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Benjamin Graham on Investing: Enduring Lessons from the Father of Value Investing Hardcover – July 16, 2009


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Product Details

  • Hardcover: 400 pages
  • Publisher: McGraw-Hill; 1 edition (July 16, 2009)
  • Language: English
  • ISBN-10: 0071621423
  • ISBN-13: 978-0071621427
  • Product Dimensions: 1.3 x 7.4 x 9.4 inches
  • Shipping Weight: 2 pounds (View shipping rates and policies)
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (6 customer reviews)
  • Amazon Best Sellers Rank: #1,145,214 in Books (See Top 100 in Books)

Editorial Reviews

From the Back Cover

Most famous for his investing classic Security Analysis, first published by McGraw-Hill in 1934, Benjamin Graham wrote for The Magazine of Wall Street between 1917 and 1927. It was in these early articles that Graham began fleshing out what would eventually become some of the most influential investment theories in history.

Now, for the first time, Graham’s early writings are available exclusively in a single volume.

Benjamin Graham on Investing is a rare presentation of the legendary investor’s unique analytical style and methods for determining a company’s true value. Writing from the last two years of World War I through the years leading up to the crash of 1929, Graham’s articles are not only indicative of the economic turbulence of the period but also serve as timeless pieces of wisdom for any investor.

Edited and featuring a preface by Rodney G. Klein, a former student of the legendary value investor, and with detailed commentary by asset allocation expert David M. Darst, this collection is a prized volume for any fan of Benjamin Graham.

About the Author

Benjamin Graham was the author of many influential investment books, including the classic Security Analysis, now in its sixth edition. The first proponent 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 1927 through 1957.
Rodney G. Klein is a Wall Street historian and former student of Benjamin Graham at UCLA. He founded the Klein Stock Market Museum & Library in Massillon, Ohio.
David M. Darst, CFA, is a managing director of Morgan Stanley. He serves as Chairman of the Asset Allocation Committee and Chief Investment Strategist of the Global Wealth Management Group. Darst was the founding president of the Morgan Stanley Investment Group.

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Customer Reviews

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See all 6 customer reviews
A must for any serious collector of fine works.
Encuero
The Graham article on Goodyear's experience in 1920-21 I found particularly interesting.
Lynn S. Hamilton
Though, some very serious value investors may actually enjoy this book!
Mr. Wan

Most Helpful Customer Reviews

8 of 8 people found the following review helpful By Mr. Rafi Nelson on October 6, 2009
Format: Hardcover Verified Purchase
Couple of good articles from young Graham, but mostly redundant.
I like to collect financial history and would count this as a collectable piece... but do not expect more than that.
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4 of 4 people found the following review helpful By Jim Estill on August 18, 2009
Format: Hardcover
Graham is the value investing ideology the Warren Buffet follows. Buffet worked for Graham for a couple of years. "If you buy shares in a company you are an owner so only buy shares of a company you want to own".

One problem with articles is they are topical at the time but the companies referenced are no longer in business in most cases. So no hot stock tips (and of course the basis of value investing is there is no such thing as a stock tip).

What is interesting is to see the methods he uses. Most of it is common sense. But then again, common sense is not that common.

He placed a high emphasis on the balance sheet and the numbers. Although he does not ignore the fundamentals of what the business does, he does not spend as much time as I do in trying to vision the future. The other factor that seemed weak was the attention to management and entrepreneurial creativity within the companies he analysed.

It was interesting to see that Graham owned majority control of Geico at one point and now Buffet owns it.

If you are going to be an investor, it seems to me following Grahams' ideology is a good idea. Think like an owner - not a speculator.
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5 of 6 people found the following review helpful By Mr. Wan on July 10, 2010
Format: Hardcover Verified Purchase
This book is actually a collection of articles written by Graham that appeared in "Magazine of Wall Street." They were articles Graham wrote early in his career, some as early as 23 years old. According to the author, we should read these articles because they show a young genius at work, and the evolution of Graham's way of thinking. To me, reading this book is about as relevant as a computer programmer reading a collection of articles written by Steve Jobs in 1975 on the state of technology and how to build a computer.

Many of the concepts Graham talked about are not applicable today. He goes into discussions on how certain companies are overestimating their tax, that we must remove some of the tax liability and add it to the balance sheet, etc. Other stories involve a mining company expected to dissolve in the near future and how we should see what the value of assets will be once it dissolves.

This book also discusses bonds. I've never owned a bond nor do I plan to, at least for a very long time.

I rummaged through this book through the bookstore and read the discussions on how Goodyear bought expensive assets and took on too much growth during the boom years and how it's business suffered during the depression because of this. I thought this book would be filled with examples on how to analyze the merits of a company's management by using the numbers. Instead, this book focuses heavily on accounting. I would say this book focueses in great detail on things I don't care about, quite frankly.

Graham's writing style is quite dry. "Security Analysis" is very dry. "Intelligent Investor" is also dry but is at least readable and serves more as a guidebook on how to think, and how to approach the markets.
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