Who Are Intelligent Investors - The Pyramid of Intelligent Investors

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Jun 11, 2005
Intelligent Investors are first of all investors, not speculators. According to Benjamin Graham, “an investment operation is one which, upon thorough analysis promises safety of principal and an adequate return. Operations not meeting these requirements are speculative”. In other words, investors are those who rely on extensive and thorough researches before making their investment decisions. Anyone who does otherwise is a speculator.