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The Intelligent Investor is based on value investing, an investment approach Graham began teaching at Columbia Business School in 1928. Graham's philosophy of "value investing" - which shields investors from substantial error and teaches them to develop long-term strategies - has made The Intelligent Investor the stock market bible ever since its original publication in 1949.

Warren Buffett describes "The Intelligent Investor" as "by far the best book on investing ever written"

Most important takeaways from the book:

"Mr. Market" and Margin of Safety
Graham stressed the importance of looking at the market as one would a business partner who offers to buy you out, or sell you his interest daily. Graham referred to this imaginary person as "Mr. Market." Graham said that sometimes Mr. Market's price makes sense, but sometimes it is way too high or low given the economic realities of the business.
You, as the investor, are free to buy Mr. Market's interest, sell out to him or even ignore him if you don't like his price. You may ignore him because he always comes back tomorrow with a different offer. This is the "use market" psychology. Graham viewed the freedom to be able to say "no" as a major advantage the average investor had over the professional who was required to be invested always, regardless of the current valuation of securities.
Graham also stressed the importance of always having a margin of safety in one's investments. This meant only buying into a stock at a price that is well below a conservative valuation of the business. This is important because it allows profit on the upside as the market eventually revalues the stock to its fair value, and it also gives some protection on the downside if things don't work out as planned and the business falters. This was the mathematical side of his work.
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