The Intelligent Investor

The Intelligent Investor av Benjamin Graham ses av många som "Bibeln" inom värdeinvestering. Många spaltmeter har skrivits om denna bok och säkerligen har många också lagt ned otaliga timmar på att läsa den, flera gånger om.

Det är svårt att säga annat än att The Intelligent Investor är en bok som alla som vill investera i aktier utifrån ett värdeinvesteringsperspektiv bör ha läst. Låt mig börja med att citera huvudpunkterna av vad Graham vill förmedla i sin bok.

"- A stock is not just a ticket symbol; it is an ownership interest in an actual business with an underlying value that does not depend on its share price.

- The market is a pendelum that forever swings between unsustainable optimism (which makes stocks to expensive) and unjustifies pessimism (which makes them to cheap). The intelligent investor is a realist who sells to optimists and buys from pessimists.

- The future value of every investment is a function of its present price. The higher the price you pay, the lower your return will be.

- No matter how carefull you are, the one risk no investor can ever eliminate is the risk of being wrong. Only by insisting on a margin of safety can you minimize your odds of error.

- The secret to your financial success is inside yourself. In the end, how your investments behave is much less important than how you behave."

Graham skiljer också på två typer av investerare. Den s.k. defensiva investeraren och den entreprenöriella investeraren. Den entreprenöriella utmärks bl.a. av, som Graham skriver, "Buying in low markets and sellling in high markets" samt "Buying carefully chosen growth stocks." Den entrepröniella investeraren kan nå högre avkastning än den defensiva men det kräver mycket mer tid och energi.

Angående att "tima marknaden" skriver Graham; "There is one aspect of "timing" philosophy which seems to have escaped everyones notice. Timing is of great psychological importance to the speculator because he wants to make his profit in a hurry. The idea of waiting a year before his stock moves upp is repugnant to him. But a waiting period, as such, is of no consequence to the investor."

Graham skriver också om skillnaden om spekulerare och investerare; "The speculators primary interest lies in anticipating and profiting from market fluctuations. The investors primary interest lies in acquiring and holding suitable securities at suitable prices. Market movements are important to him in a practical sense, because they alternately create low price levels at which he would be wise to buy and high price levels at which he certainly should refrain from buying."

Samt att det viktigaste för de flesta kanske inte är att enbart köpa då det är som billigast (pricka bottnar) utan att undvika att köpa "dyrt".

"It is far from certain that the typical investor should regularly hold off buying until low market levels appear, because this may involve a long wait, very likely the loss of income and the possible missing of investment opportunities. On the whole it may be better for the investor to do his stock buying whenever he has money to put in stock, except when the general market level is much higher than can be justifies by standards of value."

Det var några valda axplock. Hoppas du får tillfälle att läsa den någon gång, eller det kanske du redan har gjort?

Finn boken hos Adlibris; The Intelligent Investor