Probably the best book out there for long term investors is Benjamin Graham’s book, The Intelligent investor. However, the most recent publication is from the 1970s, so I’ll go through the book in a series of articles in order to extract what is still relevant.
Believe me, there’s still plenty of relevant material, especially in this market. This will allow us to compare the current market with essential value investing wisdom and perhaps improve our risk reward perspective on things.
Let’s start with chapter 1, Investment Versus Speculation: Results to be expected by the Intelligent Investor. This chapter discusses the appropriate portfolio policy for the individual investor, an everlasting topic. More →