This groundbreaking new book explores the belief that at the core of liquidity there is a force which exerts individuals to effect a financial transaction when they would not otherwise do so. Understanding this force of compulsion is a key to understanding a financial market when it appears to be behaving irrationally. This book will enable new and seasoned investors to develop an understanding of the factors, so that costly mistakes can be avoided without the lesson of experience.
The story of the short life and tragic death of Bowland Beth – an English Hen Harrier – which dramatically highlights the major issues in UK conservation.
‘The sun was blood red as it broke the horizon and lit the communal roost where the female hen harrier had spent the night. She watched the other harriers as they left to go foraging for food out on the moor. She didn’t join them, for she had felt a quickening in her body, an urge to move to Mallowdale Pike, a rocky crag from where she had fledged nine months ago. After preening, she lifted off from the roost and soared up over the fell.’
David Cobham enters Beth’s world to show what being a hen harrier today is like. He immerses himself not only in the day-to-day regimen of her life, the hours of hunting, bathing, keeping her plumage in order and roosting, but also the fear of living in an environment run to provide packs of driven grouse for a few wealthy sportsmen to shoot.
The hen harrier is seen as a totemic species in the battle between the conservationists and ruralists, and as one of the key players in this emotive debate, David Cobham is uniquely placed to reflect on Beth’s story. In this powerful narrative, he provides us with a profound tale which helps to illuminate the larger implications of the species’ decline, highlighting the urgent need for conservation efforts to reverse this.
Over the years, market developments have proven the wisdom of Graham’s strategies. While preserving the integrity of Graham’s original text, this revised edition includes updated commentary by noted financial journalist Jason Zweig, whose perspective incorporates the realities of today’s market, draws parallels between Graham’s examples and today’s financial headlines, and gives readers a more thorough understanding of how to apply Graham’s principles.
Vital and indispensable, The Intelligent Investor is the most important book you will ever read on how to reach your financial goals.