The Intelligent Investor

 

If you have built castles in the air, your work need not be lost; that is where they should be. Now put the foundations under them.

                                             (By- Henry Devid Thoreau, Walden)

Notice that Graham announced from the start that this book will not tell you how beat the market. No truthful book can. 

instead, this book will teach you three powerful lessons.

• how you can minimize the odds of suffering irreversible losses;
• how you can minimize the chances of achieving sustainable gains; 
• how you can control the self-defeating behavior that keeps most investors from reaching their full potential.

Back in the boom year of the late 1990s, when technology stock seemed to be doubling in value every day, the notion that you could lose almost all your money seemed absurd. 

But, by the end of 2002, many of the dot-com and telecom stocks had lost 95% of their value or more. 

Once you lose 95% of your money, you have to gain 1900% just to get back to where you started; Taking a foolish risk can put you so deep in the hole that it's virtually impossible to get out. 

That's why Graham constantly emphasizes the importance of avoiding losses- not just in chapters 6,14, and 20, but in the threads of warming that he has woven throughout his entire text. 

But no matter how careful you are, the price of your investments will go down from time to time. While no one can eliminate that risk, Graham will show you how to manage it- and how to get your fear under control.

                        Are You An Intelligent investor?

Now let's answer a vitally important question. What exactly does Graham mean by an "intelligent" investor? Back in the first edition of this book, Graham defines the term and he makes it clear that this kind of intelligence has nothing to do with IQ or sat scores. 

It simply means being patient, disciplined, and eager to learn; you must also be able to harness your emotions and think for yourself. 

This kind of intelligence, explains Graham, "is a trait more of the character than of the brain.

 

The Intelligent Investor is a must-read book, especially for anyone who interested in being an active investor or picking stocks.

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