The Intelligent Investor
The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition)
by Benjamin Graham
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More Recommenders
“@TuckeRyan It's timeless. This and Adam Smith's The Money Game are the two most influential finance books I've read. | A phenomenal book. | Here are some books that I recommend The Intelligent Investor The Richest Man in Babylon Psychology of Money by @morganhousel | I?ve read this book approximately every 10 years since my late father gave me my first copy ~1977. 2019 a good year for a reread | In my early days, I, too, rejoiced when the market rose. Then I read chapter eight of Ben Graham’s ‘The Intelligent Investor,’ the chapter dealing with how investors should view fluctuations in stock prices,” he wrote in his 2011 letter. “Immediately, the scales fell from my eyes, and low prices became my friend. Picking up that book was one of the luckiest moments in my life. | I’ve read this book approximately every 10 years since my late father gave me my first copy ~1977. 2019 a good year for a reread | The single biggest influence on how I buy and sell stocks.”
Source →“@TuckeRyan It's timeless. This and Adam Smith's The Money Game are the two most influential finance books I've read. | A phenomenal book. | Here are some books that I recommend The Intelligent Investor The Richest Man in Babylon Psychology of Money by @morganhousel | I?ve read this book approximately every 10 years since my late father gave me my first copy ~1977. 2019 a good year for a reread | In my early days, I, too, rejoiced when the market rose. Then I read chapter eight of Ben Graham’s ‘The Intelligent Investor,’ the chapter dealing with how investors should view fluctuations in stock prices,” he wrote in his 2011 letter. “Immediately, the scales fell from my eyes, and low prices became my friend. Picking up that book was one of the luckiest moments in my life. | I’ve read this book approximately every 10 years since my late father gave me my first copy ~1977. 2019 a good year for a reread | The single biggest influence on how I buy and sell stocks.”
Source →“@TuckeRyan It's timeless. This and Adam Smith's The Money Game are the two most influential finance books I've read. | A phenomenal book. | Here are some books that I recommend The Intelligent Investor The Richest Man in Babylon Psychology of Money by @morganhousel | I?ve read this book approximately every 10 years since my late father gave me my first copy ~1977. 2019 a good year for a reread | In my early days, I, too, rejoiced when the market rose. Then I read chapter eight of Ben Graham’s ‘The Intelligent Investor,’ the chapter dealing with how investors should view fluctuations in stock prices,” he wrote in his 2011 letter. “Immediately, the scales fell from my eyes, and low prices became my friend. Picking up that book was one of the luckiest moments in my life. | I’ve read this book approximately every 10 years since my late father gave me my first copy ~1977. 2019 a good year for a reread | The single biggest influence on how I buy and sell stocks.”
Source →“@TuckeRyan It's timeless. This and Adam Smith's The Money Game are the two most influential finance books I've read. | A phenomenal book. | Here are some books that I recommend The Intelligent Investor The Richest Man in Babylon Psychology of Money by @morganhousel | I?ve read this book approximately every 10 years since my late father gave me my first copy ~1977. 2019 a good year for a reread | In my early days, I, too, rejoiced when the market rose. Then I read chapter eight of Ben Graham’s ‘The Intelligent Investor,’ the chapter dealing with how investors should view fluctuations in stock prices,” he wrote in his 2011 letter. “Immediately, the scales fell from my eyes, and low prices became my friend. Picking up that book was one of the luckiest moments in my life. | I’ve read this book approximately every 10 years since my late father gave me my first copy ~1977. 2019 a good year for a reread | The single biggest influence on how I buy and sell stocks.”
Source →“@TuckeRyan It's timeless. This and Adam Smith's The Money Game are the two most influential finance books I've read. | A phenomenal book. | Here are some books that I recommend The Intelligent Investor The Richest Man in Babylon Psychology of Money by @morganhousel | I?ve read this book approximately every 10 years since my late father gave me my first copy ~1977. 2019 a good year for a reread | In my early days, I, too, rejoiced when the market rose. Then I read chapter eight of Ben Graham’s ‘The Intelligent Investor,’ the chapter dealing with how investors should view fluctuations in stock prices,” he wrote in his 2011 letter. “Immediately, the scales fell from my eyes, and low prices became my friend. Picking up that book was one of the luckiest moments in my life. | I’ve read this book approximately every 10 years since my late father gave me my first copy ~1977. 2019 a good year for a reread | The single biggest influence on how I buy and sell stocks.”
Source →“@TuckeRyan It's timeless. This and Adam Smith's The Money Game are the two most influential finance books I've read. | A phenomenal book. | Here are some books that I recommend The Intelligent Investor The Richest Man in Babylon Psychology of Money by @morganhousel | I?ve read this book approximately every 10 years since my late father gave me my first copy ~1977. 2019 a good year for a reread | In my early days, I, too, rejoiced when the market rose. Then I read chapter eight of Ben Graham’s ‘The Intelligent Investor,’ the chapter dealing with how investors should view fluctuations in stock prices,” he wrote in his 2011 letter. “Immediately, the scales fell from my eyes, and low prices became my friend. Picking up that book was one of the luckiest moments in my life. | I’ve read this book approximately every 10 years since my late father gave me my first copy ~1977. 2019 a good year for a reread | The single biggest influence on how I buy and sell stocks.”
Source →“@TuckeRyan It's timeless. This and Adam Smith's The Money Game are the two most influential finance books I've read. | A phenomenal book. | Here are some books that I recommend The Intelligent Investor The Richest Man in Babylon Psychology of Money by @morganhousel | I?ve read this book approximately every 10 years since my late father gave me my first copy ~1977. 2019 a good year for a reread | In my early days, I, too, rejoiced when the market rose. Then I read chapter eight of Ben Graham’s ‘The Intelligent Investor,’ the chapter dealing with how investors should view fluctuations in stock prices,” he wrote in his 2011 letter. “Immediately, the scales fell from my eyes, and low prices became my friend. Picking up that book was one of the luckiest moments in my life. | I’ve read this book approximately every 10 years since my late father gave me my first copy ~1977. 2019 a good year for a reread | The single biggest influence on how I buy and sell stocks.”
Source →“@TuckeRyan It's timeless. This and Adam Smith's The Money Game are the two most influential finance books I've read. | A phenomenal book. | Here are some books that I recommend The Intelligent Investor The Richest Man in Babylon Psychology of Money by @morganhousel | I?ve read this book approximately every 10 years since my late father gave me my first copy ~1977. 2019 a good year for a reread | In my early days, I, too, rejoiced when the market rose. Then I read chapter eight of Ben Graham’s ‘The Intelligent Investor,’ the chapter dealing with how investors should view fluctuations in stock prices,” he wrote in his 2011 letter. “Immediately, the scales fell from my eyes, and low prices became my friend. Picking up that book was one of the luckiest moments in my life. | I’ve read this book approximately every 10 years since my late father gave me my first copy ~1977. 2019 a good year for a reread | The single biggest influence on how I buy and sell stocks.”
Source →“@TuckeRyan It's timeless. This and Adam Smith's The Money Game are the two most influential finance books I've read. | A phenomenal book. | Here are some books that I recommend The Intelligent Investor The Richest Man in Babylon Psychology of Money by @morganhousel | I?ve read this book approximately every 10 years since my late father gave me my first copy ~1977. 2019 a good year for a reread | In my early days, I, too, rejoiced when the market rose. Then I read chapter eight of Ben Graham’s ‘The Intelligent Investor,’ the chapter dealing with how investors should view fluctuations in stock prices,” he wrote in his 2011 letter. “Immediately, the scales fell from my eyes, and low prices became my friend. Picking up that book was one of the luckiest moments in my life. | I’ve read this book approximately every 10 years since my late father gave me my first copy ~1977. 2019 a good year for a reread | The single biggest influence on how I buy and sell stocks.”
Source →“@TuckeRyan It's timeless. This and Adam Smith's The Money Game are the two most influential finance books I've read. | A phenomenal book. | Here are some books that I recommend The Intelligent Investor The Richest Man in Babylon Psychology of Money by @morganhousel | I?ve read this book approximately every 10 years since my late father gave me my first copy ~1977. 2019 a good year for a reread | In my early days, I, too, rejoiced when the market rose. Then I read chapter eight of Ben Graham’s ‘The Intelligent Investor,’ the chapter dealing with how investors should view fluctuations in stock prices,” he wrote in his 2011 letter. “Immediately, the scales fell from my eyes, and low prices became my friend. Picking up that book was one of the luckiest moments in my life. | I’ve read this book approximately every 10 years since my late father gave me my first copy ~1977. 2019 a good year for a reread | The single biggest influence on how I buy and sell stocks.”
Source →Recommended by 12 notable people, including Warren Buffett and Ankur Warikoo
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Reading Profile
Should I read this?
This is a slow, meticulous read that builds value investing principles through exhaustive stock comparisons and portfolio theory. The core useful insight is Graham’s emphasis on a margin of safety and treating market fluctuations as your servant, not your guide. The limitation: many examples hail from the 1940s-1970s, making the data feel irrelevant, and the prose can be pedantic, stretching patience. You'll get the timeless philosophy but must wade through antiquated case studies.
Read this if...
- •A 40-something engineer who has just inherited a substantial sum and wants to invest it conservatively without getting swayed by hot stock tips, drawn to Graham’s defensive investor framework that emphasizes capital preservation and bond/stock allocation over speculation.
- •A young equity research associate at a value-oriented fund who keeps getting pushback from colleagues chasing growth stories, needing Graham’s timeless case for margin of safety and intrinsic value to bolster their conviction and articulate a contrarian stance.
- •A DIY investor who got burned during a market downturn by panic-selling and now seeks a systematic, unemotional approach to market fluctuations, finding in Graham’s “Mr. Market” allegory a practical mental model to behave rationally when prices swing.
Skip this if...
- •You'll likely put it down when chapter after chapter dissects specific stock pairs from decades ago without clear modern analogues.
- •Not for those who prefer narrative-driven investing stories over dry, data-heavy analysis and textbook-style exposition.
- •Skip if you want a contemporary guide to ETFs, crypto, or day trading; this offers zero shortcuts and demands a long attention span.
Since its original publication in 1949, Graham’s book has remained the most respected guide to investing due to his timeless philosophy of “value investing.” Here he outlines the principles of stock selection for both the defensive and the enterprising investor, and stresses the advantages of a simple portfolio policy. 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. “By far the best book on investing ever written.” -Warren E. Buffett “Fully conveys the basic principles of [Graham’s]…
Before You Buy
Reading Specifications
Difficulty:hard
Length:642 pages (Long)
Audience Fit
- A 40-something engineer who has just inherited a substantial sum and wants to invest it conservatively without getting swayed by hot stock tips, drawn to Graham’s defensive investor framework that emphasizes capital preservation and bond/stock allocation over speculation.
- A young equity research associate at a value-oriented fund who keeps getting pushback from colleagues chasing growth stories, needing Graham’s timeless case for margin of safety and intrinsic value to bolster their conviction and articulate a contrarian stance.
- A DIY investor who got burned during a market downturn by panic-selling and now seeks a systematic, unemotional approach to market fluctuations, finding in Graham’s “Mr. Market” allegory a practical mental model to behave rationally when prices swing.
- You'll likely put it down when chapter after chapter dissects specific stock pairs from decades ago without clear modern analogues.
- Not for those who prefer narrative-driven investing stories over dry, data-heavy analysis and textbook-style exposition.
- Skip if you want a contemporary guide to ETFs, crypto, or day trading; this offers zero shortcuts and demands a long attention span.
Check formats, pricing, and availability options for Kindle, physical print, or audiobooks directly.
View available editions on AmazonKey themes
Why recommended
Recommended by 23 sources and appears in Stocks, Trading, and Money.
Recommended by notable people
People and public figures who have recommended this book.
Recommendation Signals
Recommendation proof is sourced from public posts, interviews, reading lists, and cited references.
Bill Ackman
“@TuckeRyan It's timeless. This and Adam Smith's The Money Game are the two most influential finance books I've read. | A phenomenal book. | Here are some books that I recommend The Intelligent Investor The Richest Man in Babylon Psychology of Money by @morganhousel | I?ve read this book approximately every 10 years since my late father gave me my first copy ~1977. 2019 a good year for a reread | In my early days, I, too, rejoiced when the market rose. Then I read chapter eight of Ben Graham’s ‘The Intelligent Investor,’ the chapter dealing with how investors should view fluctuations in stock prices,” he wrote in his 2011 letter. “Immediately, the scales fell from my eyes, and low prices became my friend. Picking up that book was one of the luckiest moments in my life. | I’ve read this book approximately every 10 years since my late father gave me my first copy ~1977. 2019 a good year for a reread | The single biggest influence on how I buy and sell stocks.”
Appears In
Not sure if this is the right fit?
Consider The Undoing Project by Michael Lewis. Recommended by 18 sources.
“Michael Lewis chronicles the friendship and intellectual partnership of Daniel Kahneman and Amos Tversky, who championed the idea that cognitive biases shape our choices. The narrative reads like a buddy story, weaving their discoveries into personal anecdotes and the drama of their collaboration. You'll grasp key ideas—loss aversion, framing—through their story, but the book focuses on biography, not application. Helpful for understanding behavioral economics' origins; less useful if you want actionable advice. The emotional arc of their relationship can overshadow the science.”
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Each recommendation is collected from a public source — interviews, articles, or curated lists — and linked to its original URL. Books with many verifiable recommendations from respected people rank higher.