It all started with Security Analysis. Then, the undisputed master of investing, Benjamin Graham, followed up with The Intelligent Investor.
Often times we are sent books to review that we want to just be finished with. Those books don’t get a review. Books like The Intelligent Investor are the type we love to read and review. This is one of those books that you want to savor. You want to take in every word.
This book was written in 1949 and speaks of real world examples from that time. It is interesting to see how right Graham was in his predictions. He actually made no predictions.
What he gave us was insights. He gave us good, common sense ideas of how to value companies. He wrote about the Great Atlantic and Pacific Tea Company (A&P). At that time, A&P was the largest retailer in the world. He also spoke about the soon to rise star, Sears.
As we know, both these stars were snuffed out, not by bad stocks, but by bad management. Both A&P and Sears failed or are failing, in the case of Sears, because management took their eyes off the ball, so to speak.
K-Mart, which is owned by Sears, Sears, and A&P forgot who their customers were and focused instead on the bottom line.
Benjamin Franklin said, “Take care of the pennies and the pounds will take care of themselves.” This is true in retail as well. If you take care of your customers, the bottom line will take care of itself.
|Five Star Review|
We give The Intelligent Investor: The Classic Text on Value Investing by Benjamin Graham all five stars. It is well-written and a very easy-to-read and understand book.
We checked a copy of this book out from the Wharton County Texas Library through their Inter-library loan service. We are under no obligation to write any review, positive or negative.
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