Rating: 
Summary: Somewhat out of date
Review: Before deciding on whether to buy this book or not, one should take into account that even this version is 30+ years old, and that the original version was written over 50 years ago. Though successful investing for the greater part is founded on principles (which are timeless), the content, style and writing of the book is old-fashioned, which makes it a bit tedious to read.
Stock market history may be interesting, but the book continuosly refers to the 1971 - 1972 stockmarket, which is quite a bit out of date. There have been considerably better books written on investing since then (Hagstrom: "The Warren Buffett way", Lynch x 2: "Beating the Street, One up on Wall Street").
Yet there are still interesting chapters in the book, and some valuable pieces of advice as well. The book contains what Buffett views as the most valuable words ever written on investing: "Investing is most intelligent when it is most businesslike". Other valuable pieces of advice include why one should be careful about investing in IPOs.
Since one basically only has to understand and follow a couple of basic laws to become successful as investor (and those laws has nothing to do with beta or APT) and this book contains some of them, it can be recommended, with some reservation. But it is tediouos to read and better books on investing have been written since 1973.
Rating:
Summary: Use With Caution
Review: Graham's book is by far the most thorough, well thought out volume on investing that has ever been produced. Graham's thought processes and advice are indispensable.
Rating: 
Summary: Pennies from Heaven
Review: If you believe - as I have always believed - that the value approach is inherently sound, workable and profitable, then devote yourself to that principle. Stick to it, and don't be led astray by Wall Street's fashions, illusions, and its constant chase after that fast dollar.Investing is most intelligent when it is most businesslike. After all, you are neither right or wrong when the market disagrees with you. You are right because your data and reasoning are right. True, there is safety in growth and some of us will go as far as to declare that there can be no real safety except in growth. But these sound to me like slogans than scientifically formulated and verified propositions. A case can be made for putting all your growth eggs in the best or relatively few best baskets. If we assume that it is the habit of the market to overvalue common stocks which have been showing excellent growth or are glamorous for some other reason, it is logical to expect that it will undervalue - relatively, at least - companies that are out of favor because of unsatisfactory developments of a temporary nature. Focus on larger companies, for 2 reasons: First they have the resources in capital and brain power to carry them through adversity and back to a satisfactory earnings base. Second, the market is likely to respond with reasonable speed to any improvement shown. Let me emphasize that it does not take a genius or even a superior talent to be successful as a value analyst. What it needs is, first, reasonably good intelligence; second, sound principles of operation; third, and most important, firmness of character. Now, let me close with a few words of counsel from an 80-year-old veteran of many a bull and many a bear market. Do those things as analyst that you know you can do well, and only those things. If you're really good at picking stocks most likely to succeed in the next 12 months, base your work on that. If you can foretell the next important development in the technology, then concentrate on that activity, But in each case, you must prove yourself by honest, no-bluffing self examination and by continuous testing of performance that you have what it takes to produce worthwhile results. [IF YOU GET THROUGH THE ABOVE YEARNING FOR MORE, THEN THIS BOOK IS FOR YOU. IT CERTAINLY IS FOR ME - MUCH BETTER THAN BETAS AND SELF-PROFESSED EXPERTS THAT VANISHED WITH THE BULL]
Rating:
Summary: Valuation Primer & A History Lesson
Review: In the late 1960s, a high-flying mutual fund manager remarked on a talk show that "the trouble with old Ben Graham is he just doesn't understand today's market." That particular time was one of somewhat extreme valuations, especially in technology issues. Ben Graham was writing the 4th edition of this book at about that time. The parallels to our market today, as described by Graham, make for fascinating reading --whether or not one reads THE INTELLIGENT INVESTOR to become an unadulterated Grahamian. Although most readers come to this book to learn how to pick stocks with value, I think the historical perspective interwoven amongst the numbers makes it an especially worthwhile read. Some readers complain about how dated the text is, but Ben Graham was writing for an audience witnessing the equity market hot-air bubble of the late sixties. The pop that followed in 1973 was no accident. Just recognizing the parallels between the high-flyers of that decade and those of our current market make this worthwhile reading. Likewise, readers who assimilate any of Graham's notions of value will heretofore comprehend Benjamin Graham's own inclination to plunge into the market when most investors were leaving it for dead in 1974. Warren Buffett's lecture in the appendix ("The Superinvestors of Graham & Doddsville"), both a nice encapsulation of value investing and a refutation of the efficient market theory, is itself worth the price of the book. But there is much else in here that is worthwhile to the patient reader, who will likely return to Graham's ideas time and again in his/her investment career.
Rating:
Summary: Nothing Bad to Say
Review: Start with this one, then go to Security Analysis. Baby steps.
My only complaint is that they should make a paperback copy with a smaller font and thin pages so you can carry it around wherever you go.
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Summary: This is a great book
Review: the intelligent investor is a great book.the book does not give this make a million over night bs ,but it provides insightful ideas on investing logically via finding high earning power companies at a huge discount.Thus, this book is a great read for any one interested in value investing.
Rating:
Summary: Buy it !!! For any investor
Review: The issue is how to make money on the stock market. The conclusion is that if you have the discipline and follow the advise with rigour, you will make money on the stock market. It is not for a day trader but a genuine investor. There are many pieces of sound advice. One of the recommended easy and time saving way to pick a stock: buy the stock of Dow Index companies with minimum P/E ratio. It is a classic.
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Summary: The Source
Review: This book is must reading for anyone who is serious about investigating and analyzing investment opportunities in a logical, sound and prudent manner.
Rating:
Summary: Highly worthwhile!
Review: This is a highly worthwhile read for the budding value investor, but not for the reasons stockpickers might anticipate. Whereas I expected to collect an arsenal of value-clinching techniques --there are a few of those-- from Graham through this text, what 'The Intelligent Investor' does best is offer a historical perspective to nutty stock-market valuations. Some readers complain about how dated the text is, but Ben Graham was writing for an audience witnessing the popping equity market bubble of the late sixties. The pop was no accident. Just recognizing the parallels between the high-flyers of that decade and those of our current market make this worthwhile reading. Also, Buffett's lecture in the appendix ("The Superinvestors of Graham & Doddsville") is itself worth the price of the book. But there is much else in here that is worthwhile to the patient reader, who will likely return to Graham's ideas time and again in his/her investment career.
Rating:
Summary: One of the best books on investing ever written
Review: This is a must read for any person serious about investing (ie not gambling) in the stock market. The book is rather easy to read. Graham was an investor but also a teacher (at Columbia). He has a good balance between technical yet simple explanation. If you know absolutely nothing about the stock market and financials, you may still find it a bit obscure at time, but you should probably not invest directly anyway (at least not right away). For everyone else, read it.
Yes the latest edition was written in 1972. It is amusing at time to see the evolution. But actually this evolution is also part of what you learn by reading the book. You do see that some things never change (like valuing a company!), and others do change quite a bit. it gives you a nice perspective. Now the intersting part of the book is to understand the logic of Graham, less its conclusions. The conclusions date a bit. Graham used to work at a time when most corporations where industrial companies, when nowadays services are dominant for example. So take graham conclucions with a grain of salt. But do read in depth and try to understand his logic.
Value investing won't make you rich overnight. But reasonnably well done, it will avoid having you lose money, and can even open you the doors of year by year over-performance in the market. Warren Buffett and several other successfull investors have followed the approach of Graham. But as they all say, when you first read about value investing, you either understand it right away, or you never will. But trust my 15 year of investing on the stock market, you're better of understanding the value of value investing. And this book is the key to it.
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