The Intelligent Investor

一句话：Ben Graham 面向大众读者写就的案例版价值投资入门书，19 岁的 Buffett 读到"欲罢不能"、并因此走上投资之路的那本书。

简介

David 把它和更早、更艰深的《Security Analysis》相对照："The Intelligent Investor is like Danny Kahneman's Thinking, Fast and Slow version of case studies, distilled down for public consumption."（它像是把 Security Analysis 提炼成面向大众的案例版，如同 Kahneman 的《思考，快与慢》之于学术心理学。）1950 年这本书刚出版，19 岁的 Buffett 就为之着迷（"Warren was obsessed with it"），入学 Columbia 前已经通读到把书页翻烂（"he's already read The Intelligent Investor cover-to-cover, he's wearing out the pages so many times"）。

推荐理由

这本书在本集里的分量，不只是被主持人转述推荐，更是叙事本身的驱动力：正是读了这本书，19 岁的 Buffett 才决心报考 Columbia、投奔亲授此书的 Graham 门下；也正是因为发现书中满是案例却唯独没提到 Graham-Newman 重仓 55% 的 GEICO，他才在一个周六跑去华盛顿敲开 GEICO 大门，听财务主管 Lorimer Davidson 讲了四小时 float 的秘密，促成了他人生第一笔重仓（75% 组合押 GEICO）。David 事后点破这处空白的原因：GEICO 本就不是 Graham-Newman 的典型投资，只是因为 Graham 谈成了一笔低于要价的折扣交易才买入——"这正是它没写进 The Intelligent Investor 的原因"（"There's a reason why it wasn't in the Intelligent Investor."）。

出处

[acquired-berkshire-1]：David 讲述 Buffett 求学与 GEICO 故事的段落。原话：'Graham's book, The Intelligent Investor, had just come out and Warren was obsessed with it... Warren read The Intelligent Investor. He loves it. He's like, this is amazing.' 以及后文：'the Government Employees Insurance Company isn't mentioned anywhere in the Intelligent Investor... There's a reason why it wasn't in the Intelligent Investor.'