Book

The Intelligent Investor

Benjamin Graham

Margin of safety and Mr Market. Read chapters 8 and 20 first and take the rest slowly; much of it is a period piece and the two ideas are the point.

• Investing
• Valuation
• Psychology and behaviour

1 idea from this book

• FrameworkInvesting located

  Price is what the market offers you today. Value is the separate question

  Decide what a business is worth before looking at the price, then act only when the price is far enough below.

  Any stock pitch, any conversation about whether a market move is a reason to act, and any valuation that starts from the price.