Benjamin Graham：Defensive vs. Enterprising
Benjamin Graham《The Intelligent Investor》· Introduction · Investing · Character · Action
The determining trait of the enterprising (or active, or aggressive) investor is his willingness to devote time and care to the selection of securities that are both sound and more attractive than the average.
Source：
https://archive.org/details/the-intelligent-investor-benjamin-graham_202508
Locator：Introduction, p. 6, paragraph beginning “In the past we have made a basic distinction” · Verified：2026-10-19 · Verification：Exact match
Reading
The enterprising investor is defined by the willingness to do the work of selection.
Context
Graham divided investors into defensive and enterprising types. The defensive investor puts avoidance of serious mistakes first and wants freedom from bother; the enterprising investor is willing to devote time and care to selecting sound, above-average securities. The difference is effort and temperament, not intelligence.
Today's question
How much time and effort will you devote to investing—and does your current approach fit the defensive or enterprising role?
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