Close cookie details

This site uses cookies. Learn more about cookies.

OverDrive would like to use cookies to store information on your computer to improve your user experience at our Website. One of the cookies we use is critical for certain aspects of the site to operate and has already been set. You may delete and block all cookies from this site, but this could affect certain features or services of the site. To find out more about the cookies we use and how to delete them, click here to see our Privacy Policy.

If you do not wish to continue, please click here to exit this site.

Hide notification

  Main Nav
The Intelligent Investor, Revised Edition
Cover of The Intelligent Investor, Revised Edition
The Intelligent Investor, Revised Edition

"By far the best book on investing ever written." — Warren Buffett

The classic text of Benjamin Graham's seminal The Intelligent Investor has now been revised and annotated to update the timeless wisdom for today's market conditions.

The greatest investment advisor of the twentieth century, Benjamin Graham, taught and inspired people worldwide. Graham's philosophy of "value investing"—which shields investors from substantial error and teaches them to develop long-term strategies—has made The Intelligent Investor the stock market bible ever since its original publication in 1949.

Over the years, market developments have proven the wisdom of Graham's strategies. While preserving the integrity of Graham's original text, this revised edition includes updated commentary by noted financial journalist Jason Zweig, whose perspective incorporates the realities of today's market, draws parallels between Graham's examples and today's financial headlines, and gives readers a more thorough understanding of how to apply Graham's principles.

Vital and indispensable, this revised edition of The Intelligent Investor is the most important book you will ever read on how to reach your financial goals.

"By far the best book on investing ever written." — Warren Buffett

The classic text of Benjamin Graham's seminal The Intelligent Investor has now been revised and annotated to update the timeless wisdom for today's market conditions.

The greatest investment advisor of the twentieth century, Benjamin Graham, taught and inspired people worldwide. Graham's philosophy of "value investing"—which shields investors from substantial error and teaches them to develop long-term strategies—has made The Intelligent Investor the stock market bible ever since its original publication in 1949.

Over the years, market developments have proven the wisdom of Graham's strategies. While preserving the integrity of Graham's original text, this revised edition includes updated commentary by noted financial journalist Jason Zweig, whose perspective incorporates the realities of today's market, draws parallels between Graham's examples and today's financial headlines, and gives readers a more thorough understanding of how to apply Graham's principles.

Vital and indispensable, this revised edition of The Intelligent Investor is the most important book you will ever read on how to reach your financial goals.

Available formats-
  • OverDrive Read
  • EPUB eBook
Languages:-
Copies-
  • Available:
    0
  • Library copies:
    3
Levels-
  • ATOS:
  • Lexile:
  • Interest Level:
  • Text Difficulty:


Excerpts-
  • Chapter One

    Investment versus Speculation: Results to Be Expected by the Intelligent Investor

    This chapter will outline the viewpoints that will be set forth in the remainder of the book. In particular we wish to develop at the outset our concept of appropriate portfolio policy for the individual, nonprofessional investor.

    Investment versus Speculation

    What do we mean by "investor"? Throughout this book theterm will be used in contradistinction to "speculator." As far back as 1934, in our textbook Security Analysis,we attempted a precise formulation of the difference between the two, as follows: "An investment operation is one which, upon thorough analysis promises safety of principal and an adequate return. Operations not meeting these requirements are speculative."

    While we have clung tenaciously to this definition over the ensuing 38 years, it is worthwhile noting the radical changes that have occurred in the use of the term "investor" during this period. After the great market decline of 1929–1932 all common stocks were widely regarded as speculative by nature. (A leading authority stated flatly that only bonds could be bought for investment.)Thus we had then to defend our definition against the charge that it gave too wide scope to the concept of investment.

    Now our concern is of the opposite sort. We must prevent our readers from accepting the common jargon which applies the term "investor" to anybody and everybody in the stock market. In our last edition we cited the following headline of a front-page article of our leading financial journal in June 1962:

    SMALL INVESTORS BEARISH, THEY ARE SELLING ODD-LOTS SHORT

    In October 1970 the same journal had an editorial critical of what it called "reckless investors," who this time were rushing in on the buying side.

    These quotations well illustrate the confusion that has been dominant for many years in the use of the words investment and speculation. Think of our suggested definition of investment given above, and compare it with the sale of a few shares of stock by an inexperienced member of the public, who does not even own what he is selling, and has some largely emotional conviction that hewill be able to buy them back at a much lower price. (It is not irrelevant to point out that when the 1962 article appeared the market had already experienced a decline of major size, and was now getting ready for an even greater upswing. It was about as poor a time as possible for selling short.) In a more general sense, the later-usedphrase "reckless investors" could be regarded as a laughable contradiction in terms—something like "spendthrift misers" -- were this misuse of language not so mischievous.

    The newspaper employed the word "investor" in theseinstances because, in the easy language of Wall Street, everyone who buys or sells a security has become an investor, regardless of what he buys, or for what purpose, or at what price, or whether for cash or on margin. Compare this with the attitude of the public toward common stocks in 1948, when over 90% of those queried expressed themselves as opposed to the purchase of common stocks. About half gave as their reason "not safe, a gamble," andabout half, the reason "not familiar with." It is indeed ironical (though not surprising) that common-stock purchases of all kinds were quite generally regarded as highly speculative or risky at a time when they were selling on a most attractive basis, and due soon to begin their greatest advance in history; conversely the veryfact they had advanced to what were undoubtedly dangerous levels as judged by past experience later transformed them into "investments," and the entire stock-buying public into "investors."

About the Author-
  • Benjamin Graham (1894–1976), the father of financial analysis and value investing, has been an inspiration for generations of the world's most successful businesspeople. He was also the author of Security Analysis and The Interpretation of Financial Statements.


Reviews-
  • Warren Buffett

    "By far the best book on investing ever written." — Warren Buffett

    "If you read just one book on investing during your lifetime, make it this one" — Fortune

    "The wider Mr. Graham's gospel spreads, the more fairly the market will deal with its public." — Barron's

Title Information+
  • Publisher
    HarperCollins
  • OverDrive Read
    Release date:
  • EPUB eBook
    Release date:
Digital Rights Information+
  • Copyright Protection (DRM) required by the Publisher may be applied to this title to limit or prohibit printing or copying. File sharing or redistribution is prohibited. Your rights to access this material expire at the end of the lending period. Please see Important Notice about Copyrighted Materials for terms applicable to this content.

Status bar:

You've reached your checkout limit.

Visit your Checkouts page to manage your titles.

Close

You already have this title checked out.

Want to go to your Checkouts?

Close

Recommendation Limit Reached.

You've reached the maximum number of titles you can recommend at this time. You can recommend up to 0 titles every 0 day(s).

Close

Sign in to recommend this title.

Recommend your library consider adding this title to the Digital Collection.

Close

Enhanced Details

Close
Close

Limited availability

Availability can change throughout the month based on the library's budget.

is available for days.

Once playback starts, you have hours to view the title.

Close

Permissions

Close

The OverDrive Read format of this eBook has professional narration that plays while you read in your browser. Learn more here.

Close

Holds

Total holds:


Close

Restricted

Some format options have been disabled. You may see additional download options outside of this network.

Close

MP3 audiobooks are only supported on macOS 10.6 (Snow Leopard) through 10.14 (Mojave). Learn more about MP3 audiobook support on Macs.

Close

Please update to the latest version of the OverDrive app to stream videos.

Close

Device Compatibility Notice

The OverDrive app is required for this format on your current device.

Close

Bahrain, Egypt, Hong Kong, Iraq, Israel, Jordan, Kuwait, Lebanon, Libya, Mauritania, Morocco, Oman, Palestine, Qatar, Saudi Arabia, the Sudan, the Syrian Arab Republic, Tunisia, Turkey, the United Arab Emirates, and Yemen

Close

You've reached your library's checkout limit for digital titles.

To make room for more checkouts, you may be able to return titles from your Checkouts page.

Close

Excessive Checkout Limit Reached.

There have been too many titles checked out and returned by your account within a short period of time.

Try again in several days. If you are still not able to check out titles after 7 days, please contact Support.

Close

You have already checked out this title. To access it, return to your Checkouts page.

Close

This title is not available for your card type. If you think this is an error contact support.

Close

An unexpected error has occurred.

If this problem persists, please contact support.

Close

Close

NOTE: Barnes and Noble® may change this list of devices at any time.

Close
Buy it now
and help our library WIN!
The Intelligent Investor, Revised Edition
The Intelligent Investor, Revised Edition
Benjamin Graham
Choose a retail partner below to buy this title for yourself.
A portion of this purchase goes to support your library.
Close
Close

There are no copies of this issue left to borrow. Please try to borrow this title again when a new issue is released.

Close
Barnes & Noble Sign In |   Sign In

You will be prompted to sign into your library account on the next page.

If this is your first time selecting “Send to NOOK,” you will then be taken to a Barnes & Noble page to sign into (or create) your NOOK account. You should only have to sign into your NOOK account once to link it to your library account. After this one-time step, periodicals will be automatically sent to your NOOK account when you select "Send to NOOK."

The first time you select “Send to NOOK,” you will be taken to a Barnes & Noble page to sign into (or create) your NOOK account. You should only have to sign into your NOOK account once to link it to your library account. After this one-time step, periodicals will be automatically sent to your NOOK account when you select "Send to NOOK."

You can read periodicals on any NOOK tablet or in the free NOOK reading app for iOS, Android or Windows 8.

Accept to ContinueCancel