The Intelligent Investor

Wed, 19 Jul 2023 00:00:00 +0000

The line between investing and gambling comes down to two habits. First, you pay meaningfully less for a business than it’s actually worth. Second, you treat the market’s price swings as someone else’s mood rather than a verdict on that worth. Do both and your protection comes from the pricing cushion—Graham’s famous “margin of safety”—not from any talent for predicting the future, which nobody reliably has.

Benjamin Graham on SummaryShelf

The Intelligent Investor