In your investment career, when do you think is the best time to read "The Intelligent Investor"?

Answer:
My friend, you've asked a particularly core question regarding The Intelligent Investor. This book holds significant weight in my heart, and reading it at different stages yields completely different insights. Unlike a novel that you finish once, it feels more like a wise mentor and loyal companion that offers distinct revelations throughout your investing journey.

Here are some personal reflections I hope will assist you:

First Reading: When you start losing money or feel bewildered by market fluctuations

Many enter the stock market fueled by enthusiasm, chasing trends and hot tips. Beginner’s luck might lead to early gains, making you feel like a "stock god." Then market volatility strikes, wiping out profits and even eroding principal. Panic sets in, and you wonder: "What am I doing? What is the logic of investing?"

This is the perfect moment for your first encounter with The Intelligent Investor.

Why? Because after experiencing the market’s "lesson firsthand," Benjamin Graham’s concept of "Mr. Market" will trigger instant enlightenment. You’ll realize the entity whispering daily quotes—sometimes euphoric, sometimes despondent—is emotionally volatile. Don’t let it dictate your actions.

When anxiety over losses strikes, the "Margin of Safety" principle acts like a reassuring pill: True investing isn’t gambling on tomorrow’s rise, but buying a dollar’s worth for fifty cents, leaving room for error.

Reading it with zero experience might feel dry, like textbook study. But with genuine confusion and a tinge of "pain," this book becomes your antidote and roadmap.

Second Reading: After experiencing a full bull-bear cycle

If you’ve spent years in the market (e.g., 3–5 years) and witnessed both a bull market’s frenzy and a bear market’s gloom, revisit this book.

This time, your understanding deepens into conviction.

Deeper grasp of "Mr. Market": You’ll recall the irrational exuberance and personal greed during the bull run. Graham’s descriptions will resonate: the master had it all figured out. You’ll also recognize the panic-driven discounts of the bear market, truly feeling "be greedy when others are fearful" rather than just quoting it.
Sharper understanding of "Margin of Safety": Reviewing past failures, you’ll notice many stemmed from overpaying. Now, this principle transforms from theory into lessons paid for with real money.

Every sentence will feel like a targeted critique of your recent years, helping systematize fragmented experiences into a cohesive investment philosophy.

Third+ Reading: During extreme market sentiment (greed or panic)

As your experience grows, the book evolves from "textbook" and "playbook" to a "ballast" and "psychological therapist."

Read amid euphoria: When everyone—even the grocery vendor—talks stocks, revisit Chapter 8 (Mr. Market) and Chapter 20 (Margin of Safety). Like cold water to the face, they’ll sober you, reaffirm risk awareness, anchor you to your circle of competence, and deter reckless moves.
Read amid despair: When markets crash and "doomsday" headlines dominate, reopen this book. It will restore courage, reminding you that investing is "owning a piece of a business"—not trading flickering tickers. Great companies sell at "bargain-bin prices," precisely when "intelligent investors" act.

Here, the goal shifts: Conquer fear and uphold principles.

Special Advice for Total Beginners

If you’re entirely new to stocks/funds:

Don’t expect full comprehension in one read: Dated examples/terms can be obscure. Skip ambiguous parts initially.
Prioritize core chapters: Focus intensely on Chapter 8 (Investing and Market Fluctuations) and Chapter 20 (Margin of Safety). These encapsulate value investing—master them to grasp its essence.
Opt for annotated editions: Modern versions include Jason Zweig’s commentaries, explaining Graham’s ideas through contemporary cases. For novices, his notes may even surpass the original text.

To summarize:
There’s no single "best" time to read The Intelligent Investor. It’s a lifelong companion:

Clarity amid confusion.
Calm amid gains.
Solace amid losses.
Principles amid uncertainty.

So don’t overthink it. If you’re serious about investing and seek its true wisdom, now is the moment.

May your reading be rewarding!