The Intelligent Investor Third Edition

Benjamin Graham (1894–1976), the father of financial analysis and value investing, has been an inspiration for generations of the world’s most successful businesspeople. He was also the author of Security Analysis and The Interpretation of Financial Statements. Jason Zweig is a journalist and personal finance columnist for The Wall Street Journal. He is the author of Your Money and Your Brain (Simon & Schuster, 2007), one of the first books to explore the neuroscience of investing, and The Devil’s Financial Dictionary (PublicAffairs, 2015), a satirical glossary of Wall Street. A frequent commentator on television and radio, Zweig is also a popular public speaker who has addressed the American Association of Individual Investors, the Aspen Institute, the CFA Institute, the Morningstar Investment Conference, and university audiences at Harvard, Stanford, and Oxford. Zweig was for many years a trustee of the Museum of American Finance, an affiliate of the Smithsonian Institution. He serves on the editorial boards of Financial History magazine and The Journal of Behavioral Finance.

"By far the best book about 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

"The most important investing book ever written. Jason Zweig's masterful commentary provides a modern lens to this timeless wisdom." - Morgan Housel, author of The Psychology of Money

"The Intelligent Investor teaches that value investing occurs at the intersection of fundamental investment analysis and psychology. It's the marriage of a calculator and a contrarian streak. If you find the right balance between the two, you inhabit a fruitful space that most investors won't have the tenacity, patience, or stamina to occupy. Zweig's latest update weaves recent market developments, fads, and follies into this classic guide, making it more relevant than ever before. The principles, though, need no updating." - Seth A. Klarman, CEO of the Baupost Group

"Benjamin Graham is no longer here to advise investors when markets act up, but no one channels him better than Jason Zweig, who brings the great master's counsel into the twenty-first century with cutting-edge academic research, dead-on commentary, and trademark wit. It's easy to imagine Graham nodding to himself, and occasionally chuckling, as he turns the pages of this new edition of The Intelligent Investor." - William J. Bernstein, author of The Four Pillars of Investing

"Enduring wisdom from the man who trained Warren Buffett, with commentary by preeminent financial columnist Jason Zweig showing how relevant Graham's principles are today. This treatise deserves a central place on the bookshelf of every intelligent investor." - Burton G. Malkiel, author of A Random Walk Down Wall Street

"Jason Zweig has done an important favor for all serious investors by representing Benjamin Graham's great book, enhanced by footnotes and chapter-by-chapter commentary full of insights and contemporary examples. Expert investors and beginning investors-and all investors between-will enjoy and profit from making the time to enjoy and learn from this wonderful book!" - Charles D. Ellis, founder of Greenwich Associates and author of Winning the Loser's Game

"Ben Graham was the most learned of professional investors and The Intelligent Investor is the bible of value investing. Jason Zweig, the wisest of financial journalists, has done something remarkable: created a new edition that is even better than the original. A must read for any serious investor." - Bill Miller, founder of Miller Value Partners