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The Intelligent Investor by Benjamin Graham , first published in , is a widely acclaimed book on value investing. The Intelligent Investor is based on value investing , an investment approach Graham began teaching at Columbia Business School in and subsequently refined with David Dodd.
The Intelligent Investor also marks a significant deviation to stock selection from Graham's earlier works, such as Security Analysis. He explained the change as:.
The thing that I have been emphasizing in my own work for the last few years has been the group approach. To try to buy groups of stocks that meet some simple criterion for being undervalued -- regardless of the industry and with very little attention to the individual company I found the results were very good for 50 years.
They certainly did twice as well as the Dow Jones. And so my enthusiasm has been transferred from the selective to the group approach. Graham's favorite allegory is that of Mr. Market, meant to personify the irrationality and group-think of the stock market. Market is an obliging fellow who turns up every day at the shareholder 's door offering to buy or sell his shares at a different price.
Often, the price quoted by Mr. Market seems plausible, but sometimes it is ridiculous. The investor is free to either agree with his quoted price and trade with him, or ignore him completely. Market doesn't mind this, and will be back the following day to quote another price. The point of this anecdote is that the investor should not regard the whims of Mr. Market as a determining factor in the value of the shares the investor owns.
He should profit from market folly rather than participate in it. The investor is advised to concentrate on the real life performance of his companies and receiving dividends, rather than be too concerned with Mr.
Market's often irrational behavior. Since the work was published in Graham revised it several times, most recently in — Graham died in Commentaries and new footnotes were added to the fourth edition by Jason Zweig , and this new revision was published in From Wikipedia, the free encyclopedia. Main article: Mr. The Intelligent Investor. Warren E. Buffett collaborator ed. Graham: "Imagine — there seems to be practically a foolproof way of getting good results out of common stock investment… " ".
First edition. Securities , Investment.
El Inversor Inteligente (the Intelligent Investor)
Benjamin 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 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 listeners a more thorough understanding of how to apply Graham's principles. Vital and indispensable, The Intelligent Investor is the most important book you will ever listen to about how to reach your financial goals. Read more Read less. Shop now.
Resumen De "El Inversor Inteligente (The Intelligent Investor) - De Benjamin Graham"
ISBN 13: 9789584248930
The Intelligent Investor by Benjamin Graham , first published in , is a widely acclaimed book on value investing. The Intelligent Investor is based on value investing , an investment approach Graham began teaching at Columbia Business School in and subsequently refined with David Dodd. The Intelligent Investor also marks a significant deviation to stock selection from Graham's earlier works, such as Security Analysis. He explained the change as:.