The Intelligent Investor
The Definitive Book on Value Investing
The timeless bible of disciplined value investing.
First published in 1949, The Intelligent Investor lays out Benjamin Graham's philosophy of value investing for the defensive and the enterprising investor. It teaches readers to treat stocks as fractional ownership of real businesses, to demand a margin of safety, and to ignore the manic mood swings of Mr. Market. The widely read revised edition adds modern commentary by Jason Zweig.
Founders are operators but also allocators of capital and stewards of equity. Graham's discipline around intrinsic value, margin of safety, and emotional control is directly transferable to how a founder thinks about ownership and long-term value creation.
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