Graham's Intelligent Investor

Graham's "The Intelligent Investor" is a foundational book on value investing, emphasizing a disciplined approach to trading stocks. It teaches investors to focus on the underlying value of a company, rather than speculative price movements. Graham introduces concepts like "margin of safety," which means buying stocks at a price below their true value to minimize risk. He also differentiates between investing and speculation, advocating for a long-term perspective. The book stresses the importance of research, patience, and emotional resilience, encouraging investors to remain rational and avoid reacting impulsively to market fluctuations.