Part 2 of 2
Jason Zweig, editor of the 75th anniversary edition of The Intelligent Investor, shares Benjamin Graham’s classic rules for successful investing.
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Jason Zweig
ACTION POINT
PROTECT YOURSELF FROM MARKET MADNESS
“The investor’s chief problem – and even his worst enemy – is likely to be himself.”
– Benjamin Graham, The Intelligent Investor
INTELLIGENT INVESTOR’S “BASIC ADVANTAGE”
- Independence of thought & action
- Not under pressure to outperform peers or market
- Infinite time frame
- Don’t have to justify investments
- Can buy when “Mr. Market” is miserable & sell when he is euphoric
ZWEIG’S DISCIPLINE
- Construct “investor hygiene” structures:
- Series of rules, policies & procedures
- Must be followed before any investment decision
- No exceptions
BOOKSHELF
ONE INVESTMENT
ZWEIG: WIDEN WEALTH VISION
Think of wealth in several buckets:
- Fill them during your investment career
- Financial capital bucket: Cash, stocks, bonds, mutual funds, ETFs
- Physical capital bucket: House, car, second home, collectibles, antiques, art
- Human capital bucket: Value of career, job
Make the most of all three buckets and ensure they work together.