What is the difference between the two versions of The Smart Investor

First, the writers are different. The original was made by the United States"The Godfather of Wall Street"Published by Benjamin Graham, revised four times by 2011. The actual version is written by British financier Tim Hale based on the original version and his own investment experience.

To put it simply, the original version is more theoretical, and the actual version is closer to the actual business war and investment.

2. The publication time is different. "The Smart Investor (4th Edition)" was published in August 2010 and "The Smart Investor (originally 4th Edition)" was published in July 2011. "The Smart Investor (Practical Edition)" was published in July 2014.

3. Different. "Smart Investor (4th Edition)" and "Smart Investor (Original 4th Edition)" are all Yan Linke. "Smart Investor (Actual Version)" is Wang Yingzhou.

**Investing" is for professionals. "The Smart Investor" is a bit simpler and is intended for non-professionals.

The Intelligent Investor (4th edition of the visual inspection edition) is based on the complete Graham, original version 4, 1973, by Jason hereby Helwig based on the reality of nearly 40 years, especially at the turn of the century, the world's most turbulent reality, many reviews and reviews of Graham's original work, after further examination and proof of the theory of value investing. Warren Buffett's preface and commentary on the book is another highlight.

The Smart Investor (fourth edition of the commentary) begins by pointing out the difference between the distractions of "investment" and "speculation" and how smart investors determine expected returns. Smart Investor (4th Edition) focuses on the portfolio strategies of both defensive and active investors and discusses how investors respond to market volatility. "Smart Investor" (4th Edition) is a detailed account of investments, the relationship between investors and investment advisors, the general approach to analysis by ordinary investors, the defensive investors selected by investors, convertibles, and warrants.

"Intelligent Investor" (4th Edition Appearance Review Edition) is an individual investor, which fully embodies Graham's value investment philosophy and provides important guidance to ordinary investors in the selection and implementation of investment strategies.

Investors who have not read this book must read it carefully, and those who have read it need to be read repeatedly.

Follow Lawrence. According to Kormingham's classification, there are five investment models in the world: the first is value investing, which relies on the financial analysis of companies to find markets that are lower than their intrinsic value.

Represented by Graham and Warren Buffett. The second type is growth investing, where investors look for companies whose operating income can guarantee a rapid increase in the company's intrinsic value, such as Philip. Fisher and Peter.

Lynch is the representative. The third is index investing, which replicates a market index by buying **, to John. Berg is the master.

The fourth is technology investing, which uses a variety of charts to collect the behavior of the market, and for this purpose to show whether investors are expecting to rise or fall, and what the market trend is, to William. O'Neill as a representative. The fifth is portfolio investing, which attempts to build a diversified portfolio to manage risk, a strategy that began with Burton, a professor at Princeton University.

Mocal's Wall Street Walk.

Among them, Kormingham classifies technical analysis as one of the investment models: technology investment. He believes that technology investors don't care about value, they only care about **. But apparently William. O'Neill doesn't just care about **, he puts a lot of emphasis on fundamental analysis.

In fact, there are two different schools of thought in technical analysis, one that is largely indifferent to corporate fundamentals, and the other that tries to combine the two, with the latter giving rise to what is known as "momentum trading" (some called momentum trading).

Comingham believes that value investing is a way of thinking, which is characterized by habitually associating **** with the value of the business behind it. There is no natural difference between value investing and so-called growth investing, the two are inextricably linked.

Value investing has been practiced by many investors before 1929, but before that, the mainstream of the world's best was still speculation, and investors were rarely interested in the connection between company value and ****. The real establishment of value investing is Graham's main works: "The Smart Investor" and "** Analysis" (by the way, I would like to mourn Comrade Wang Yi, the author of the preface to the Chinese edition of ** Analysis).

The former is the description of the investment strategy, and the latter is the specific technical implementation. Therefore, for investors, the importance of the first book can be imagined. The other two cornerstones, one is John.

Williams's theory of business valuation, one is Philip. The growth stock concept discovered by Fisher.

This book, despite having read it many times, is still worth reading again. I think the must-read classics must be like this: classics; The author has been engaged in investment and speculation for a long time (at least 30 years), and has been doing it well, and finally obtained a large fortune; Have an independent investment philosophy; Or be unique and objective in data analysis and presentation of facts.

I'm ready to watch it for the third time.

A role model for investors!

You can take a look at it more!

Smart investors will choose investment projects according to the change of conditions, and adjust the direction in time, so that their investment can obtain greater profits.

This book is very good, I like it very much.

I've read a very good book.

A book that teaches value investing by Graham, the founder of value investing theory. Let's cite some evaluations to see what kind of book this is.

The best book ever written about investing. —Warren Buffett.

It conveys in its entirety the basic principles contained in Graham's hugely successful and popular investment approach. —Money magazine.

Graham is to investing what Euclid is to geometry and Darwin is to evolution. —New York Analytical Association.

Graham's ideas, now and 100 years from now, will forever be the cornerstone of rational investing. —Warren Buffett.

It is a good investment popular read. But reading the book also requires an understanding of the actual situation in the United States at that time.

Level 1: Beginners.

I made a fool of money, and I lost a lot of money. Therefore, people who enter the market in a bear market are lucky, and there is always a bull market to solve the problem.

The first to be eliminated are the new investors in the bull market, and 20% of them will not be able to pass this hurdle.

Level 2: Technical (Basic) Analysis.

I finally understood the ** chart, understood the trading volume, knew the wave theory, stared at the computer screen every day to count the waves, looked for various technical indicators, studied various graphics before the rise of various dark horses, and was able to chase the rise and know how to kill the fall. But good fortune no longer patronizes.

Some people inquire about gossip and market rumors every day, and listen to famous stock critics recommend the so-called dark horses, but when they buy them, they will set them, and if they sell them, they will rise, and they will be anxious and angry.

People who use technical analysis don't even look at the indicators in the end, they don't work at all! The recommendation of fundamental analysis is said to be a trust.

50% of people will stay in this realm forever and will not be able to pass this level.

The third layer: strategy.

It takes ten years of training.

Strategy 1: Don't make a big profit, just make a lot of money. Don't want any dark horses, just ask for 3-8% to be satisfied.

Strategy 2: Don't look at the right ** every time, just look at the right time and the funds can do the same.

Knowing what the probability of your judgment is, you can advance and retreat freely if you are 7% sure.

It's not about you looking at the right **, it's about how much you earn when you look at the right time! (Soros's classic quote).

Strategy 3: The investment method must be combined with your own personality.

Whether it is long-term, **, trend investment method, swing investment method, none of them is destined to succeed or fail, you must choose one that matches your personality, with the least psychological burden.

Someone said that at every turn, you must defeat greed and fear, but you don't know that with fear, you won't be shallow and deep; Only greed can win and win. Everything must be done as you like, arbitrarily, and irreversibly.

As long as you can get to these three steps, it will feel easier to make money than to spend it. (Soros's rhetoric).

The fourth layer: style.

Until the success of the exit.

has already formed its own investment style, and has been able to reach the point of "sailing as you like" (I haven't seen one anyway).

It's a pity that his investment style is to tell you clearly how I make money, such as Warren Buffett's "choose to be undervalued by the market, almost inert holding shares", you can't understand it, let alone learn it.

"Idle money, idle time and idle heart" can be understood as the "three idle realms" for investors to participate in first-class investment and prevent risks.

"Spare money" refers to money that is extra and not used for the time being. That is to say, Mu Meng should not invest all the money for raising a family, providing for the elderly, preventing diseases, and raising children, let alone use housing as collateral, take bank loans, and borrow "illegal funds" from relatives and friends.

"Idle time" refers to the "**" as an "idle matter" to do after work, can not take "**" as the main business, nor can "**" as a "reemployment project", let alone ignore their own work, during working hours or office hours.

"Leisure" refers to when you still have extra time and extra energy, calm down and seriously look for the next investment target, slowly review your investment results, and pay proper attention to the distribution of financial assets you hold.

Visionary, well-informed, and far-sighted.

When it comes to investing, I think it's smartest to see the wind and steer the rudder.