这是《聪明的投资者》一书前言评论中的内容，茨威格用格雷厄姆的话解释intelligent的准确含义。该书中的很多词汇需要格雷厄姆亲自解释才能够理解其中的意思，而在翻译过程中，很多都没有参考格雷厄姆后来的解释，而是使用了词典中常用的意思。
在该书中，格雷厄姆用Intelligent表示耐心、守纪、好学以及能够控制情绪和独立思考，是强调性格而不是智商。
所以，高智商的人如长期资本管理的参与者（Long-Term Capital Management L.P.）和牛顿爵士都在投资上失败了，而很多一般智商的人却可以成功。
原文：
ARE YOU AN INTELLIGENT INVESTOR?
你是一个理性投资人吗？
Now let’s answer a vitally important question. What exactly does Graham mean by an “intelligent” investor? Back in the first edition of this book, Graham defines the term—and he makes it clear that this kind of intelligence has nothing to do with IQ or SAT scores. It simply means being patient, disciplined, and eager to learn; you must also be able to harness your emotions and think for yourself. This kind of intelligence, explains Graham, “is a trait more of the character than of the brain.”
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Sir Isaac Newton was one of the most intelligent people who ever lived, as most of us would define intelligence. But, in Graham’s terms, Newton was far from an intelligent investor. By letting the roar of the crowd override his own judgment, the world’s greatest scientist acted like a fool.
In short, if you’ve failed at investing so far, it’s not because you’re stupid. It’s because, like Sir Isaac Newton, you haven’t developed the emotional discipline that successful investing requires. In Chapter 8, Graham describes how to enhance your intelligence by harnessing your emotions and refusing to stoop to the market’s level of irrationality. There you can master his lesson that being an intelligent investor is more a matter of “character” than “brain.”
（备注： intelligent在微软百科自带字典中的第二个意思是： sensible or rational: showing or resulting from an ability to think and understand things clearly and logically 其同义词是rational，sensible，反义词是irrational）