Why the First Book on Investing You Read This Year Should Be an Old One
CEO Patrick Carroll discusses his take on “The Intelligent Investor,” including value investing at play in today’s world of real estate
By Patrick Carroll, founder and CEO of CARROLL
Simplicity is king. For nearly 75 years, The Intelligent Investor has remained dominant among investment books because it rejects the idea that investing is complicated. The book is mainly seen as a bible for the stock market. But I think Benjamin Graham’s pragmatic wisdom is invaluable for people like me who invest in property — and whether you’re into real estate or not, it could be helpful for you, too.
I first read Graham’s magnus opus when I was starting out. For years the strategies he lays out have shaped my business philosophy. The recent spate of global financial instability has me thinking again about his sage advice and thumbing through his magnificent book. Which is why it feels like the right time to put it back on investors’ radars.
“Investing isn’t about beating others at their game. It’s about controlling yourself at your own game,” writes Graham. All financial markets are chaotic. And chaos makes us reactive. We can’t control markets, but we can master the self-discipline we need to ground our behavior in logic instead of emotion.