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You'll hear 97%+ of people say The Intelligent Investor is terrible. After studying it again, I think they are all wrong. Thread on why this is the ultimate investing book:
Investors have been so heavily influenced by Graham that we don't even realize. Before him, the investing field was a mess. The unimportance of a high IQ, margin of safety, pendulum-like swings, bond vs equity yields, Mr. Market. All came from his teachings.
This book is incredibly comprehensive. You'll learn the broad concepts underlying investing but also dive into so many specifics it feels unreal. The best thing, you never get the feeling of it being a heavy read. It's very well written.
If you don't know what has happened, you don't know what can happen. Tail events are not only unpredictable, but almost unimaginable. By reading history, you might profit from similar future situations or safeguard against otherwise unknowns.
The Intelligent Investor does not teach you perishable knowledge. It teaches you investment-thinking principles. And these don't change. Things that took decades of deep thinking for Graham to acknowledge, he gives them to you in a 20hs read.
The Intelligent Investor forces you to truly understand. You need to not only think about how an asset might fare, but also assess people's expectations, consider assets in relation to other assets, what financials actually reveal. Some questions to think through:
In the book, you'll find answers to most of your questions. Last year I came across a company that bought back stock, kept it in treasury, and redistributed shares at a later date. It was unclear to me how to think about it. Graham gave me a sense for actions of that nature.
More than the father of value investing, Graham is the father of modern investing. His love for the game made him dive deep into finance. And Benjamin was a true teacher; he didn't keep knowledge to himself. If you pay attention, you'll see his ideas everywhere.
After a long monologue and at times preaching buying companies below liquidation value, Graham finishes with a lesson from 20yrs of experience. Essentially saying: "All of what I said is very cool. But the thing is that truth might be somewhere else."
There are ideas that people either take at once or never at all. Before discarding Graham's, I suggest reading and analysis. "You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right."
Don't read interpretations. Don't read summaries. Don't listen to people speaking about it. Just try reading the book, unfiltered and pure. I think it will surprise you. <a target="_blank" href="https://twitter.com/1516427781135114253/status/1971945437944058168" color="blue">x.com/15164277811351…</a>