
Survey of Historical Stock Advice (2013) - luu
https://www.jefftk.com/p/survey-of-historical-stock-advice
======
JackFr
Article skips from 1912 to 1962, leaving out 'The Intelligent Investor' (1949)
by Ben Graham. Possibly the most influential stock investing book ever, it has
been continuously in print since 1949.

~~~
prewett
I came here to say comment on "The Intelligent Investor", too. If anyone is
interested, I have a summary [0]. I recall Graham recommending that if you
don't have time to research individual stocks to buy an index fund, but I
can't find that in my summary. (My edition is the 1972 edition, I'm not sure
if index funds existed in 1949.) If that is correct, then the advice to buy a
mutual fund rather than individual stocks is completely due to the efficient
market theory. Graham's logic was definitely not due to EMT, and given that he
was a value investor, he would have rejected EMT, since you obviously can't
buy at a discount if the market is truly efficient.

(I've never been able to figure out how EMT believers manage to maintain their
faith in the face of rather large market corrections and well-documented
bubbles, but that's not exactly related.)

[0]
[http://geoffprewett.com/BookReviews/IntelligentInvestor.html](http://geoffprewett.com/BookReviews/IntelligentInvestor.html)

------
olalonde
> The idea that you should try to pick individual stocks appears to have
> started to enter popular advice in the early '70s, with "A Random Walk Down
> Wall Street".

Typo here? Should be "The idea that you should _not_ try to pick individual
stocks [...]".

