The Intelligent Investor was first published in 1949. Over the following years, Benjamin Graham updated his work, releasing several new editions until 1973. The core principles remained largely unchanged, but the industry and the market experienced significant transformations from the book’s initial publication to the present day.

One of Graham’s fundamental teachings, as explained through the parable of “Mr. Market,” still holds true. Graham reminds investors that they have the power to agree or disagree with Mr. Market and make informed decisions based on their own analysis and research. While Graham depicts Mr. Market as a character who knocks on an investor’s door each day with a new offer, today’s investors can buy and sell stock throughout the day. Equipped with a smartphone in their pocket, they can choose to buy or sell their shares at a moment’s notice.

Investors today also have greater access to information, which has advantages and disadvantages. On one hand, investors have more data to make informed investment decisions. On the other, the abundance of information can lead to information overload, making it hard for investors to separate valuable insights from noise. Graham urges investors to ignore the noise and focus on the underlying value of the investments.