Which investor wrote the 1949 book The Intelligent Investor?

Benjamin Graham wrote The Intelligent Investor, first published in 1949.

Graham was an economist, investor, and teacher whose work helped establish value investing. The book argued that investors should distinguish investment from speculation, seek a margin of safety, and consider the underlying value of a business rather than simply follow market excitement.

Its famous “Mr. Market” analogy describes market prices as changing offers from an emotional business partner. Graham used the idea to show that investors do not have to accept every market quotation as a reliable measure of intrinsic value.

Warren Buffett studied under Graham at Columbia Business School and later became one of the book’s most prominent admirers. Buffett also wrote the foreword to later editions, but he was not the author. Peter Lynch became known for practical stock-picking advice, while John Bogle founded Vanguard and popularized low-cost index investing.