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I have been reading it upon a recommendation from a friend and it feels weird to be reading about bond yields being so high. I feel like the general principles of 'knowing what you are investing in, hold for long term, etc" are applicable but the specific advice isn't (even with the modernization commentaries after the chapters).

The "cigar bud" strategy is not for me either.
 

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I have been reading it upon a recommendation from a friend and it feels weird to be reading about bond yields being so high. I feel like the general principles of 'knowing what you are investing in, hold for long term, etc" are applicable but the specific advice isn't (even with the modernization commentaries after the chapters).

The "cigar bud" strategy is not for me either.
What "specific advice".
To be honest I forgot much of what was in that book, though I read a LOT.

I've recommended it a few times, most people who actually read it say it's worth reading.
 

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The specific techniques don't work as well any more - even Graham wrote in the 1970s that since his style was quantitative and easy to apply, it could become widely replicated. It's not a surprise that deep value was quickly automated by quant funds. And the more something is done in financial markets the less it works. What's more, Buffett, Graham's top student and a huge adherent of his techniques, eventually moved on from deep value investing in favour of owning compounders.

The value of the book today is in the psychology discussions which are timeless. Mr. Market, etc. But as a result it means you can skip maybe half the book. It's still a worthwhile read IMO.
 

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I think that investing was "easier" when the market was less efficient.
But today the information is much easier to get.
 

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I tried reading it more than once and never got much sense out of it. If you already read Security Analysis by the same author it would help understand what he is driving at. Without that background The Intelligent Investor is mainly a series of rambling essays about long obsolete investments. My main takeaway is that even the smartest investor can't predict the future. He tries in a few places but is mostly wrong.
 

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I enjoyed the book. If you invest at least generally according to his guidelines, and maybe took some stretches on valuation, you would be doing very well. Businesses that are growing and that have demonstrated growth over 10 years - including technology. Most technology companies hit metrics at or under P/Es of 20 in the last decade while still growing 10-30%, including Facebook, Apple, Google, and Microsoft. You really can get burned buying companies at stratospheric valuations.
 

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I think that investing was "easier" when the market was less efficient.
But today the information is much easier to get.
Yeah, this has been a major change to the nature of the stock market. We live in a totally different world than the 1930s or 1950s.

Today there is amazingly fast electronic information spread, and much more efficient pricing. Investors react faster, and you likely aren't going to find "an edge"... especially not by reading the news. Liquidity is also much better, which also eliminates some opportunities.

My main takeaway is that even the smartest investor can't predict the future. He tries in a few places but is mostly wrong.
And that part is still relevant :)
 
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