By Benjamin Graham, Jason Zweig

More than 1000000 hardcovers sold
Now on hand for the 1st time in paperback!

The vintage textual content Annotated to replace Graham's undying knowledge for Today's industry Conditions

The maximum funding consultant of the 20th century, Benjamin Graham taught and encouraged humans around the globe. Graham's philosophy of "value investing" -- which shields traders from titanic errors and teaches them to strengthen long term thoughts -- has made The clever Investor the inventory industry bible ever in view that its unique e-book in 1949.

Over the years, marketplace advancements have confirmed the knowledge of Graham's suggestions. whereas protecting the integrity of Graham's unique textual content, this revised version comprises up-to-date statement by means of famous monetary journalist Jason Zweig, whose viewpoint contains the realities of today's industry, attracts parallels among Graham's examples and today's monetary headlines, and provides readers a extra thorough figuring out of ways to use Graham's principles.

Vital and crucial, this HarperBusiness necessities variation of The clever Investor is crucial ebook you are going to ever learn on the way to succeed in your monetary goals.

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Extra info for The Intelligent Investor: The Definitive Book on Value Investing (Revised Edition)

Sample text

Pp. 55–56). 35 36 Commentary on Chapter 1 An investor calculates what a stock is worth, based on the value of its businesses. A speculator gambles that a stock will go up in price because somebody else will pay even more for it. ” 2 For a speculator, the incessant stream of stock quotes is like oxygen; cut it off and he dies. For an investor, what Graham called “quotational” values matter much less. 3 Like casino gambling or betting on the horses, speculating in the market can be exciting or even rewarding (if you happen to get lucky).

By 1999 at least six million people were trading online—and roughly a tenth of them were “day trading,” using the Internet to buy and sell stocks at lightning speed. Everyone from showbiz diva Barbra Streisand to Nicholas Birbas, a 25-year-old former waiter in Queens, New York, was flinging stocks around like live coals. ” Now, Birbas traded stocks up to 10 times a day and expected to earn $100,000 in a year. “I can’t stand to see red in my profit-or-loss column,” Streisand shuddered in an interview with Fortune.

There is also a fairly wide group of “special situations,” which over many years could be counted on to bring a nice annual return of 20% or better, with a minimum of overall risk to those who knew their way around in this field. They include intersecurity arbitrages, payouts or workouts in liquidations, protected hedges of certain kinds. The most typical case is a projected merger or acquisition which offers a substantially higher value for certain shares than their price on the date of the announcement.

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