It is far from certain that the typical investor should regularly hold off buying until low market levels appear, because this may involve a long wait, very likely the loss of income, and the possible missing of investment opportunities. Market movements are important to him in a practical sense, because they alternately create low price levels at which he would be wise to buy and high price levels at which he certainly should refrain from buying and probably would be wise to sell. The investor’s primary interest lies in acquiring and holding suitable securities at suitable prices.
The speculator’s primary interest lies in anticipating and profiting from market fluctuations. Vital and indispensable, this HarperBusiness Essentials edition of The Intelligent Investor is the most important book you will ever read on how to reach your financial goals.“The most realistic distinction between the investor and the speculator is found in their attitude toward stock-market movements.
While preserving the integrity of Graham's original text, this revised edition includes updated commentary by noted financial journalist Jason Zweig, whose perspective incorporates the realities of today's market, draws parallels between Graham's examples and today's financial headlines, and gives readers a more thorough understanding of how to apply Graham's principles. Over the years, market developments have proven the wisdom of Graham's strategies. Graham's philosophy of "value investing" - which shields investors from substantial error and teaches them to develop long-term strategies - has made The Intelligent Investor the stock market bible ever since its original publication in 1949. The greatest investment advisor of the twentieth century, Benjamin Graham, taught and inspired people worldwide. This classic text is annotated to update Graham's timeless wisdom for today's market conditions.
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