A Book of Practical Counsel
Автор(и) : Benjamin Graham
Издател : HarperBusiness Essentials
Място на издаване : New York, USA
Година на издаване : 2003
ISBN : 978-0-060-555-66-5
Брой страници : 623
Език : английски
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The best book on investing ever written, this classic work offers sound and safe principles for investing - principles that have worked for more than the half century since the first edition was published. This revised edition features a new introduction, appendix and chapter updates. Since its original publication in 1949, Benjamin Graham's book has remained the most respected guide to investing, due to his timeless philosophy of 'value investing', which helps protect investors against areas of possible substantial error and teaches them to develop long-term strategies with which they will be comfortable down the road.
"By far the best book on investing ever written.” (Warren Buffett )
“If you read just one book on investing during your lifetime, make it this one” (Fortune )
“The wider Mr. Graham’s gospel spreads, the more fairly the market will deal with its public.” (Barron's )
Benjamin Graham (May 8, 1894 – September 21, 1976) was an American economist and professional investor. Graham is considered the first proponent of value investing, an investment approach he began teaching at Columbia Business School in 1928 and subsequently refined with David Dodd through various editions of their famous book Security Analysis. Disciples of value investing include Jean-Marie Eveillard, Warren Buffett, William J. Ruane, Irving Kahn, Hani M. Anklis, and Walter J. Schloss. Buffett, who credits Graham as grounding him with a sound intellectual investment framework, described him as the second most influential person in his life after his own father. In fact, Graham had such an overwhelming influence on his students that two of them, Buffett and Kahn, named their sons, Howard Graham Buffett and Thomas Graham Kahn, after him.
In recent years, Graham's "Mr. Market" approach has been challenged by Modern Portfolio Theory, as advanced by such proponents as William J. Bernstein, whose book The Intelligent Asset Allocator extends Graham's The Intelligent Investor via an appreciation of long-term trends and the near impossibility of understanding the market writ large. Modern Portfolio Theory posits that it is generally impossible for any individual to outwit the market, and is widely taught in American and British business schools. Nevertheless, Graham's approach retains a widespread and dedicated following. Indeed, numerous academic studies, including "Contrarian Investment, Extrapolation, and Risk", "Good news for value stocks: Further evidence on market efficiency", "The Cross Section of Expected Stock Returns", and many others, have proven that value stocks outperform the market over virtually all multi-year periods.
According to Warren Buffett, Graham said that he wished every day to do something foolish, something creative, and something generous. Buffett said that Graham excelled most at the last.
Benjamin Graham, the father of value investing, has been an inspiration for many of today's most successful business people. He is also the author of Securities Analysis and The Interpretation of Financial Statements.