of principles. These principles are something that, no matter what the circumstances, is never to be broken. This is how the rigor of an “intelligent investor” is maintained. I believe this to be the real difference between Graham and Buffet and the rest of the investment community (If you have not already, you should be sure to read Buffet’ s 13 principles on Berkshire’s website). Both these men display an inhumane level of disciple to stick to the very principles they have developed.
Having a principle-based investment strategy is something that will prove to be of much value as one progresses along his career (or hobby) of successful investing. If you are able to decide on a set of principles (be them your own or those of others) and stick to them at all costs, decisions suddenly become much more fluid and easy to make. How else do you think Buffet can make a $4 billon investment before lunch time?
The real reason I mention this is that it has a much greater underlying message. If principle based investing has proven so successful (provided your principles are sound of course) then imagine what can be accomplished in the overall success of ones life if you live by a firm set of principles and core values. This quickly becomes clear once you read through some of the top rated books in my personal development section. By now I hope you have already developed your set of core values by which to live. Now take advantage of this book to establish a similar set of values by which to judge personal investments. The added long term financial success will be explicit. Then again I guess you could just buy Berkshire, but perhaps you should make that decision for yourself after reading the book that helped create it.
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I made the first attempt to read this book 2 years ago but had failed. At that time, I knew little about the stock market, the economy, how businesses work. Much of the text made no sense to me and I had eventually given up after 4 chapters. However, after getting educated by the good folks on YouTube, I was able to give this book another try. Granted, it was still very challenging, but the value that I received from it was far greater than the literary hardship I endured.
This is not a book that will get your blood to boil with excitement; it does not have tactics that offer promises of "do this and get rich". If you are here for that reason, this is not the book for you. It however, guides you to approach the art of investment with the right attitude to stock prices, fluctuations, portfolio and risk. This book provides the readers immense investment experience with an attempt to shape an aspiring investor like myself with a proper mindset.
Mr. Zweig's commentary after each chapter are mostly helpful. There are instances that I had finished a chapter without getting much of it. The commentary then explains what Mr. Graham really meant in an easy-to-understand way. However, I did find the comparisons of different companies in one of the commentaries to be quite repeated. Most of the examples from the commentary were drawn from the dot com bubble and therefore the comparisons had rather predictable endings. Though it is still valuable to witness second hand at how bad things became when it burst.
On the literary side, the language employed was slightly historical. Many sentences required me to re-read in order to understand. I think this is a good way to practise patience, as information is so easily accessible in today's world. I also got to learn a few new words from the text.
There are a lot of online commentaries on this book, as it has become almost "biblical" in value investing. I recommend the readers to use these commentaries to get a modern view of Mr. Graham's concepts.


Even so, if you're looking to start investing and want to buy shares I would still highly recommend that you read this book. I think you need to read something like this to get a solid foundation and also help to set your expectations. For me, this book made me realise I am a speculative investor, and probably always will be. Being an intelligent investor is a full time job. There is an enormous amount of work involved. But because of this knowledge, I evaluate risk differently and as a result can make more informed decisions about my investments.
Read it. Realise it's too much work. Gamble.

Tatsächlich würden die Kommentare alleine ein hübsches kleines, wenn auch nicht mehr ganz aktuelles Buch an sich ergeben. Den Haupttext kann man überfliegen.
Positiv ist, dass hier sowohl aktiver (hochspezialisiertes Aktien/Anleihendepot) und passiver Handel ([Index]Funds) behandelt werden. Andere Autoren sind öfter jeweils Anhänger der einen oder anderen Schule.
Dennoch: Das Buch ist etwas für das Regal und meiner Meinung nach keine Kaufempfehlung. Lesen Sie stattdessen vielleicht lieber "The Most Important Thing" oder "Winning the Losers' Game".