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[Back Order] The Intelligent Investor - Paperback $10.89 + Delivery ($0 with Prime/ $39 Spend) @ Amazon AU

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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, The Intelligent Investor is the most important book you will ever read on how to reach your financial goals.

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Comments

  • +1 vote

    this or the barefoot investor?

    • +35 votes

      For most, some personal finance 101 will make a more substantial difference, with investing a relatively minor point.

      Barefoot's a fine start for that.

      Glenn James (Sort Your Money Out) is another popular choice, and is a newer face/voice on the scene compared to Scott Pape.

      Plenty of popular blogs and podcasts covering this information too, many based around the principals of financial independence (or FI/RE). Dave Gow at Strong Money Australia is one of the bigger Australian ones, and Peter Adeney at Mr Money Mustache probably has the biggest global profile.

    • +12 votes

      Depends on your exposure to financial concepts I think. Barefoot investor is like financial advice with the general reader in mind. The intelligent investor is more for people looking at investing their money specifically. People with little financial background will find this a dry read.

      • +17 votes

        I second this. I have a business degree with a finance major and I still found it very hard to digest. It's something you need to sit and think about after reading every few pages.

    •  

      Rolls Royce or a Datsun?

    • +16 votes

      They have nothing in common with each other, so if you are asking this, the Barefoot book is probably for you.

    • +2 votes

      I'm nearly finished the barefoot investor book and it provides plenty of practical, non BS things to consider, I got a lot out of reading it.

    • -4 votes

      Barefood looks more honest. Intelligent investor is oxymoron.
      Think of any major PROBLEMS (other than short term, money addiction) have they solved.
      The fastest-growing problem solving is done in regulated/cooperative environments, not selfish individualistic.

      • +4 votes

        Maybe you’re right about that other stuff. But this book is far from worthless or dishonest.

        If you want a grounding on financial asset selection using fundamental analysis, this is the gold standard. Ben Graham was Warren Buffets teacher at university and Warren credits his teaching as important to his success.

        Fundamental analysis employs nuts and bolts data about companies to make selection. Technical analysis looks largely at charts. Both strategies are regularly employed in the real world for asset analysis.

    • +1 vote

      Both. But both are completely different books. Barefoot goes through personal finance 101. Whereas intelligent investor is the tome of knowledge by finance and investment professionals for fundamental analysis of companies and businesses. Two completely seperate different books. There may be many barefoots but far few intelligent investor ala Ben Graham minds.

    • +3 votes

      Barefoot investor is for dumbarses who pay $16 dollars for smashed avo on toast

  • +1 vote

    I've heard it's a dense read…

    Is value investing a principal that fund managers and day-traders apply?

    •  

      value-investing is pretty oldschool.

      Hard part is finding information to determine a stock is undervalued/overvalued

    • +7 votes

      If you are asking whether daytraders are basing their trading decisions off a DCF, you probably need to go back a few steps.

    •  

      That's a very broad question. There's millions of investors out there of different shapes and sizes. I don't think it's particularly insightful for you, but yes some of these professional investors are value investors.

    • +2 votes

      if you're wanting to do day trading, this book is not for it…

      This book explains the concepts on what to look for when investing in a stock like from their P&L, strategies, dividends, expenses etc…

      Also, the concepts in this book SHOULD NOT be used in crypto…you will get cleaned up

      •  

        In what way are the value investor concepts a poor fit for those dabbling in crypto? I'm not being critical or taking the piss here - I'm genuinely interested if you have the time (and inclination) to elaborate…

        •  

          Crypto stories and valuations are difficult to gauge…and revenues are most likely non existence, to an extent makes crypto as speculative markets…that's why people who follow the value investing strategies will get turned off by crypto

          I dabbled in crypto 4 years ago, during that time there are lots of coins that now become worthless, Ivy Coin for example. I'm not saying all coins are BS, in fact I did pretty well on LEND now AAVE, I bought it when it was like 50 sats, but most coins market caps are hard to be justified if you follow the concepts from the book

          The concepts in the book outlines how to evaluate companies based on their earnings, forecasts, revenues, tangible assets etc…that said, even if the concepts are not applicable, it's still a good read, there are some good gems that are still being used today in Investing/ Trading world

  • -2 votes

    Would a summary of this book be?
    Short term day trading is not great, instead invest long term into an Index fund like EFT.

    • +5 votes

      For the average investor you'll be better off simply investing in a broad index fund. 90%+ of people will perform worse than that and that includes most fund managers, something like only 10% can regularly outperform the market.

    • +1 vote

      That would be a summary of “The Four Pillars of Investing” by William J Bernstein. Also a dry read, but sound advice for those who can get through it. And I believe also an OzBargain favourite. I found out about it here and got the audiobook version that I got through during my runs.
      I also did Barefoot the same way and agree that is a better place to start for most people.

    • +4 votes

      @congo: TLDR of the book - if you're not willing to spend the time analysing companies for value in an attempt to beat the people that do this for a living, you are better off investing in index funds.

      At least, this was my main take-away and now ETFs make up a large percentage of my portfolio.

    •  

      Yup but low beaten down etf like kweb…nasdaq is teetering on a massive correction

      • +1 vote

        A correction would be 5-10%. Yet some people stay out of the market waiting for the correction, and during that time the market goes up 20%. You're losing 10-15%.

        Cannot time the market.

        •  

          You say 5 to 10% I reckon it could get much worse. The issue is the low interest rate environment making stocks the investment of choice. However same happened in 2000. Interest rates went up and nasdaq was down 80%. I'm not saying its going down 80% but you have stocks like tesla nvidia etc with massive valuations that can essentially crash. While the entire etf isn't in a bubble when those bubbles burst the entire etf will go down with them.

          •  

            @Aqx666: Well i have tesla puts so lol.

            nVidia literally has a monopoly though. The issue with 2000 was the tech companies were just getting valuations with no revenue at all, whereas nvidia makes profit and tesla for the time being sells carbon offset lol

            •  

              @Gallifr3y: Owned nvda sold nvda.. just because the company is amazing doesn't mean you pay whatever price for it..
              Isn't that the basic tenet of value investing… if you want something cool and disruptive buy baidu with their autonomous vehicles that stock is cheap as chips… I have nvidia puts as insurance incase my longs get demolished due to nasdaq collapse. I'll buy nvidia again once it is back to its price six months ago

  • +3 votes

    Showing as $20.50 for me

    •  

      same here, was about to pull the trigger but… too late

  • +22 votes

    I tried the audio version and I ended up investing in good quality sleep.
    But it’s apparently a good one for those leveraging long term stock holdings.
    Barefoot is more about personal and general financial control.

  • +3 votes

    Beware this is a very dry read, i started it couple of times but could not go past couple of chapters. For most aussie beginners i would recommend Barefoot investor books or Motivated money by Peter Thornhill

  •  

    Price went back up :(

  • -2 votes

    Value investing is ded. If you like picking stocks that's fine, but you'll only fudge your own numbers to pretend you beat the market. Get some index funds and put some pennies in crypto for a real hobby.

    • +1 vote

      Less than a year after a range of stocks were on incredible for sale prices assessed by these principles and you go and state this.

      Agree index funds are best for most.

  • +6 votes

    Book does a great job of cutting out the BS, emotionally-driven approach to investing. The subject matter is therefore quite dry, but it's written in a personable voice. You can also read individual chapters as self-contained chunks of advice if you don't feel like reading the whole book. The overall strategy proposed by Graham is very sound and reasonable (somewhat unexciting) and it will make you think about your approach to investing. Some big chunks cover the US bond market, which is obviously irrelevant for Australian investors.

    The real value of this book is in the chapter summaries by Zweig. He highlights what parts of Graham's guidance is still current or if it's changed, and also provides some historic perspective for the decades since the 1970's edition was publish. Spoiler alert: Graham's strategy (mostly) still holds water for recent market trends.

    For people asking this or Barefoot: read both.

  • +1 vote

    Can confirm with other comments that it's a very dry read. Hands on and detailed strategies to analyse valuation of companies - for the type of investor who doesn't mind reading a company's last 5 annual reports, ignoring the PR blurbs in the commentary and going straight to the financial statements. Still, an interesting read.

    Another way to get some of the flavour of the value investing approach, with a bit of homespun Omaha wisdom and without the 1950s financial statement analysis, is to dip into Warren Buffet's letter to Berkshire Hathaway shareholders. Berkshire Hathaway is perhaps the most notable application of Benjamin Graham's value investing theories.

    https://www.berkshirehathaway.com/letters/letters.html

    Not as dry as the website formatting would suggest. Maybe start with the year of your birth if you want to dip in!

    Note - having read 'The Intelligent Investor' I personally confirmed that it's all to hard and went the way of the index fund investor.

  •  

    In my view you're better off reading "The Psychology of Money" by Morgan Housel. A lot of the same principles, but very much more modernised and practical. It explains why the investment approach of previous era's may no longer be particularly useful.

  • +5 votes

    Finally a book from someone I can trust that wears shoes

  •  

    Note that value investing has been underperforming for the past 10+ years because of cheap money. Like every other strategy/factor, once its been published the advantage or edge usually disappears.

    •  

      Then again Buffet is still a value investor pretty sure he still has his edge

      •  

        Nah, not anymore. He used to be.

        If you look at his 13F filings its mainly quality factor stocks.

      • +1 vote

        Buffett hasn't been a 'value' investor in decades.

    • +1 vote

      Still, approximately right is better than precisely wrong.

    •  

      It's now a combination of value and growth - growth at a reasonable price.

  •  

    Looks like OZBargained now, price gone up $20.50 now.

    • +1 vote

      $10.89 now bought one :)

  • +2 votes

    Ya, I don't think it works these days. Now its all about hoarding useless meme tokens, crypto ponzi schemes, jpegs and pumping on social media to make millions at the expense of clueless newbies.

  •  

    Far out! What a price this is!
    I bought one at 20.89 back in June….

    •  

      now that is not a sign of an intelligent investor

  •  

    I find Andre Jikh’s finance/investing videos quite useful:
    https://m.youtube.com/channel/UCGy7SkBjcIAgTiwkXEtPnYg

    Also, recommend Andrew Hallam (Millionaire Teacher)
    https://themillionaireteacher.com/

    • +1 vote

      That is hype investing. Watch everything money if you want understand value investing or Benjamin for options and market understanding or prophet market for day trading technicals.
      No hype just education and no hopium.

      •  

        Not hype investing. Of course u need to use some business sense. If u can find sunshine sectors ahead of the curve, read annual reports of a company, spot good trajectory of growth & profitability & the PE ratio makes some sense (not always true), there are great opportunities out there. It’s no rocket science. Not sure how far technical analysis takes you.

  •  

    How to invest if can't save money? No disposable imcome, living on potato, rice and vegetable oil here!

    •  

      Read Barefoot.

  • +1 vote

    bought one, wish me luck guys :)

  •  

    The "updated" commentary is from the early 2000s post dotcom bubble burst. It would be nice if they published an updated version for the current low interest rate world.

  •  

    If you only buy one ETF stock of one fund manager, is it considered as putting all your eggs in one basket?

    •  

      Depends on what the ETF is. Some of them can be quite concentrated on a specific sector or have a particular goal in mind. Others, like VDHG, are very diversified.

    • -1 vote

      ETFs are not managed by a fund, they just attempt to track an index's performance. If you want even more diversification you can but into a few ETFs, e.g. one that tracks the ASX, one that tracks the S&P, one that tracks other non-US shares, etc.

  •  

    Placed the order. Free delivery with Prime.

  •  

    Very dense read and a lot of the concepts are really outdated.

    Value investors (have a look at Warren Buffet) have been on struggle street for a decade because they just don't understand why Canva is worth 55bn and never will.

  •  

    Ah, don't worry about this, just buy BabyDoge and you will be FINE!

  • +1 vote

    This is available on Audible as well. Price would be 1 credit. This credit can be had ‘Free’ when you register for the first time (mostly they give 1 free credit). Else price is $16.45.

    When you cancel, you would be prompted for a deal which is $8 per month for 3 months.

    Also, when you have cancelled fully, they might send you offers after a year or so. I got 3 credits free offer.

    I have got 5 credits free altogether without spending a penny. And then decided to take their 3 months offer now for $24.

  •  

    back in stock now

  • +1 vote

    Hi guys, how did you all get the $10.89 price ?
    Im getting the $20.50 price when adding this to my cart. Please assist fam.

    •  

      wait for it to go in stock in did the same for me at lunch time and about 4 it went back in stock I think or that's when I bought it at least

  • +2 votes

    Unless you either love learning about investing, and/or are willing to put in alot of hours per week (consistently) analysing companies, then save your money and dont bother.
    Just buy a few ETF's for diversification and leave it at that. Follow Warren Buffett's advice and keep it simple.
    If you are investing on the Australian market (ASX) then EFT's like: NDQ (USA technology stocks), FEMX (emerging markets / Asia) and VTS (USA broad market index). These should form the core of your portfolio.
    I generally stay away from Australian indexes as they are overweight banks and mining stocks, so are too cyclical (check 10 year performance).
    You can also add some satellite ETF's which target a specific sector which you think will perform well going forward (strong tailwinds). I like HACK (global cybersecurity) and RBTZ (global robotics and AI).
    The easiest way to think about investing, is to look at countries or sectors which you expect to be considerably larger in 10 years time, and invest in ETF's which cover this. Just keep it simple.
    If you want to check out other ETF's offered on the ASX then check out: https://www2.asx.com.au/markets/trade-our-cash-market/asx-in...

    •  

      You nailed it, mate. I agree 100%, although core of my investments is in property, this is spot on what I am doing with the rest.

  • +2 votes

    If you are interested in investing, I would also suggest allocating a small positing into crypto assets. Just stick with the larger crypto assets (in the top 10 or 20 by market cap, and make sure you at least get Bitcoin).
    A small position of about 5% of your investment capital could potentially give you good returns (if performance continues going forward). And in the worst case, and crypto does fail, the most you can lose is the initial 5% investment (if 5% is too much for you, then go with 2%).
    For me this is an asymmetric investment opportunity, with the potential upside being worth the risk.
    But please dont put all your money into crypto. It is still relatively early stage, and is highly volatile. If the position is small, at least you will still be able to sleep at night.