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A Modern Approach to Graham and Dodd Investing [Hardcover]

by Thomas P. Au
3.8 out of 5 stars  See all reviews (5 customer reviews)

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Book Description

March 29, 2004 0471584150 978-0471584155 1
An updated approach to classic security analysis
The principles of value investing outlined by Graham and Dodd in the 1940s continues to be used today by individuals and companies who face challenging investment decisions. A Modern Approach to Graham and Dodd Investing examines the classic Graham and Dodd approach to valuation and updates it for the twenty-first century. Thomas Au, a credentialed analyst with a leading insurance company and an ex-Value Line analyst, reworks the basics of value investing from net present value, financial statement analysis, and return on capital to return and leverage, asset allocation, and diversification. Through case studies and real-time analysis, A Modern Approach to Graham and Dodd Investing presents readers with examples that will make analysis and portfolio theory more relevant and powerful.
Thomas P. Au (Hartford, CT) is a Vice President and Portfolio Manager for the investment arm of a large insurance and healthcare provider. His specialty is emerging and international markets. He received his BA, cum laude, with a double major in economics and history, from Yale University, and an MBA in finance from New York University.

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Editorial Reviews

Review

“A worthwhile read for investors interested in fundamental analysis following along upon the concepts of Benjamin Graham and David Dodd. The author remains true to the general principles and discipline of the two original fundamental investors when evaluating . . . more modern investments. Many readers may find these sections of particular interest. . . Mr. Au has attempted to extrapolate the thinking of two great investment authors of yesteryear. On balance, he has successfully completed the mission.”(Seeking Alpha)

From the Inside Flap

Benjamin Graham and David Dodd were among the first investors to make the transition from thinking like traders to thinking like owners. In the shadow of the 1929 stock market crash, they posed a set of questions that are still applicable today: What would a reasonable businessperson, as opposed to a speculator, pay for a company and still consider that he or she was getting a bargain? What entry price would almost guarantee at least an eventual return of capital with good prospect for gains? Could a prudent investor reasonably allow for a margin of safety in his or her purchase?

Although the questions have remained the same, the ways to answer them have changed. A Modern Approach to Graham and Dodd Investing examines the classic Graham and Dodd approach to valuation and updates it for the twenty-first century. Thomas Au, a portfolio manager with a leading insurance company and ex—Value Line analyst, reworks the basics of value investing from net present value, financial statement analysis, and return on capital to return and leverage, asset allocation, and diversification.

Before learning about the modifications to Graham and Dodd’s principles of value investing, you’ll be introduced to some basic investment concepts and mathematical measures for the calculation of investment returns. From there–although the focus of the book is on stocks–you’ll first become familiar with bonds, because an understanding of the risk and return characteristics for bonds underpins an understanding of those for equities.

Recent examples, including Enron and WorldCom, are introduced throughout these pages, to illustrate exactly how you can use this updated approach to your advantage. Topics explored in this comprehensive book, include:

Part I: Basic Concepts
Part II: Fixed Income Evaluation–bills, notes, bonds
Part III: Equity Evaluation–cash flows, capital expenditures, asset value, dividends, earnings
Part IV: Special Vehicles for Investment–mutual funds, international investing, real estate
Part V: Portfolio Management–asset allocation, modern theories vs. Graham and Dodd
Part VI: Some Contemporary Issues–the Dow, excessive credit creation, generational cycles in the American stock market

A Modern Approach to Graham and Dodd Investing examines the changes that have taken place in the financial world since the days of Graham and Dodd, and reveals the necessary modifications you must make in order to apply these value investing principles in today’s markets. Filled with in-depth insight and practical advice, this valuable resource offers an updated form of Graham and Dodd that will help you face today’s market realities.


Product Details

  • Hardcover: 352 pages
  • Publisher: Wiley; 1 edition (March 29, 2004)
  • Language: English
  • ISBN-10: 0471584150
  • ISBN-13: 978-0471584155
  • Product Dimensions: 9.1 x 6.3 x 1.2 inches
  • Shipping Weight: 3.2 pounds (View shipping rates and policies)
  • Average Customer Review: 3.8 out of 5 stars  See all reviews (5 customer reviews)
  • Amazon Best Sellers Rank: #1,144,748 in Books (See Top 100 in Books)

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Customer Reviews

3.8 out of 5 stars
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Most Helpful Customer Reviews
20 of 25 people found the following review helpful
5.0 out of 5 stars Highly Recommended ! February 23, 2005
Format:Hardcover
Benjamin Graham and David Dodd literally wrote the book (the classic Security Analysis, 1940) on value investing. Warren Buffett followed their advice, which helped make him a household name. But Graham and Dodd devised their investing approach in the 1930s and, obviously, the markets have changed. Investors face different accounting requirements, international investments and non-equity alternatives to traditional corporate stocks. Author Thomas P. Au has undertaken to update the vintage Graham and Dodd approach and, by using numerous examples and explanations, to make it relevant to today's markets. The basic emphasis on value remains, but he has adapted it to suit a faster, more complex investment world than the old masters ever imagined. We think that they would have approved of Au's clear, lucid, well-organized book, which is highly recommended for investors.
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8 of 10 people found the following review helpful
3.0 out of 5 stars Good but better books are out there July 28, 2008
Format:Hardcover
I thought the book was pretty good in relating Graham and Dodd concepts to modern investing. The author's writing style doesn't keep the reader's attention for prolonged periods of time. I think there are better books out there, specifically Katsenelson's "Active Value Investing"
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1 of 1 people found the following review helpful
5.0 out of 5 stars book May 25, 2013
Format:Hardcover|Verified Purchase
read most of the book, read several chapter for the second time. Technical material but interesting. Like the contrasting between nowe and the past.
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4 of 16 people found the following review helpful
5.0 out of 5 stars Excellent investment guide - highly recommended! August 10, 2005
Format:Hardcover
I highly recommend this book. The author does an outstanding job of explaining the value investing strategy and applying it to today's markets.
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8 of 38 people found the following review helpful
1.0 out of 5 stars A nasty experience November 21, 2005
Format:Hardcover
Want to master the investment techniques of Graham & Dodd ?
Buy something else.
Very poorly written. Concepts are vagues and opinion driven.

The best Graham's advice about this book would have been.... SELL it!!
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