The Intelligent Investor pdf

本杰明格雷厄姆（1894-1976）是美国经济学家和投资者，被广泛认为是价值投资之父。 他出生于英国伦敦，小时候随家人移居纽约。 格雷厄姆就读于哥伦比亚大学，在那里他获得了经济学学位，后来继续在该大学任教。

格雷厄姆最著名的作品可能是其颇具影响力的著作《聪明的投资者》，该书于 1949 年首次出版。该书被认为是投资领域的经典之作，已被世界各地的投资者广泛阅读。 它强调价值投资的重要性，即以低于其内在价值的价格购买股票。

格雷厄姆的另一部著名著作是他与大卫·多德于 1934 年合着的《证券分析》。该书被认为是投资分析领域的开创性著作，至今仍被投资专业人士广泛使用。

除了写作之外，格雷厄姆还是一位成功的投资者，并于 1936 年创立了自己的投资公司 Graham-Newman Corporation。他最著名的投资之一是购买了 Geico 的股份，他持有该股份多年并最终使他成为 可观的利润。

格雷厄姆的投资理念侧重于分析一家公司的基本面，而不是其股价或市场趋势。 他相信安全边际的价值，即以低于其内在价值的大幅折扣购买股票以降低损失风险。

格雷厄姆对投资领域的影响至今仍能感受到，许多成功的投资者，包括沃伦巴菲特，都认为他的教义对他们自己的投资策略产生了重大影响。

The Intelligent Investor pdf 本杰明·格雷厄姆

"The Intelligent Investor" is a widely popular investment book written by Benjamin Graham, known as the "father of value investing." The book was first published in 1949 and has been updated several times since then.

The book aims to educate readers on how to invest wisely and avoid common pitfalls. It is divided into four parts and covers topics such as investing in common stocks, bonds, and mutual funds, as well as market behavior and the psychology of investing.

In the first part, Graham discusses the difference between investing and speculation, emphasizing the importance of a long-term investment approach based on fundamental analysis. He also introduces the concept of "margin of safety," which suggests that investors should only buy stocks when the market price is significantly lower than the intrinsic value of the company.

In the second part, Graham explains the various ways investors can analyze stocks and determine their intrinsic value, including financial ratios, earnings reports, and balance sheets. He also warns against relying solely on technical analysis or market trends.

The third part of the book focuses on defensive investing strategies, such as investing in bonds and other fixed-income securities, as well as the importance of diversification and asset allocation. Graham argues that these strategies can help investors minimize risks and preserve their capital.

The final part of the book provides an overview of market behavior and the psychology of investing. Graham cautions investors against the dangers of market speculation and herd mentality, and emphasizes the importance of maintaining a disciplined, rational approach to investing.

Overall, "The Intelligent Investor" is a timeless classic that provides a valuable education on investing principles and strategies. It emphasizes the importance of careful analysis, disciplined investing, and a long-term perspective, and remains a must-read for any serious investor.