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Security Analysis: Principles and Techniques 2nd Edition
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"Graham's ideas inspired the investment community for nearly a century."--Smart Money
"Graham's method of investing is as relevant today as it was when he first espoused it during the Roaring Twenties."--Investor's Business Daily
Benjamin Graham's revolutionary theories have influenced and inspired investors for nearly 70 years. First published in 1934, his Security Analysis is still considered to be the value investing bible for investors of every ilk. Yet, it is the second edition of that book, published in 1940 and long since out of print, that many experts--including Graham protégé Warren Buffet--consider to be the definitive edition. This facsimile reproduction of that seminal work makes available to investors, once again, the original thinking of "this century's (and perhaps history's) most important thinker on applied portfolio investment."
- ISBN-10007141228X
- ISBN-13978-0071412285
- Edition2nd
- PublisherMcGraw Hill
- Publication dateOctober 10, 2002
- LanguageEnglish
- Dimensions6.6 x 2.8 x 9.4 inches
- Print length851 pages
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From the Publisher
Benjamin Graham was a seminal figure on Wall Street and is widely acknowledged to be the father of modern security analysis. The founder of the value school of investing and founder and former president of the Graham-Newman corporation investment fund, Graham taught at Columbia University's Graduate School of Business from 1928 through 1957. He popularized the examination of price-to-earnings (P/E) ratios, debt-to-equity ratios, dividend records, book values, and earnings growth, and also wrote the popular investors' guide The Intelligent Investor.
David Dodd was a colleague of Benjamin Graham's at Columbia University, where he was an assistant professor of finance.
From the Back Cover
The Long-Awaited Reprint of Graham and Dodd's Masterful First Revision
The first edition of Security Analysis, published in 1934, forever changed the theory and practice of successful investing. Yet the remainder of that tumultuous decade brought unprecedented upheaval to the financial world, compelling Benjamin Graham and David Dodd to produce a comprehensively revised second edition.
It is that edition, out of print for decades, that you now hold in your hands. Security Analysis, Second Edition, published in 1940, is considered by many (including legendary Graham student Warren Buffett) to be vastly superior to the first. Yet after three subsequent editions and over six decades, the insightful and instructive second edition could be found only in rare bookshops and closely-guarded private collections.
McGraw-Hill, the book's original publisher, is honored to publish Security Analysis: The Classic 1940 Edition. Identical in every meaningful aspect to the classic original, this is the long-awaited book that set the tone for decades of value investors. Let it provide you with a greater understanding of this country's financial heritage, along with timeless value investing insights that have proven relevant and profitable in all types of markets and financial environments--and will never go out of style.
"The lapse of six years since first publication of this work supplies the excuse, if not the necessity, for the present comprehensive revision ... We have revised our text with a number of objectives in view. There are weaknesses to be corrected and some new judgments to be substituted."--From the Preface
The names Graham and Dodd have come to be inextricably linked in the minds of thoughtful, disciplined investors. Their 1934 book Security Analysis made the two synonymous with intelligent, long-term investing, and forever changed the face of Wall Street. While post-Crash traders and investors treasured the book for its rigorous honesty, determined logic, and unequalled track record of success, the authors saw only the "weaknesses to be corrected."
The second edition of Security Analysis, published in 1940, allowed Ben Graham and David Dodd to set the record straight. It was considered by many then, and is considered by many now--including Graham student and disciple Warren Buffett, to be superior in many ways to the first. Still, as subsequent revised editions appeared, the once-indispensable second edition fell out of print and became virtually impossible to locate.
With Security Analysis: The Classic 1940 Edition, McGraw-Hill returns this long-sought investment classic to the marketplace. While its timeless advice--that investors should ignore social trends, company prospects, and management styles to focus on the balance sheet--is as vital today as it was in 1940, it is the book's updated insights and observations that justify its importance in the annals of both investing and publishing.
Even as the financial world sang the praises of 1934's groundbreaking Security Analysis, Benjamin Graham and David Dodd knew they could improve it. And that they did, with the 1940 publication of a brilliant second edition. Now, after having been unavailable for decades, this influential book returns in Security Analysis: The Classic 1940 Edition. As powerful today as it was for investors six decades back, it will reacquaint you with the foundations of value investing--more relevant than ever in tumultuous 21st century markets--and allow you to own the only book that could rightfully claim to have improved upon the eloquent first edition of Security Analysis.
About the Author
Benjamin Graham was a seminal figure on Wall Street and is widely acknowledged to be the father of modern security analysis. The founder of the value school of investing and founder and former president of the Graham-Newman corporation investment fund, Graham taught at Columbia University's Graduate School of Business from 1928 through 1957. He popularized the examination of price-to-earnings (P/E) ratios, debt-to-equity ratios, dividend records, book values, and earnings growth, and also wrote the popular investors' guide The Intelligent Investor.
David Dodd was a colleague of Benjamin Graham's at Columbia University, where he was an assistant professor of finance.
David L. Dodd was a colleague of Graham’s at Columbia University, where he was an assistant professor of finance.
Product details
- Publisher : McGraw Hill; 2nd edition (October 10, 2002)
- Language : English
- Hardcover : 851 pages
- ISBN-10 : 007141228X
- ISBN-13 : 978-0071412285
- Item Weight : 2.31 pounds
- Dimensions : 6.6 x 2.8 x 9.4 inches
- Best Sellers Rank: #127,779 in Books (See Top 100 in Books)
- #109 in Leadership Training
- #259 in Stock Market Investing (Books)
- #2,353 in Unknown
- Customer Reviews:
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Benjamin Graham (/ɡræm/; born Benjamin Grossbaum; May 8, 1894 – September 21, 1976) was a British-born American economist and professional investor. Graham is considered the father of value investing, an investment approach he began teaching at Columbia Business School in 1928 and subsequently refined with David Dodd through various editions of their famous book Security Analysis. Graham had many disciples in his lifetime, a number of whom went on to become successful investors themselves. Graham's most well-known disciples include Warren Buffett, William J. Ruane, Irving Kahn and Walter J. Schloss, among others. Buffett, who credits Graham as grounding him with a sound intellectual investment framework, described him as the second most influential person in his life after his own father. In fact, Graham had such an overwhelming influence on his students that two of them, Buffett and Kahn, named their sons Howard Graham Buffett and Thomas Graham Kahn after him. Graham also taught at the UCLA Anderson School of Management.
Bio from Wikipedia, the free encyclopedia.
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To know Value investing and apply it, you need to start with books.
My first investment book is (1)The Intelligent Investor,read around mid 2007,as it show you what investing is all about. I have zero knowledge beforehand and do not have any business, economic, accounting, financial education, etc. Then I read (2)Common Stocks and Uncommon Profits followed by (3)The Little Book of Common Sense Investing. Next I read THIS BOOK (4)SECURITY ANALYSIS SECOND EDITION,read two times on first and last quarter of 2008. Lastly with extra effort and fifth gear, I managed to finish off (5)The Theory of Investment Value, around Jan 2009. I then read the whole Kraft Foods annual report, the first i read, and the company's stock chart by Valueline. After two years of faith and mental work, I get a chance to apply it. I invest in Kraft Foods during the low of 2009, around march. The market capitalization for the company at that time is around 30 billions. Till now this year 2014, as it spilts into two company on late 2012, the combine worth is around 90 billion. Yes I make money, but not as large as I wanted to because I do not have millions of available cash at that time.
People can take away your money but not your enlightenment. You can start business and fail, or be CEO and get sack, but once you acquire the art of Value investing, it is there for your life to use.
This book is for those who are serious in starting business, investment management or for just about anyone who like to make money work for you. You cannot train to have a good vocal and make millions in being a top singer or run like Usain Bolt in 100m race if you train. But you could have an investment mindset with the above five books and make millions or reach the top in your life. You must be sincere and willing to take the effort and time with concentration. It is a journey and not a get rich without effort thing.
Finally and importantly, when you know for yourselves that certain things are unwholesome and wrong, and bad, you give them up. And when you know yourselves that certain things are wholesome and good, then accept them and follow them. If you know that certain company's products and services are bad for human and society at large, then follow your conscience and do not invest.
SECURITY ANALYSIS Second Edition by Benjamin Graham will be your best investment of time, Buy it and good luck.
As others have written, one challenge with reading this book is the different environment in which it was written. Due to advances in data availability (i.e. Efficient Market hypothesis), there are reduced opportunities for material arbitrage and significant undervaluations. Furthermore, the extensive use of Railroad examples adds another layer of depth to the work, as a fair bit of contextualization is necessary at times. Hence, prior knowledge with The Intelligent Investor and a functional understanding of the capital markets is certainly beneficial when reading this work, although one with adequate financial literacy could likely track with the arguments and examples regardless.
Lastly, the print of the book was fine, and I would definitely recommend this edition (as opposed to others with content edits) to anyone interested in expanding their knowledge of the capital markets and increasing their ability to synthesize accounting and financial theories in performance of security analysis.
Lots of examples. It takes some attention, but not overly technical. No theory ... Example after Example after Example. Accounting was worse then (believe it or not). Nothing subtle. In some ways, it is like reading 'Believe it or Not'. Problems stand out, and Graham's commentary takes it from there.
It isn't about Stocks. It is about securities. Senior bonds, Junior debt, preferreds, common stocks, warrants, convertibles, with specifics on industries.
Why this Edition???
This is what he learned in the 1930's. Parallels between then and now are striking. A post mortem on the 1930''s. It is all there and the similarities between then and today, as we look back on the late 2000's is remarkable.
I found the analysis of different securities of the same firm very useful and profitable.
Graham could write. In a way that is old fashioned in its quality and formality, but very readable. Very careful writing. A pleasure to read.
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Reviewed in India on July 4, 2022