1 Notes on The Intelligent Investor - Ben-

jamin Graham
1.1 Commentary on the Introduction
...intelligence is a trait more of the character than of the brain
Graham: Obvious prospects for physical growth in a business do not
translate into obvious profits for investors.
The people who claim the next sure thing will be health care, or energy,
or real estate, or gold are no more likely to be right than the hypesters of
high-tech turned out to be.
Take for example the dot com bust. Because everyone knew it was a fast
growing industry, and obviously the one to invest in, the prices were bid
up so high that it could only go down.
A bull market is one in which stock prices are rising, encouraging buying.
A bear market is in which stock prices are falling, encouraging selling.

1.2 Chapter 1: Investment vs Speculation. Results to be

expected by the intelligent investor.