Preface

I have a pet theory about Ben Graham—the father of value investing—and the lasting impact of his books on generation after generation of investors. Certainly, the logic of his thinking is both compelling and convincing, but I think it’s the emotional impact that has made his ideas particularly widespread. Emotional impact is not something one usually expects in a business book.

Reading The Intelligent Investor for the first time gave me a somewhat euphoric feeling—a feeling of insight, of “I can understand this.” Almost immediately, I found the confusing and anxious world of stocks and investing becoming understandable. For many of us, this initial feeling of insight was followed quickly by a secondary feeling of greed, of “I can get ...

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