“The Intelligent Investor” by Benjamin Graham is a foundational text on value investing. Here’s a short summary:

The book emphasizes the importance of a disciplined investment strategy, distinguishing between “investing” (which is safe and structured) and “speculating” (which is risky and unpredictable). Graham advocates for a long-term approach, encouraging investors to focus on a company’s intrinsic value rather than market trends or short-term price movements.

Key concepts from the book include:

Margin of Safety: Invest with a cushion to minimize risk.
Mr. Market: A metaphor for the stock market’s unpredictable nature; investors should be rational and not follow emotional swings.
Defensive vs. Enterprising Investors: Defensive investors prioritize safety and a passive investment strategy, while enterprising investors seek greater returns through active management and analysis.

Overall, Graham’s principles promote sound, rational investing, balancing risk with potential rewards. 📈📚