Benjamin Graham, the father of value investing, published his book "The Intelligent Investor" in 1949, and went through two revised editions, three revised editions, and a fourth revised edition in 1973.
And in 2016, a revised edition was published with additional commentary by Jason Zweig.
However, many people said that Jason Zweig's commentary was too difficult to understand and did not fit the Korean stock market because it used the US stock market as an example.

So, we published "The Intelligent Investor," which explains the theories emphasized by Benjamin Graham by applying them to the Korean stock market, along with "The Intelligent Investor, Revised 4th Edition," the last revised edition written by Benjamin Graham himself during his lifetime.


"The Intelligent Investor" is the best book that explains Benjamin Graham's theories in an easy-to-understand manner and proves the success of Graham's theories by conducting simulations to see if they can be applied to the Korean stock market.


This time, the revised 4th edition of “The Intelligent Investor” has been revised with Lee Seong-min’s easy-to-understand and clear translation, so the quotations have been changed to Lee Seong-min’s text and the revised edition of “The Intelligent Investor Commentary” has been published.

As Warren Buffett emphasized, “The principles of value investing transcend national borders and apply to all markets. I follow the principles written in Benjamin Graham’s book, “The Intelligent Investor,” not only in the United States but also in other countries,” Graham’s theory has once again proven to be an investment book that delivers the best value beyond time and space.

When asked during an interview with Graham for advice for young people starting out in investing, Graham replied:
“I think The Intelligent Investor is a more useful book than Security Analysis.
“The Intelligent Investor recommends choosing a technique that seems advantageous and sticking to it consistently.” It is interesting to note that Graham himself recommended The Intelligent Investor more than Security Analysis.

---From "Entering"

Investors should invest in companies that make money.
Therefore, Graham considers profitability to be the first criterion for investment.
Companies with stock returns exceeding bond yields are investment targets that provide a margin of safety.
However, there may be companies that are grossly undervalued but not sufficiently profitable.
In other words, it is clear that it is not a sound investment in principle, but it is so undervalued that it is worth investing in exceptionally or temporarily.
At this point, the difference between intrinsic value and stock price can be considered a kind of safety margin.
---From "Chapter 3 Safety Margin and RIM"

Quantitative investment expert Kang Hwan-guk named this strategy "Graham's Last Gift" because Graham proposed it just before he passed away.
What if the "Graham's Last Gift" strategy had been used in Korea? A backtest conducted from July 2002 to June 2016 yielded a compound annual return of 14.0%.
This super-simple strategy worked in Korea, too! Historically, Korea has had a lower PER than the US.
Therefore, we backtested a strategy of lowering the PER to 5x and investing in companies with a debt ratio of 50% or less, and the annual compound interest rate improved to 16.3%.
Including dividends, it is estimated to be close to the US figure of 17.8%.
This strategy has achieved high returns in the United States as well as in Korea.
Forty years after its introduction, the strategy remains relevant.
---From "Chapter 5 Quant"

As Graham guides, if you follow a sound investment strategy that even ordinary investors can safely proceed with, the fear of investment losses will disappear.
So, instead of focusing on trading techniques like how and when to trade or how to ride an upward trend to generate profits, paradoxically, it creates an environment where you can faithfully focus on value investing, which involves analyzing intrinsic value, the essence of investing, and partnering with quality companies over the long term.
A sound investment strategy is both the beginning that makes value investing possible and the end that completes it.
This is Graham's message to the average investor, and it's a heartwarming gift.

---From "In Conclusion"