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Among the library of investment books promising no-fail strategies for
riches, Benjamin Graham's classic, The Intelligent Investor, offers no
guarantees or gimmicks but overflows with the wisdom at the core of all
good portfolio management.
The hallmark of Graham's philosophy is not profit maximization but loss
minimization. In this respect, The Intelligent Investor is a book for
true investors, not speculators or day traders. He provides, "in a form
suitable for the laymen, guidance in adoption and execution of an
investment policy" (1). This policy is inherently for the longer term
and requires a commitment of effort. Where the speculator follows market
trends, the investor uses discipline, research, and his analytical
ability to make unpopular but sound investments in bargains relative to
current asset value. Graham coaches the investor to develop a rational
plan for buying stocks and bonds, and he argues that this plan must be
a bulwark against emotional behavior that will always be tempting during
abrupt bull and bear markets.
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