If you don’t have this book in your library, then you should not even be contemplating an investment in shares directly, or even indirectly, though a mutual fund.
It is surely not a co-incidence, as Warren Buffett graphically illustrates in his Appendix to this book, that some of the world’s most successful investors learned at the feet of Benjamin Graham and have applied his principles with great success.
This book, like all of Graham’s writings, is easy enough to understand for even the most lay of investors. Graham sets the scene early in the book by explaining the difference between intelligent investing and mere speculation. Using the history of stock market booms and crashes and illustrating them with real life examples, Graham explains how an intelligent investor can stay ahead of the market.
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A young man who was trying to establish himself as a peach grower had worked hard and invested all his money in a peach orchard. It blossomed wonderfully but then came a killing frost. He didn't go to church the next Sunday, nor the next, nor the next. His minister went to see him to discover the reason.