Benjamin Graham

A first edition of The Intelligent Investor by Benjamin Graham.

• Benjamin Graham (American).
• New York: Harper & Brothers Publishers, [1949].
• Octavo.
• 276 pages.
• Several black-and-white charts and graphs.
• First edition, early printing (code of F-Y, i.e. June 1949, on copyright page, the earliest being April 1949).
• Black cloth, publisher's logo blind stamped on cover, gilt stamping on spine.

An early book on value investing by Warren Buffet's mentor.

The Intelligent Investor, first published in 1949, was based on a speculating philosophy developed by Benjamin Graham (1894–1976) and David Dodd while they were teaching Columbia Business School in 1928, then later developed into their 1934 book, Security Analysis. At the center of both volumes is the concept of value investing, which promotes taking into account a company’s potential for long-term growth, rather than short-term gain, when purchasing seemingly underpriced securities. However, in Intelligent Investor, Graham deviated slightly from his earlier work, advocating that instead of performing extensive company analyses, an application of simple earning criteria would be sufficient research for potential investors.

The book was almost instantly influential, not least on a 20-year-old Warren Buffett, who began using its precepts to build his own successful investment portfolio. It has sold millions of copies since the publication of this first edition, undergoing several revisions, including the last in 1973, which featured a preface by Buffett. It remains highly regarded by the public, particularly for those involved in mutual funds, hedge funds, diversified holding companies, and other investment vehicles.

In the scarce original dust jacket.