cobafdek Posted October 31, 2014 Posted October 31, 2014 [amazonsearch]The Intelligent Investor[/amazonsearch] This book obviously needs no introduction, at least the 4th and Zweig editions, so I'll just brag about my exploit. Just picked it up this afternoon for $3. Hardback reprint of the original 1949 edition ($35 retail, $21 amazon). From one of the county branches of the Friends of the Library Bookstore. It first showed up three weeks ago for $6. I gambled by waiting a few weeks, because this branch marks prices down from their already deep-deep discounts if the books don't move. I'm in 7th heaven, but feel free to shoot me down for risking letting this slip away. I'd be more interested in hearing previews of how this edition is superior or inferior to later editions.
alwaysinvert Posted October 31, 2014 Posted October 31, 2014 You should read it PRONTO. That pesky market timing habit ain't gonna sort itself.
augustabound Posted October 31, 2014 Posted October 31, 2014 I'm in 7th heaven, but feel free to shoot me down for risking letting this slip away. On the contrary, you were patient and got it for 50% off. You don't even need to read the book. ;D
Kraven Posted November 1, 2014 Posted November 1, 2014 This book obviously needs no introduction, at least the 4th and Zweig editions, so I'll just brag about my exploit. Just picked it up this afternoon for $3. Hardback reprint of the original 1949 edition ($35 retail, $21 amazon). From one of the county branches of the Friends of the Library Bookstore. It first showed up three weeks ago for $6. I gambled by waiting a few weeks, because this branch marks prices down from their already deep-deep discounts if the books don't move. I'm in 7th heaven, but feel free to shoot me down for risking letting this slip away. I'd be more interested in hearing previews of how this edition is superior or inferior to later editions. Superior to the 4th and the Zweig version. The Zweig version is ridiculous in my opinion. The 4th (without his commentary) is good, but the 1st is better.
west Posted November 1, 2014 Posted November 1, 2014 This book obviously needs no introduction, at least the 4th and Zweig editions, so I'll just brag about my exploit. Just picked it up this afternoon for $3. Hardback reprint of the original 1949 edition ($35 retail, $21 amazon). From one of the county branches of the Friends of the Library Bookstore. It first showed up three weeks ago for $6. I gambled by waiting a few weeks, because this branch marks prices down from their already deep-deep discounts if the books don't move. I'm in 7th heaven, but feel free to shoot me down for risking letting this slip away. I'd be more interested in hearing previews of how this edition is superior or inferior to later editions. Congrats! ;D I am envious. You'll have to let us know how it is. Kraven, have you read the third edition? I picked up a copy for cheap some years ago, but I'm a little hesitant to read it since there may be better editions to spend time on? Plus, after reading Security Analysis, I'm wondering if it will teach me anything new?
Packer16 Posted November 1, 2014 Posted November 1, 2014 I really like the first edition as it reflects Graham's original philosophy and the use of comparable multiples to value stocks. Packer
Kraven Posted November 1, 2014 Posted November 1, 2014 This book obviously needs no introduction, at least the 4th and Zweig editions, so I'll just brag about my exploit. Just picked it up this afternoon for $3. Hardback reprint of the original 1949 edition ($35 retail, $21 amazon). From one of the county branches of the Friends of the Library Bookstore. It first showed up three weeks ago for $6. I gambled by waiting a few weeks, because this branch marks prices down from their already deep-deep discounts if the books don't move. I'm in 7th heaven, but feel free to shoot me down for risking letting this slip away. I'd be more interested in hearing previews of how this edition is superior or inferior to later editions. Congrats! ;D I am envious. You'll have to let us know how it is. Kraven, have you read the third edition? I picked up a copy for cheap some years ago, but I'm a little hesitant to read it since there may be better editions to spend time on? Plus, after reading Security Analysis, I'm wondering if it will teach me anything new? West, no I never did. I haven't read the 2nd or 3rd editions. In terms of spending the time on it in my opinion it's never a waste to read Graham. It's always interesting to see how his thought process developed over the years although frankly that's been discussed fairly often on the board so you probably have a good sense of it anyway. As to whether it adds anything that a Security Analysis doesn't, I think it does. The Intelligent Investor was teed up as the layman's Security Analysis. It is, in part, but I always felt the thrust of it was more towards the emotional aspects of investing as opposed to just the technical. I would say that even those areas are certainly covered in Security Analysis but perhaps in a less accessible manner. At the end of the day, The Intelligent Investor is a pretty short and quick read. I would recommend it but if you have had your fill of Graham then, as always, there are limited hours in the day and one can only read so much.
west Posted November 1, 2014 Posted November 1, 2014 At the end of the day, The Intelligent Investor is a pretty short and quick read. I would recommend it but if you have had your fill of Graham then, as always, there are limited hours in the day and one can only read so much. If you recommend it, I definitely will add it to my (slowly shrinking) list! I've got to say though, value investing certainly makes it hard for you to read "everything" ;D
Kraven Posted November 1, 2014 Posted November 1, 2014 At the end of the day, The Intelligent Investor is a pretty short and quick read. I would recommend it but if you have had your fill of Graham then, as always, there are limited hours in the day and one can only read so much. If you recommend it, I definitely will add it to my (slowly shrinking) list! I've got to say though, value investing certainly makes it hard for you to read "everything" ;D I do recommend it. I would read the 1st edition first though. It's the one where you get his clearest thoughts on investing without the changes that came about with more money, boredom with investing and different interests. Graham circa 1949 is different from Graham circa mid 1960's. Although the seeds of what he later become were evident in the 1930's and 1940's, his writing itself maintained a purity that got muddied in later years.
innerscorecard Posted November 16, 2014 Posted November 16, 2014 I'm reading the 2003 Edition right now and I'm starting to think that Zweig's comments don't actually add anything and are actually somewhat asinine.
augustabound Posted November 16, 2014 Posted November 16, 2014 I'm reading the 2003 Edition right now and I'm starting to think that Zweig's comments don't actually add anything and are actually somewhat asinine. When I first attempted the Intelligent Investor about 10 years ago, my first thought about Zwieg was, "who the f@ck is this guy?!" Now when I read it I just skip over his commentary.
cobafdek Posted November 16, 2014 Author Posted November 16, 2014 I'm reading the 2003 Edition right now and I'm starting to think that Zweig's comments don't actually add anything and are actually somewhat asinine. When I first attempted the Intelligent Investor about 10 years ago, my first thought about Zwieg was, "who the f@ck is this guy?!" Now when I read it I just skip over his commentary. I don't mind Zweig. Some of the commentary is interesting, and his stuff in the 4th edition and elsewhere on neuroscience and behavioral pitfalls I find moderately insightful and useful. I am currently reading the unfiltered 1st edition - slowly, and savoring it. For the updated 4th, I would have preferred a value guy rather than an EMH guy to do the updating and provide commentary. For the original 4th, Buffett was obviously a terrific choice, and Graham was still alive then so he surely made that decision. I wonder what the backstory was when Zweig was chosen. Some flack at HarperCollins who read only Money magazine?
peter1234 Posted November 16, 2014 Posted November 16, 2014 This book obviously needs no introduction, at least the 4th and Zweig editions, so I'll just brag about my exploit. Just picked it up this afternoon for $3. Hardback reprint of the original 1949 edition ($35 retail, $21 amazon). From one of the county branches of the Friends of the Library Bookstore. It first showed up three weeks ago for $6. I gambled by waiting a few weeks, because this branch marks prices down from their already deep-deep discounts if the books don't move. I'm in 7th heaven, but feel free to shoot me down for risking letting this slip away. I'd be more interested in hearing previews of how this edition is superior or inferior to later editions. Congratulations and thanks for bringing it up. Just read the 1st edition over the weekend and greatly enjoyed it. Thanks everyone for recommending it. :)
UNF2007 Posted December 4, 2014 Posted December 4, 2014 Where did you guys find the first edition? I have searched and only seem to be able to find pricey original copies for sale.
peter1234 Posted December 4, 2014 Posted December 4, 2014 Where did you guys find the first edition? I have searched and only seem to be able to find pricey original copies for sale. Reprint of the original 1949 edition: http://www.amazon.com/Intelligent-Investor-Classic-Value-Investing/dp/0060752610/ref=sr_1_1?ie=UTF8&qid=1417678167&sr=8-1&keywords=9780060752613
cobafdek Posted December 6, 2014 Author Posted December 6, 2014 Whadya know, another Friday, another near-windfall. Yesterday, from the same library used-bookstore mentioned at the start of this thread, I picked up a copy of The Intelligent Investor, "Second Revised Edition," also for $3.00. This time, properly admonished by alwaysinvert, I did not wait for it to be discounted to $1.50. It's a nice intact hardback copy, only the dustjacket a bit ratty, so it will be placed in a protective plastic cover. I may be turning into a pawnbroker, not only in the Tweedy/Browne sense. This 1959 edition is actually the third version; Graham did a first revision in 1954. This "Second Revised Edition" is still largely the same original Graham thinking from the 1949 edition. The updating is limited primarily to (1) eliminating the chapter on savings bonds (now no longer attractive compared to high-grade corporates), and (2) inclusion of updated market and company performance since the earlier versions. Graham's individual stock picks discussed in the 1949 and 1954 versions largely performed spectacularly. He is candid about his overall market predictions, which he admits did not turn out so great (N.B., gio). It turned out he was probably too cautious, maybe should have stayed fully invested. The call he made in this 1959 version, the overall market having tripled since 1949, was to be only 25% invested in stocks. In 1960, the S&P was flat; 1961 up 27%. Graham aficionados who want to savor his original 1949 prose, but who don't want to pay full price for the reprinted edition, can use the 1954 or 1959 versions. (Maybe west knows whether the third edition is still pretty similar.) But hurry, only one left a a great price of $3.59: http://www.amazon.com/gp/offer-listing/B000N88ZEM/ref=sr_1_3_twi_1_olp?ie=UTF8&qid=1417896141&sr=8-3&keywords=the+intelligent+investor+graham+second+edition The next best price on amazon/marketplace is $66; ebay has some copies at up to $700.
west Posted December 6, 2014 Posted December 6, 2014 And... It's gone. Apparently I don't check this board obsessively enough ;D
cobafdek Posted December 7, 2014 Author Posted December 7, 2014 And... It's gone. I think it was snapped up within an hour or two of my posting. Must be a fellow board member taking advantage of an arbitrage situation. Maybe he'll reveal his identity . . .
dpvalliant Posted December 9, 2014 Posted December 9, 2014 I thought this board would like to know that I wrote Warren in May of 1999. At the time he was saying the 2nd edition of Security Analysis was the best so I wondered if he had a favorite edition of The Intelligent Investor. He wrote me back on May 18, 1999 and said "I think all of the editions of THE INTELLIGENT INVESTOR are about the same, but I lean toward the first one for sentimental reasons." I'm guessing in 1999 there were probably 5 editions out. If I was smart enough I would post the letter. Happy Holidays,
boilermaker75 Posted December 25, 2016 Posted December 25, 2016 If you want a Kindle version, it is on sale for $3.99, https://www.amazon.com/Intelligent-Investor-Collins-Business-Essentials-ebook/dp/B000FC12C8/ref=br_prlt_grdDy_pdt-9?pf_rd_m=ATVPDKIKX0DER&pf_rd_s=merchandised-search-3&pf_rd_r=NVX2HAZGDMPVAJWR3MVG&pf_rd_r=NVX2HAZGDMPVAJWR3MVG&pf_rd_t=101&pf_rd_p=5a407244-db56-4862-910c-ba28baa0e226&pf_rd_p=5a407244-db56-4862-910c-ba28baa0e226&pf_rd_i=7533915011
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