Rating: 
Summary: Skip it
Review: The updated commentary makes this book a more enjoyable version than previous editions. If however you are already a believer in the Grahm school of thought you might as well read Security Analysis and skip this one. Security Analysis is FAR more in depth. For those of you who do not believe in the Grahm method, this probably won't convince you. I give this book four stars simply because it qualifies as some sort of classic, as far as investment books go. And Mr. Zwieg has done a good job including more current info and examples.
Rating: 
Summary: one of, if not the best, equity investment book
Review: this is buffets' bible for good reason. the book's central concept, the margin of safety, is reinforced time and again w/ supporting ratios and working examples, both from the 60-70s and from zweig's excellent supplements (an extremely valuable supplement to the original text, if for no other reason than to show that graham's teachings are timeless). while occasionally ratios will appear dated and no longer relevant (i.e. book value's importance has declined w/ the transition of the US eq mkt to increasing intellectual capital in a company's mkt cap), its discipline, focus and litmus tests (i.e. bond yields vs E/P ratios) still remain valid. for the individual investor, there simply is no better book.
Rating:
Summary: Classic Investment Book Enhanced for Today¿s Investors
Review: When I first came across the first edition of this book in my local library in 1959, I was a teenager. Back in those days there were only a handful of books about the stock market. And I've read all of them during my junior high and high school years. This latest updated 623-page paperback (the index alone is 33 pages) version updated by Jason Zweig is a welcome addition to this classic. The original chapters are intact, but with footnoted comments by Zweig. Moreover, he provides his own commentary on each chapter contents in a separate chapter following each original chapter. He provides extensive research, charts, tables and commentary that updates the book to the present years. He is not afraid to take on the big guns of Wall Street and show how wrong they were in some of their extremely bullish predictions during January-March 2000, when the market was at its peak. The first nine chapters cover investing basics that all investors could benefit from. There are many truisms spouted on Wall Street that are not really true. These chapters provide the investor with a realistic picture of how Wall Street works and what investors need to do to come out ahead. Chapters 10-20 focus strictly on fundamental analysis, stock selection, convertible issues and warrants, and other subjects. Investors who plan to invest directly in stocks should make sure to read these chapters. However, for readers more interested in investing in mutual funds, and in particular index funds, they need not concern themselves with all the detail in these chapters unless they have the time or interest in the subject matter presented. In conclusion, the combination of pioneer Ben Graham's original work coupled with Zweig's meticulous and enjoyable update, make this a remarkable book about investments and investor behavior that every new and experienced investor should read. Of the 500 investing books that I've read, this one certainly is one of the greats of all time.
Rating:
Summary: The Intelligent Investor: The Definitive Book On Value Inves
Review: Why another review of the already famous and much reviewed book ? The phrase "The definitive book ..." in the title seems like an advertising gimmick added by the publisher but I think that is not exaggerated. It is even not overstated to call it "stock market bible" (though this is also an advertising-sale blip by the publisher; Graham might not be happy with this because through out the book, his words are full of cautions and humblesness).
The book sets a clear goal at the begining and follows it thoroughly. These are Graham words: "little will be said about the technique of analyzing", "attention will be paid chiefly to investment principles and investor attitude". And that is exactly what it's about. It's a about a philosophy, an attitude rather than a guide to show one how to analyze and pick particular stocks. Those who comment that the book contains out of date ideas and examples simply do not appreciate the main theme of the book (should one say Aesop annecdotes obsolate because he said of obscure metaphors instead of phancy ones in the modern world?). And even Graham said: "the underlying principles of sound investment should not alter from decade to decade, but the application of these principle must be applied to significant changes in the financial mechanism and climate". Thus, the paricular application should change to adapt with the current economy situation (e.g, the arrival of tech and biotech, nanotech stocks; new tax and new corporate law; new analysis method e.g. beta analysis,etc...) but the principle of investing still remains (an analog: even with the discover of general relativilty of Eistein, who would say Newton's law is obsolate ?) I do not argue whether the modern efficient market theory (which is what is tought at business schools) is conflict with what the book said but rather, I want to emphasize the book investment principle.
Graham principles stand the test of time because it is full of wisdom. He carefully define what investment is: "operation is one which, upon thorough analysis promises safety of principal and an adequate return", which clearly distinguish between investors and speculators (to understand a matter deeply, one needs to understand the definition.) Can the Graham principles be proved (like a math equation e=mc^2) ? No. But, accept it like a proposition of investing. (somewhat like the proposition in relativity theory).
All said, this is a book about investment philosophy (not "how to make million" books, not "how to analyze stock" book, not how to pick stock book). The book is full of wisdom and if one understand and apply these wisdom, he or she will be better off, not only in investing but other apsect of life as well, because it's the philosophy. Wisdoms are said by wisemen, mostly old, so it's harder to appreciate by younger one unless one has experienced through the same situations.
Extra: The essay by Warren Buffet is an interesting read for lay man to illustrate the point of the book.
This is the one investment book to own if one can own only one.
Rating:
Summary: "best book on investing ever" (Warren Buffett) ... I agree.
Review: Zweig takes the classic book by Ben Graham (Intelligent investor, 1949 -- updated and rewritten several times) and adds lots and lots of commentary. Every other chapter is Zweig. Almost every page has a Zweig comment on something Graham says. If you are a Graham fan and CAN read his work easily (very tough for me, as he reads like Winston Churchill) you will find Zweig annoying ... but if you are moderately versed in value investing terminology but not an expert, you'll find his "translation"/commentary very helpful. Zweig also gives lots of modern examples of how with value investing, the Graham way, investors could have avoided the recent bubble burst.
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