The Intelligent Investor by Benjamin Graham
This book reminds me that there can be valuable books in any genre. I don’t know crap about investing. Like cookbooks. But as far as cookbooks go, there are the early valuable editions of Julia Child’s Mastering The Art of French Cooking, where Child is credited last. Otherwise I can’t think of any particular cookbooks that command that kind of interest or value. … I suppose we did sell a cookbook from the 1700s for a few hundred dollars, but as far as contemporary cookbooks, it’s a pretty solid rule that they have no resale value. Cookbooks are certainly not my specialty. I should start cooking more, though! I know less, and am also less inclined to start investing. However…
by Benjamin Graham. Published by Harper & Brothers, originally published 1949. First edition, early printing. Harper’s had a code system to specify month and date of printing. Thus “C-A” means March, 1951. Possibly a fourth or fifth printing.
I was surprised to learn that this volume does in fact have significant value. Graham is known as the “father of value investing”. My colleague Mike recognized the name immediately. You might recognize Benjamin Graham because he’s associated with Warren Buffett – he was Buffett’s mentor, and The Intelligent Investor is Buffett’s investing-bible. And Warren Buffett just happens to be the second richest person in the world, last time I heard. That’s what I call an endorsement.
You may also be interested in The Theory of Investment Value by John Burr Williams, 1964. Williams was “the first to articulate the theory of Discounted Cash Flow (DCF) based valuation, and in particular, dividend based valuation.”
The book in question:
You can crack Harper’s & Brothers codes using the key on this site, just scroll down a little until you see the table. On that page there are also a ton of tips on how to identify first editions from particular publishers. It’s an incredibly handy resource.
Thanks for reading, and you might also like to meander over to our eBay store, where there is much more biblio-goodness to be found!