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Start your review of The Intelligent Investor Write a review Shelves: wealth-management Benjamin Grahams last line in The Intelligent Investor sums up the entire book in his trade-mark common-sense way: To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.
First published in , this version that I read was re-published in with a forward written by John Bogle who started Vangard Mutual Fund. Bogles forward serves as a very good summary of The Intelligent Investor, highlighting key points clearly. So I found it useful to read the forward again after finishing the book as a quick refresh of its content. However, once I got my pace of reading going, I find the old fashion style gives me a sense of comfort and assurance — as if a grandfather was sharing all his valuable experience with me.
How he explained this makes a lot of sense to me - every stock market broker thinks he can outdo the market. That means the stock market experts as a whole is trying to beat itself — a logical contradiction. They just cancel each other out. Thus, one should not rely on a financial advisor who promises the sky and raise your hopes that he can do better that the market average. That, claims Graham, is not possible. This, he feels, is due to the institutionalisation of financial services which has left investors a step removed from ownership.
These would put the investors in good stead, as against speculators. I like this book. It does not give you many formulas for security analysis Graham says you can read further in his earlier book Security Analysis. What The Intelligent Investor does is that it lays the foundation for laymen by giving a sound approach to investment, written with common sense and simplicity.
O Investidor Inteligente
O Investidor Inteligente: Lições de Benjamin Graham