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Security Analysis, Seventh Edition: Principles and Techniques 7th Edition
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The classic work from the “father of value investing”―fully updated for today’s generation of investors
First published in 1934, Security Analysis is one of the most influential financial books ever written. With more than million copies sold, it has provided generations of investors with the timeless value investing philosophy and techniques of the legendary Benjamin Graham and David L. Dodd.
Security Analysis, Seventh Edition features the ideas and methods of today’s masters of value investing, who discuss the influence of Graham and Dodd on today’s markets and contextualize the philosophy that has influenced so many famous investors.
The successful value investor must constantly be in the process of reinvention, of raising his or her game to navigate the terrain of new eras, novel securities, nascent businesses, emerging industries, shifting standards, and evolving market conditions. With the diverse perspectives of experienced contributors, this new edition of Security Analysis is a rich and varied tapestry of highly informed investment thinking that will be a worthy and long-lived successor to the preceding editions.
- ISBN-101264932405
- ISBN-13978-1264932405
- Edition7th
- PublisherMcGraw Hill
- Publication dateJune 21, 2023
- LanguageEnglish
- Dimensions6.5 x 2.7 x 9.3 inches
- Print length864 pages
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Editorial Reviews
From the Back Cover
- Lawrence H. Summers, Former Treasury Secretary and President Emeritus, Harvard University
The financial system and markets are extremely complex and constantly changing. While we must never stop learning and being prepared for unpredictable events, we also must remember that there are certain bedrock principles that don’t change – and these are the great and enduring lessons of Graham and Dodd. By turns instructive and insightful, Seth Klarman’s depth of experience in a rapidly changing financial ecosystem vividly brings these new lessons to life in this 7th edition of Security Analysis.
- Jamie Dimon, Chairman and CEO, JPMorgan Chase & Co.
Any investor at any level would benefit immensely from reading this 7th Edition of Graham and Dodd’s timeless Security Analysis. While value investing has stood the test of time, it’s not a static process. Indeed, the best practitioners are constantly evolving with the changing political, societal and economic landscape while maintaining the discipline espoused by Graham and Dodd almost ninety years ago.
- Stan Druckenmiller, CEO, Duquesne Family Office
Graham and Dodd’s Security Analysis is both a classic and a technical guidepost for leaders at the intersection of business and investing. The individual contributors to the 7th Edition are the 'All Stars' of investing, including Warren Buffett and Seth Klarman. They share their unique and thoughtful insights, which will undoubtedly help light the way for the next generation who follow in their footsteps.
- Kenneth I. Chenault, chairman and managing director, General Catalyst; former chairman and CEO, American Express
The many insightful commentaries make the seventh edition of Security Analysis the best yet. It remains essential reading for all serious value investors.
- Bruce Greenwald, Professor Emeritus of Asset Management and Finance, Columbia Business School
If Security Analysis is the Bible for value investors, the Seventh Edition is the New Testament. Seth Klarman and company are faithful prophets, divining how Graham and Dodd may have approached market events they could have never anticipated — from a globe flooded with free money and zero interest rates to the creation of cryptocurrencies and meme stocks. Whether you’re steeped in the tenets of value investing or just a curious neophyte, this book is required reading. It’s an affirmation of faith designed to hearten true believers and convert wayward speculators into righteous investors.
- Becky Quick, anchor, CNBC
The seventh edition of Graham and Dodd’s eternal text -- Security Analysis -- is an instructive and impressive build on enduring principles that have influenced generations of investors, including me. The new content captures evolving market conditions, shifting standards, and recent developments in investment management while also reinforcing that staying-power and patience remain the surest way to succeed at value investing.
- Laurence D. Fink, Chairman and Chief Executive Officer, BlackRock, Inc.
The influx of financial data, constant evolution of the economy, and advances in behavioral finance are changing the art of investing. Having taught a course in Security Analysis at Columbia Business School for three decades, I appreciate this edition’s blend of continuing wisdom and contemporary commentary. It’s essential reading for the serious investor.
- Michael Mauboussin, Head of Consilient Research, Counterpoint Global – Morgan Stanley Investment Management
About the Author
Benjamin Graham renowned as the founder of value investing, taught at Columbia University’s Graduate School of Business.
David L. Dodd was a colleague of Graham’s at Columbia University, where he was an assistant professor of finance.
Seth A. Klarman is the CEO and portfolio manager of The Baupost Group, L.L.C., which manages approximately $25 billion on behalf of individual and institutional clients.
Contributors to the Seventh Edition:
Seth A. Klarman, CEO and Portfolio Manager of the Baupost Group, L.L.C.
James Grant, founder and editor of Grant's Interest Rate Observer
Roger Lowenstein, author of Buffett, When Genius Failed, and Ways and Means, and Outside Director, Sequoia Fund
Howard S. Marks, CFA, Co-Chairman and Co-Founder, Oaktree Capital Management L.P.
Dominique Mielle, former hedge fund investor and author of Damsel in Distressed
Todd A. Combs, Chairman, President and Chief Executive Officer of GEICO and investment manager at Berkshire Hathaway Inc.
Steven Romick, Managing Partner of First Pacific Advisors, LP
Zachary S. Sternberg and Benjamin F. Stein, co-founders of The Spruce House Partnership
Nancy G. Zimmerman, Co-Founder and Managing Partner, Bracebridge Capital LLC
Bill Duhamel, Jason E. Moment, and Ashish Pant, Principals of Route One Investment Company, L.P.
David Abrams, CEO of Abrams Capital Management
Seth Alexander, President of the MIT Investment Management Company (MITIMCo), a division of the Massachusetts Institute of Technology
Product details
- Publisher : McGraw Hill; 7th edition (June 21, 2023)
- Language : English
- Hardcover : 864 pages
- ISBN-10 : 1264932405
- ISBN-13 : 978-1264932405
- Item Weight : 2.52 pounds
- Dimensions : 6.5 x 2.7 x 9.3 inches
- Best Sellers Rank: #21,535 in Books (See Top 100 in Books)
- #6 in Investment Portfolio Management
- #27 in Investment Analysis & Strategy
- #105 in Introduction to Investing
- Customer Reviews:
About the authors
Mr. Klarman is the CEO and Portfolio Manager of The Baupost Group, L.L.C. He has had primary responsibility for managing the investments of Baupost since the Company was formed in May, 1982. Baupost uses a value discipline with an event-driven bias to find global opportunities in such diverse areas as publicly-traded and private equities, bankrupt and financially-distressed debt, and real estate.
Author of “Margin of Safety,” a book that outlines his value investment philosophy, Mr. Klarman was chosen as lead editor for “Security Analysis: Sixth Edition,” published in 2008. He is a 1982 graduate of Harvard Business School, where he was a Baker Scholar, and received his Bachelor of Arts, magna cum laude, in Economics from Cornell University in 1979.
Mr. Klarman serves on the Board of Directors of the Broad Institute. He is also Vice Chair of Beth Israel Hospital’s Board of Managers and a member of their Board of Trustees. He is a member of the Board of Dean’s Advisors at HBS, where he has been a senior lecturer on value investing, and was a 2011 recipient of the school’s Alumni Achievement Award. In 2020, he was elected to the American Academy of Arts and Sciences. Mr. Klarman is co-chairman of The Klarman Family Foundation.
Dominique Mielle is a Franco-American investor and former hedge fund manager. Her memoir, Damsel in Distressed (Simon and Schuster, 2021) offers an insider’s view of what it’s like to be a woman in the hedge fund world. She describes her twenty-year career, rising through the ranks to partner, with a combination of intelligence, humor, and an unwillingness to be minimized by genderism. She is a contributing author to Graham and Dodd’s Security Analysis, 7th edition (McGraw Hill, 2023).
She was named one of the “50 Leading Women in Hedge Funds” by the Hedge Fund Journal and E&Y in 2017. She writes for Forbes on the topics of hedge funds, distressed investing and diversity.
One of the few senior women in the hedge fund industry, she focused on distressed investments and played key roles in complicated bankruptcies and restructurings. She serves on the board of several public corporations.
Discover more of the author’s books, see similar authors, read author blogs and more
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The core lesson of Graham & Dodd is that when one invests in a common stock, he or she owns a proportionate share in a business and the value of that business is dependent upon its net assets (shareholders’ equity) and its underlying earning power. The idea is to be able to buy a stock sufficiently below its value to create what Graham & Dodd call a margin of safety. Also timeless is Graham & Dodd’s holding suspect the use of appraised values in real estate debt securities that were so prominent in the 1920’s and again today.
For Graham & Dodd earnings power is measured by the average of earnings over the last five or ten years. The future does not really enter into the discussion except if there is a strong upward trend which might allow an investor to pay modestly higher earnings multiple. The authors were especially critical of the 1928-29 new-era philosophy of valuing equities solely on the basis of future prospects largely because the future is unpredictable. Thus, they are critical of John Burr Williams’ 1938 view that the value of a stock equals the present value of future dividends, because, again, the future is unknowable. Nevertheless, in today’s world investing is all about capitalizing future earnings.
You have to remember that Graham & Dodd were writing against the backdrop of the Great Depression of the 1930’s. The new-era philosophy of 1928-29 crashed and burned and what investors had to deal with was the here and now of net asset values and historical earning power. However, they did note the price-earnings ratios in 1936-38 were much higher than they were in 1923-25, which they attributed to much lower interest rates. They also wisely noted that the low interest rates of the 1930’s were sending a negative message about the future growth in the economy. In retrospect the high multiples could be attributed to the fact that corporations were under-earning due to the depression.
They also seemed to be puzzled about the return to growth stock investing in the late 1930’s. They listed seventeen stocks that were characterized as growth issues at that time. Several of the names would puzzle today’s investor, but I would point out that there were five chemical stocks on the list. The advances in chemistry and chemical engineering in the 1930’s made them the technology stocks of that day.
I enjoyed the essays introducing the chapters of the book. However, my criticism of the essays is that they do not include detailed examples of how a Graham & Dodd investor, like me, would utilize the wisdom presented in the book today. For that I would recommend Bruce Greenwald’s “Value Investing: From Graham to Buffett and Beyond 2nd Ed.”
To potential buyers: Be very careful and don’t expect it to be a nice durable book you can liberally take places to read or read while you commute.
To authors: Content is incredible! Maybe ask for more input into quality of hardcover or change publishers!
To publishers: What are you doing? When I say “paper mache” I am not embellishing. The joints are actually thin paper holding 800 pages. The book is about 2.5 inches thick. You need to produce something slightly more durable, something that a consumer could possibly keep long-term. I really don’t see how this book lasts unless I treat it like some ancient text that will wither if I expose it to air. Do a little better, please.