Jason Zweig is a journalist at the Wall Street Journal. I have consistently found his column, “The Intelligent Investor” to be clear and insightful. His March 21 column, “The Risk That Come With Rescuing Banks” is followed by “Money Mailbag”. He was asked for a comparison of “The Intelligent Investor” and “Security Analysis” both written by Benjamin Graham.

Following are excerpts from his answer.
“ Benjamin Graham (1894-1976) was one of the greatest investors of the 20th century, as well as Warren Buffett’s boss and mentor.”

“He understood that markets are dynamic and that investors should be flexible.”
“The guidelines Graham laid down in the final edition …(1973) differ significantly from those he set in the previous, 1965 edition.”

“What Graham never changed is the emotional framework he built. Whether you are a professional or an individual investor…”

“If he were around today, he would have yet another set of rules.”

• “cultivate the seven investing virtues of curiosity, skepticism, discipline, independence, humility, patience and courage;
• regard a stock as a stake in an underlying business, not as a ticker symbol or a lottery ticket;
• recognize that the stock market is often insane;
• think not only about how much you will make if you are right, but how much you will lose if you are wrong;
• trade as seldom as possible.”
  

He provides much to think about, even if you do not agree with him.