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Book road · 12 Stations · 12 days · Money

Learn The Intelligent Investor by using it

An investor who knows their role, holds a mix they can live with, values a business before buying it, and follows a written policy when markets panic.

Graham's book is brilliant and exhausting. Here you skip the mid-century examples and practise the rules that still work: deciding how much effort you'll really give, setting a stocks-and-bonds mix, treating prices as offers you can refuse, and buying only with a margin of safety. Expect slow homework, not tips. This is education, not personal financial advice.

Separating investing from speculationSetting and rebalancing an asset allocationHolding steady through market swingsValuing a business against its priceWriting and keeping an investment policy
Play Station 1 — free, ~5 min, no sign-up →

The road, station by station

0 of 12

  1. 01Investor or speculator: draw the line

    ~5 min

    from The Intelligent Investor

    Today’s Station — start →

  2. 02Defensive or enterprising: let your hours choose your role

    locked

    from The Intelligent Investor

  3. 03What Your Savings Really Earn After Inflation

    locked

    from The Intelligent Investor

  4. 04A stocks-and-bonds mix you can actually hold

    locked

    from The Intelligent Investor

  5. Milestone

    Your role and mix, on paper

    You have named yourself defensive or enterprising, written down a stocks-and-bonds split, and scheduled your first rebalancing date.

  6. 05Buy on a schedule, not on a hunch

    locked

    from The Intelligent Investor

  7. 06Meet Mr. Market: a price is an offer, not an order

    locked

    from The Intelligent Investor

  8. 07Work out what a company is worth before you look at its price

    locked

    from The Intelligent Investor

  9. 08Margin of safety: leave room to be wrong

    locked

    from The Intelligent Investor

  10. Milestone

    One company, valued by you

    You have valued one real company you own or are considering, and recorded whether today's price gives you a margin of safety.

  11. 09Run a stock through Graham's defensive checklist

    locked

    from The Intelligent Investor

  12. 10Choose funds and advisers by record and cost, not by last year

    locked

    from The Intelligent Investor

  13. 11Hunting bargains below net current assets

    locked

    from The Intelligent Investor

  14. 12Write the one-page policy you'll follow in a crash

    locked

    from The Intelligent Investor

  15. Milestone

    A policy that holds in a crash

    You have a signed one-page investment policy, an automated contribution running, and a written rule for what you will do when the market drops 20%.

Start Station 1 — free →