The Intelligent Investor by Benjamin Graham Book Summary

The Intelligent Investor by Benjamin Graham is a classic book on value investing, first published in 1949. The book is divided into three parts: "Investment Policy," "General Portfolio Policy," and "Security Analysis" and explains the importance of having a clear investment policy, adapting to changing market conditions, diversifying portfolios, and using conservative estimates when evaluating investment opportunities. It also covers the role of an investor's personality, defensive and enterprising investing strategies, and the concepts of "economic moat," "margin of safety," and market efficiency. It is widely considered a must-read for investors of all levels.