The Intelligent Investor

Summary

The book «The Intelligent Investor» by Benjamin Graham is a classic guide to investing, offering strategies for long-term success in the stock market. Graham categorizes investors into two types: active and passive, emphasizing the importance of analyzing companies' financial statements to assess their true value. He introduces the concept of a «margin of safety», which involves buying stocks at a price below their intrinsic value to minimize risk. Graham also discusses the psychological aspects of investing, such as avoiding emotional decisions and adhering to a disciplined approach. The book highlights the importance of diversification and long-term planning, while warning against speculation and attempts to predict short-term market fluctuations. «The Intelligent Investor» remains relevant today, offering time-tested principles for successful investing.