The key lesson from Benjamin Graham’s much-lauded tome: “Don’t lose.” Easier said than done, of course. So read on. The reason why this book, originally published in 1949, is still in print is that it offers investors—be they beginners, those with some knowledge and success, or old hands—the nuts and bolts of value investing, which is buying stocks of quality companies whose worth is undervalued. The practice is akin to buying a finely made piece of furniture at a discount. It was most recently updated in 2006.
Graham largely shuns the practice of analyzing securities in favor of expanding on investment principles and investors’ attitudes. He notes that the intelligence of any investor has nothing to do with IQ or SAT scores. “It simply means being patient, disciplined, and eager to learn; you must also be able to harness your emotions and think for yourself,” he writes.
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