Create a 5 pages page paper that discusses investment strategy business. Graham’s investment strategy, as established in his now seminal text the ‘Intelligent Investor’, encourages a steady and conservative approach referred to as ‘defensive investing’. This strategy is contrasted with ‘speculative investing,’ an approach more closely linked to gambling. Graham’s strategy has lasted the test of time and drawn positive attention from billionaire investor Warren Buffet who claims it is the best investing text ever written. This essay examines Graham’s strategy in this text through an analysis of investment objectives, asset allocation, security selection process, and whether I would implement this strategy. Objectives The strategies articulated in the ‘Intelligent Investor’ are such that any sort of investor including an individual, hedge fund, or pension plan can adopt them. This is due to Graham’s deep understanding of market vicissitudes that make this strategy not simply a strategic angle on the market, but virtually the only safe approach to investment. In these regards, the only investors that this approach is not targeted for are what Graham terms ‘speculative investors’. Graham states, “every nonprofessional who operates on margin should recognize ipso facto that he is speculating…everyone who buys a so-called “hot” common-stock issue…is either speculating or gambling” (Graham, pg. 21).