The Intelligent Investor: The Definitive Book on Value Investing
The classic text on value investing and capital preservation
"The essence of investment management is the management of risks, not the management of returns."
— Benjamin Graham
My Review
Graham's value investing principles are K-strategy applied to capital allocation - patient, defensive, focused on survival. His concept of 'margin of safety' is biological redundancy in financial form.
Why It Matters
Graham's principles encode biological survival wisdom - build reserves, expect adversity, prioritize not losing over winning.
Key Ideas
- Margin of safety: always leave room for error
- Mr. Market: markets are emotionally driven
- Investment vs. speculation: focus on intrinsic value
- Defensive investing prioritizes survival over gains
How It Connects to This Framework
Book 2's hibernation and reserve strategies directly parallel Graham's margin of safety concept.
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