I first read this book in the early 2000s, and I think I missed the point completely! The intelligence pointed to is not in selecting the right investments, but in the emotional intelligence needed, and the maturity required for avoiding the wrong ones. The core message is more defensive in nature (don’t lose money!).

Unfortunately, in my case, the book makes sense in retrospect. Unfortunately, in the case of most young ‘uns who aim to make their millions ‘trading’, it makes zero sense. Maybe we should make it required reading for anyone opening a brokerage account?

Jason Zweig does a great job in his commentary, using the post-dot-com scenario to highlight Graham’s original arguments. Of course, he has plenty of targets, given when he was writing! But then, he would have the same in the current situation as well.

I find it amazing with the current pandemic that the US market dropped — and came right back! It’s as though there will be no earnings impact due to the virus. In India (as of now) there’s been an about 30% drop, but I fear that there are other systemic problems that have not been taken into account yet.

The more money I lose in the stock market, the more sense the book makes. Now if only I could apply the lessons before I make my decisions

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