Summary: The Intelligent Investor Benjamin Graham

Never invest in anything until you have first looked very carefully at the strengths and competencies of the management team.

“An investment operation is one which, upon thorough analysis, promises safety of principal and a satisfactory return. Operations not meeting these requirements are speculative.”

coming into market favor

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If you base your investment decisions on the movement of the share price rather than the value of the underlying business assets, your investment decisions will bounce all over the place.

something countless others are aiming at and (b) to be able to do it better than your numerous competitors in the market.

Is the company performing as well as its peers?
Is the company increasing or losing its market share?
Does the company have a profit margin equal to its peers?

Defensive investors will typically buy a mix of:
United States Savings Bonds or other nontaxable securities
A diversified list of leading common stocks
Shares in leading investment funds

Investors need to think like owners rather than dealers or traders

The key is to accurately appraise the future possibilities of the company in question.