Notice that Graham announces from
the start that this book will not tell you how to beat the market. No truthful
book can. Instead, this book will teach you three powerful lessons:
- How you can minimize the odds of suffering irreversible losses;
- How you can maximize the chances of achieving sustainable gains;
- How you can control the self-defeating behavior that keeps most investors from reaching their full potential.
Back in the boom years of the
late 1990s, when technology stocks seemed to be doubling in value every day,
the notion that you could lose almost all your money seemed absurd. But, by the
end of 2002, many of the dot-com and telecom stocks had lost 95% of their value
or more. Once you lose 95% of your money, you have to gain 1,900% just to get
back to where you started.
Taking a foolish risk can put you
so deep in the hole that it’s virtually impossible to get out. That’s why
Graham constantly emphasizes the importance of avoiding losses—not just in
Chapters 6, 14, and 20, but in the threads of warning that he has woven
throughout his entire text.
But no matter how careful you
are, the price of your investments willgo down from time to time. While no one
can eliminate that risk, Graham will show you how to manage it—and how to get your
fears under control
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