intelligent investor - The Classic Text on Value Investing

Key Facts and Insights from the Book

1. Investment vs. Speculation: The most foundational insight from the book is the clear delineation between investment and speculation. Investment is an approach that promises safety of principal and an adequate return. Speculation, on the other hand, is when the safety of principal and satisfactory return is not ensured.
2. The Margin of Safety: Graham advises that an investor should always invest with a 'margin of safety'. This margin is a measure of the difference between the intrinsic value of a stock and its market price.
3. The Mr. Market Metaphor: The book introduces the...

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