In 1949, when asked what it means to be an “intelligent” investor, Benjamin Graham, the father of Value Investing, said…
The word “intelligent”…will be used…as meaning “endowed with the capacity for knowledge and understanding.” It will not be taken to be “smart” or “shrewd”, or gifted with unusual foresight or insight. Actually the intelligence here presupposed is a trait more of the character than the brain.
Then, in 1976, he summed up “investing” with these words…
The main point is to have the right general principles and the character to stick with them.
[Read more…] about How to Become Graham’s “Intelligent” Investor