Essential library reference.
Worth dusting off from time to time, to reinforce time tested stock market lessons.

keren...

certain issues may not be relevant to today's finance but there are lots of things you can learn reading the book. there is no book that goes as deep as this book teaching you about value investing except Intelligent Investor. If you are thinking about value investing or overall about investing, then you should read the book

The value investing Bible. Hopefully it will pay for itself . . .

Czytałam znacznie dłużej, niż Regulamin tłoczni win Irvinga, i to pokazuje mój stosunek do tej książki. Trochę za dużo tu polityki USA z czasów wojny w Wietnamie, trochę za dużo tajemnic na siłę rozwiązywanych w ostatnim momencie i te dłużyzny mnie znudziły. Ale ostatecznie przeczytałam, bo język jednak Irving ma piękny i gładko prowadzi opowieść.

Oldie but a goodie.

Inteligentný investor sa mi páčil viac. Pripadal mi viac reader-friedly. Možno to bolo aj tým dodatkami. Tu mi už niektoré časti prišli príliš historické, plus dlhopisové časti mi liezli na nervy, keďže ma dlhopisy nezaujímajú.

A clear, oh-so-thorough review of a field in which I have little to no knowledge or expertise. If you have the patience to make it through, it represents a worldview that I find very interesting--you can follow the paper trail to very what has happened, to understand a group of people's decision making in the present, and to make educated guesses as to what could happen in the future. Fascinating.

Large chunks of this text are obviously quite dated, but skim it as a companion text to the Intelligent Investor, Berkshire's annual letters, Charlie Munger's collection of aphorisms, and maybe Phil Fisher's Common Stocks - to round out your value investing education. Through this book, you get a chance to time travel to shortly after the biggest feeding frenzy and stock market crash in the early 20th century, and read a lucid accounting of Graham and Dodd's takeaways from that event.

For a long time, I was discouraged from picking this up because it's been described by finance writers as a dense textbook fit for only the most fluent in numeracy. Maybe that was true for the average person in the early 20th century. But if you're a modern citizen who took algebra in middle school, and you have an above average interest in business history, you can handle this book, man.

Through thorough and elaborate examples, this book does a great job of explaining how to assess a business as a prospective investment, through the lens of the different components of the value investing framework. Concepts such as "margin of safety", "competitive advantage" or "reliability" were simple enough to grasp at a high level, but I had no idea how to frame them in a formal sense, in the context of a businesses or their underlying securities.

Using past examples, the authors demonstrates how one may perform their financial analysis of a company, by means of examining its financial statements (balance sheets, cash flow statements, etc.) in order to intelligently determine its rank or quality as an investment. Interestingly, there were far more examples of the common pitfalls in investment analysis, with an explanation of how they should have been correctly done, rather than a simple explanation of the "correct" method.

I also found very intriguing to me to find that while it is necessary for the investor to analyze all of the quantitative factors presented to him via the business's financial statements, whether a security qualifies as a sound value investment is not a simple answer than one derives from a formulaic calculation. Instead, it is one that the investor must use their personal judgement to discern, through careful inspection and consideration of all of the quantitative and qualitative factors.

Personally, my biggest hurdle, and one which will force me to revisit this book in the future, was my lack of familiarity with most of the accounting jargon.

Classic on value investing.

วิชาตรรกะ ปรัชญา การบัญชี การเงิน การจัดการ การวิเคราะห์หลักทรัพย์
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