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The Intelligent Investor
Escrito por Benjamin Graham
Narrado por Bill McGowan
Ações de livro
Comece a ouvir- Editora:
- HarperAudio
- Lançado em:
- Jun 21, 2005
- ISBN:
- 9780060854300
- Formato:
- Audiolivro (resumido)
Descrição
The classic bestseller by Benjamin Graham, perhaps the greatest investment advisor of the Twentieth Century, The Intelligent Investor has taught and inspired hundreds of thousands of people worldwide. Since its original publication in 1949, Benjamin Graham's book has remained the most respected guide to investing, due to his timeless philosophy of "value investing," which helps protect investors against areas of (possible) substantial error and teaches them to develop long-term strategies which they will be comfortable with down the road.
Among this audio's special features are the use of numerous comparisons of pairs of common stocks to bring out their elements of strength and weakness and the construction of investment portfolios designed to meet specific requirements of quality and price attractiveness.
Read by Bill McGowan
Ações de livro
Comece a ouvirDados do livro
The Intelligent Investor
Escrito por Benjamin Graham
Narrado por Bill McGowan
Descrição
The classic bestseller by Benjamin Graham, perhaps the greatest investment advisor of the Twentieth Century, The Intelligent Investor has taught and inspired hundreds of thousands of people worldwide. Since its original publication in 1949, Benjamin Graham's book has remained the most respected guide to investing, due to his timeless philosophy of "value investing," which helps protect investors against areas of (possible) substantial error and teaches them to develop long-term strategies which they will be comfortable with down the road.
Among this audio's special features are the use of numerous comparisons of pairs of common stocks to bring out their elements of strength and weakness and the construction of investment portfolios designed to meet specific requirements of quality and price attractiveness.
Read by Bill McGowan
- Editora:
- HarperAudio
- Lançado em:
- Jun 21, 2005
- ISBN:
- 9780060854300
- Formato:
- Audiolivro (resumido)
Sobre o autor
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- Investment vs. Speculation
- Defensive Investment vs. Enterprising Investment
- Decent return for the Defensive: 4%
- Decent return for the Enterprising: 8%
- Investors are owners
- Margin of safety
Reception
A lot of the talking points in this book could easily be given at a talk on Slow Money [the alternative or new economy movement]. And yet what's so striking is that this book is also supposed to be the foundation of modern investment. How could this be, as the two are supposed to be opposites?
Well, most mainstream "investment" is actually speculation. And most Slow Money isn't that radical, but this is changing.
The book lays out two divergent strategies. The first is for the normal "defensive" investor. This strategy is largely passive, and focuses only on minimizing loss; impressive return is ignored.
The second is that of the "enterprising" and aggressive or full-time investor. Here the emphasis is still on minimizing exposure, but returns are expanded by heavily researching all possible pathways.
What's most interesting is not how the concepts of this book apply to investing, but how they apply to life. One of the key points is that, no matter how careful our calculations, some part of every decision is left to chance, and there's no way to eliminate this. So our best option is to align ourselves with those factors of which we will always be ignorant.
Much of the book is about dividends. Apparently they were the primary source of return back then. But it's gotten me thinking: how is it a good deal for a company to perpetually pay investors through dividends? Why not just pay them off? Dividends are essentially just debt service.
Once you are done with this wonderful book on investing, you'll learn that most other literature in the field of value investing seems mimicking what the master has said decades ago.
If you are not from the finance background, initially the book may seem boring or esoteric - as was the case with me. But once you begin to pick up investment basics I'm sure the book will be priceless.
Still I can't claim that I've understood it completely, but then that's why I'll read it for 3rd time, or maybe 100 more times.
I recommend this book for everyone.