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The Intelligent Investor: The Definitive Book On Value Inves Why another review of the already famous and much reviewed book ? The phrase "The definitive book ..." in the title seems like an advertising gimmick added by the publisher but I think that is not exaggerated. It is even not overstated to call it "stock market bible" (though this is also an advertising-sale blip by the publisher; Graham might not be happy with this because through out the book, his words are full of cautions and humblesness). The book sets a clear goal at the begining and follows it thoroughly. These are Graham words: "little will be said about the technique of analyzing", "attention will be paid chiefly to investment principles and investor attitude". And that is exactly what it's about. It's a about a philosophy, an attitude rather than a guide to show one how to analyze and pick particular stocks. Those who comment that the book contains out of date ideas and examples simply do not appreciate the main theme of the book (should one say Aesop annecdotes obsolate because he said of obscure metaphors instead of phancy ones in the modern world?). And even Graham said: "the underlying principles of sound investment should not alter from decade to decade, but the application of these principle must be applied to significant changes in the financial mechanism and climate". Thus, the paricular application should change to adapt with the current economy situation (e.g, the arrival of tech and biotech, nanotech stocks; new tax and new corporate law; new analysis method e.g. beta analysis,etc...) but the principle of investing still remains (an analog: even with the discover of general relativilty of Eistein, who would say Newton's law is obsolate ?) I do not argue whether the modern efficient market theory (which is what is tought at business schools) is conflict with what the book said but rather, I want to emphasize the book investment principle. Graham principles stand the test of time because it is full of wisdom. He carefully define what investment is: "operation is one which, upon thorough analysis promises safety of principal and an adequate return", which clearly distinguish between investors and speculators (to understand a matter deeply, one needs to understand the definition.) Can the Graham principles be proved (like a math equation e=mc^2) ? No. But, accept it like a proposition of investing. (somewhat like the proposition in relativity theory). All said, this is a book about investment philosophy (not "how to make million" books, not "how to analyze stock" book, not how to pick stock book). The book is full of wisdom and if one understand and apply these wisdom, he or she will be better off, not only in investing but other apsect of life as well, because it's the philosophy. Wisdoms are said by wisemen, mostly old, so it's harder to appreciate by younger one unless one has experienced through the same situations. Extra: The essay by Warren Buffet is an interesting read for lay man to illustrate the point of the book. This is the one investment book to own if one can own only one.