The Intelligent Investor
The Intelligent Investor: Discipline, Temperament, and the Moral Psychology of Markets Benjamin Graham’s The Intelligent Investor is not merely a book about stocks; it is a treatise on human behavior under uncertainty. Beneath its conservative tone and methodical prose lies a radical claim: successful investing is less about intelligence and prediction than about character, discipline, and emotional self-mastery. Markets, Graham insists, are not efficient machines dispensing truth but theaters of mood, fear, and overconfidence. To invest intelligently is therefore to understand oneself as much as one understands balance sheets. This insight—so often paraphrased yet rarely fully absorbed—has made The Intelligent Investor one of the most enduring works in financial literature. Read superficially, it appears dated: references to railroads, preferred stocks, and post-war bond yields abound. Read properly, it reveals a philosophy that transcends time, technology, and market fa...