In your opinion, what contributes to the enduring appeal and vitality of "The Intelligent Investor"?

Here is the translation:

Ha, talking about Graham’s "bible," there’s always so much to say. In my view, the enduring charm and vitality of The Intelligent Investor, spanning nearly a century from cigar-smoke-filled Wall Street clubs to today's era of trading on mobile apps, lie primarily in its remarkably "grounded" aspects:

1. Giving You a "Calming Pill": Getting to Know "Mr. Market"

This is perhaps the best, most vivid metaphor in the entire book.

Graham asks you to imagine having a business partner named "Mr. Market." He shows up every day to offer you a price, wanting to buy your shares or sell you his.

But this "Mr. Market" has a problem: he's emotionally unstable, almost like having bipolar disorder.

• When euphoric: He sees only sunshine, believes the future is incredibly bright, and offers you an absurdly high price for your shares.
• When depressed: He feels the sky is falling, and comes crying out, offering to sell you his shares for a laughably low price.

Graham tells you a secret: You can completely ignore him!

You don't need to panic listening to his daily quotes. You are the boss. When he quotes a ridiculously low price, you can happily buy; when he quotes an insane high price, you can consider selling to him. If his price isn't rational, you shut the door and go about your business.

The brilliance of this metaphor is that it instantly transforms abstract, intimidating "market volatility" into an emotional "person" you can exploit or even mock. It teaches us the most crucial lesson: Use the market, don’t be led by it. In today's era of information overload where cries of "wolf" happen daily, this is like a calming mantra for investors.

2. Building You a "Moat": Adhering to "Margin of Safety"

The term "Margin of Safety" sounds technical, but the principle is profoundly simple.

Think of a bridge designed to hold 30 tonnes, but regulations allow only vehicles under 10 tonnes. The 20-tonne buffer is the "Margin of Safety." It protects you—should there be minor engineering errors, slight material flaws, or unusually strong winds—ensuring the bridge doesn't collapse.

It's the same in investing:

• Through your research, you estimate a company's intrinsic value is $100 per share.
• The "Margin of Safety" principle tells you: Don't buy at $95, or even $100. Wait for an opportunity, like market panic driving the price down to $60 or even $50, before acting.

The difference between that $50–$60 price and the $100 value is your "Margin of Safety." It protects you by:

• Guarding against misjudgment (after all, no one is infallible—analysis can be wrong).
• Buffering bad luck (like a company suddenly facing trouble).

The core of this principle is defense. It doesn't teach you how to make more money; it teaches you how to first ensure you don't lose big money. This "focus on not losing first, and then seek to win" philosophy is the fundamental shield for navigating bull and bear markets.

3. Holding a "Mirror" to Your Actions: Distinguishing "Investing" from "Speculating"

Before Graham, many conflated buying stocks with gambling. He holds up a mirror, clearly showing you what you're really doing.

• Investing: An operation based on thorough analysis, promising safety of principal and an adequate return. You are buying "ownership" in a company. You care about whether the company itself earns profits and has a promising future. You act like a business owner.
• Speculating: Making a bet on price movements irrespective of intrinsic value, hoping to find a "greater fool" to pay a higher price. You are buying a ticker symbol, obsessed with price chart fluctuations. You act like a gambler.

Graham doesn't say speculating is sinful, but he repeatedly emphasizes: You must know clearly what you are doing, and never mistake speculating for investing.

This simple distinction makes you ask before every trade: "Am I buying this because I understand the company, or just hoping the price will rise tomorrow?" This question can help you dodge countless pitfalls.

In Summary

The lasting charm of The Intelligent Investor doesn't lie in offering magical stock-picking formulas or "wealth codes" to predict the market. Quite the opposite: it tells you these things don't exist.

Its enduring power comes from providing a complete intellectual framework built on common sense, discipline, and risk control. Its focus isn't on predicting the market, but on managing your own emotions and behavior.

It’s like a martial arts manual. It doesn't cultivate exotic combat techniques; it cultivates deep inner strength. No matter how weapons evolve externally (from the abacus to AI algorithms), someone with strong inner strength remains resilient.

So, even decades later, when we're overwhelmed by various "new concepts" or "market frenzies," opening this book always offers that return-to-basics calm and strength.