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The role of analysis and discipline: Graham emphasizes the importance of thorough analysis and discipline in investing. The importance of a margin of safety: Graham advises investors to always aim to buy stocks at a discount to their intrinsic value, in order to create a "margin of safety." This means that even if the company's intrinsic value turns out to be lower than expected, the investor will still be able to profit due to the discount they received. He defines intrinsic value as the value of a company's assets minus its liabilities, adjusted for the company's earning power. The main points of the book can be summarized as follows: The concept of intrinsic value: Graham argues that the key to successful investing is to focus on the intrinsic value of a company, rather than its market price. It has since become a widely influential text in the field of investing and has been recommended by many successful investors, including Warren Buffett. The Intelligent Investor is a classic book on value investing, written by Benjamin Graham and first published in 1949.
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