The Intelligent Investor
First published in 1949, this is the book Warren Buffett picked up at nineteen and has called the best book on investing ever written. Benjamin Graham, who taught Buffett at Columbia, sets out a calm, disciplined way to think about money. He draws a sharp line between investing and speculating, introduces the idea of a margin of safety, and gives readers Mr. Market, the imaginary partner whose daily price quotes you are free to accept or ignore. The advice is practical rather than flashy, aimed at protecting ordinary people from their own worst instincts. Later editions carry commentary that updates the examples, but the core lessons have held up for decades.
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What you might want to know about The Intelligent Investor
The questions readers send us most often, answered without spoilers.
Benjamin Graham lays out the principles of value investing and the idea that a sound investor buys with a margin of safety and ignores the market's mood swings.
Buffett studied under Benjamin Graham and has said reading the chapter on market fluctuations changed how he viewed prices. He calls it the best book on investing ever written.
Most readers choose the revised edition with commentary by Jason Zweig, which keeps Graham's original text and adds modern examples.
The Intelligent Investor was written by Benjamin Graham, published in 1949 by Harper & Brothers.
The Intelligent Investor is 640 pages in standard print editions, though page counts vary slightly between hardcover, paperback, and large-print formats.
At an average reading pace of about 250 words per minute, The Intelligent Investor takes most readers 10 to 14 hours to finish.
The Intelligent Investor is available in hardcover, paperback, ebook, and audiobook formats from Amazon, Bookshop.org, ThriftBooks, and most major bookstores.