Same things were going on towards the end of the 1940s when stocks were considered a gamble, thus cheap and in the 1960s when the entire stock buying public called themselves investors. After the next crash, the stock market will again be called a casino and all things related as speculations, even if now everything seems an investment. In this market, it means that 98% of all assets are speculations. Therefor, if you are an investor you invest in the business and take little risk, everything else is speculations. Graham wouldn’t be happy when he would hear the notion of “investing in cryptocurrencies”. The key to Graham, as later with Buffett and Klarman is safety of principal which is the leading rule with value investors, never lose money.Īs now, so in the 1970 the was a big misunderstanding of who is an investor and who a speculator. Operations not meeting these requirements are speculative.” The Classic Text Annotated to Update Grahams Timeless Wisdom for Todays Market Conditions.

“An investment operation is one in which, upon thorough analysis promises safety of principal and an adequate return. This chapter discusses the appropriate portfolio policy for the individual investor, an everlasting topic.Ĭhapter 1 – distinction between investor and speculator Let’s start with chapter 1 Investment versus speculation: Results to be expected by the Intelligent Investor. This will allow us to compare the current market with essential value investing wisdom and perhaps improve our risk reward perspective on things. The Book on Rental Property Investing: How to Create Wealth and William. Believe me there is plenty of it relevant, especially in this stock market. The Real Estate Game Intelligent Guide To Decisionmaking And Investment William.

However, the last issue is from the 1970s so I will go through the book in a series of podcasts in order to extract what is still relevant.

The Intelligent Investor by Benjamin Graham is probably the best book out there for long term value investors.

The intelligent investor audio book