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Security Analysis: Sixth Edition, Foreword by Warren Buffett (Security Analysis Prior Editions) Hardcover – September 25, 2008

ISBN-13: 978-0071592536 ISBN-10: 0071592539 Edition: 6th

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Security Analysis: Sixth Edition, Foreword by Warren Buffett (Security Analysis Prior Editions) + The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition) (Collins Business Essentials) + The Essays of Warren Buffett: Lessons for Corporate America, Third Edition
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Product Details

  • Series: Security Analysis Prior Editions
  • Hardcover: 700 pages
  • Publisher: McGraw-Hill; 6 edition (September 25, 2008)
  • Language: English
  • ISBN-10: 0071592539
  • ISBN-13: 978-0071592536
  • Product Dimensions: 9.2 x 6.5 x 2.4 inches
  • Shipping Weight: 3 pounds (View shipping rates and policies)
  • Average Customer Review: 4.4 out of 5 stars  See all reviews (85 customer reviews)
  • Amazon Best Sellers Rank: #3,817 in Books (See Top 100 in Books)

Editorial Reviews

Review

“The biggest event in the world of investment publishing this year looks certain to be the re-publication of a book that came out almost three-quarters of a century ago.”

(Financial Times)

From the Back Cover

“A roadmap for investing that I have now been following for 57 years.”
—From the foreword by Warren E. Buffett

The 1940 edition of Security Analysis is considered the bible of value investing. McGraw-Hill continues its proud tradition with this new sixth edition that will serve as a touchstone for a new generation of investors.

The leading “Masters” of value investing have updated Graham and Dodd’s classic work with more than 200 pages of new commentary:

  • Seth A. Klarman, president of The Baupost Group, L.L.C. and author of Margin of Safety
  • James Grant, founder of Grant's Interest Rate Observer, general partner of Nippon Partners
  • Jeffrey M. Laderman, twenty-five year veteran of BusinessWeek
  • Roger Lowenstein, author of Buffett: The Making of an American Capitalist and When America Aged and Outside Director, Sequoia Fund
  • Howard S. Marks, CFA, Chairman and Co-Founder, Oaktree Capital Management L.P.
  • J. Ezra Merkin, Managing Partner, Gabriel Capital Group .
  • Bruce Berkowitz, Founder, Fairholme Capital Management.
  • Glenn H. Greenberg, Co-Founder and Managing Director, Chieftain Capital Management
  • Bruce Greenwald, Robert Heilbrunn Professor of Finance and Asset Management, Columbia Business School
  • David Abrams, Managing Member, Abrams Capital

The accompanying CD-ROM contains the entire 1940 text.

“Benjamin Graham is the father of investment analysts everywhere, originally sparking the debate for a credential to professionalize the industry which led to the CFA Charter. He transformed the practice of financial analysis from trade to science, starting with his groundbreaking book, Security Analysis, first published in 1934. This edition, with new commentary by some of today’s finest investors, belongs on every investment professional’s shelf.”
—Jeffrey J. Diermeier, CFA, president and CEO, CFA Institute


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Customer Reviews

So, all and all this book is a must read for serious investors.
Thomas A. Sobieck
If Warren Buffett learned from Benjamin Graham, we should all find something valuable in this book.
Mariusz Skonieczny
For example, a good copy of the first printing of the 1934 edition easily runs into five figures.
AdamSmythe

Most Helpful Customer Reviews

214 of 226 people found the following review helpful A Kid's Review on October 15, 2008
Format: Hardcover
This is a re-issue of the 2nd edition in more modern form. There's no need to talk about the content and importance of this book to value-investor. But some reminder concerning this edition: 1) It is an abridged edition of the original 2nd edition (published in 1940). A total of 10 chapters have been deleted. 2) The Appendix Notes was also deleted. That's why the publisher could keep the pages at around 700+ something. 3) In compensation for the missing chapters, the publisher has attached a CD which contained the pdf format of the original 2nd edition (with 52 complete chapters as well as the Notes). I think that's really the most valuable part of this edition. That why I commented that it's a more convenient version of the 2nd edition.
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56 of 58 people found the following review helpful By hardcore on June 29, 2011
Format: Hardcover Verified Purchase
The 6th edition is the 2nd edition minus 10 chapters and the very valuable and data rich appendix however with new introductory chapters by various value investors. Although the introductory chapters are enlightening and somewhat informative, I would rather have had the valuable appendix. I wish they could have made the introductory chapters less lengthy and still included the appendix. I felt that many of the introductions although informative were rather windy at times and could have been reduced significantly and still gotten the point across. I know the appendix is on the CD, but that is a pain in the butt to have to look something up on CD as you're reading the book. It would be nice to just flip to the back quick to reference something up as you are reading. Honestly, if I had to do it over again and choose only 1 edition, I would have purchased the more practical and full text 2nd edition.
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51 of 54 people found the following review helpful By AdamSmythe on February 8, 2010
Format: Hardcover Verified Purchase
As other reviewers have pointed out, this (sixth) edition of Security Analysis includes a reprint of the popular 1940 edition (Warren Buffett's favorite), minus some chapters. The deleted chapters, which can be found in the CD that accompanies the book, make room for (new) general introductory remarks to this edition and also to the eight major parts of the book, written by a variety of modern commentators. If all you really want is the 1940 edition, then the better choice for you is probably to buy the currently in-print reprint that's available (for a lower cost that this sixth edition). You could also buy one of the books actually printed back in 1940, but that will set you back big bucks, because original versions of Security Analysis are collectors' items today. For example, a good copy of the first printing of the 1934 edition easily runs into five figures.

Concerning the 1940 edition (or just the 1940 chapters contained in this sixth version), other than for the references to corporate examples from the 1920s or 1930s, the content is amazingly relevant to today's investing. I had read Security Analysis (the fourth edition) many years ago, and I had forgotten just how clear, precise, insightful and truly sophisticated Graham and Dodd were. Remarkably, in many instances this 1940 edition does a better job describing 21st century investing issues than the majority of material written today.

What you get with this sixth edition that's not available in the other editions are a short (two page) foreword by Warren Buffett and 10 essays by some of the most well-regarded modern investors and authors. Indeed, it was an honor to be asked to contribute to the sixth edition. The essays run about 15 pages, on average, and many of them are highly informative and useful.
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91 of 104 people found the following review helpful By Code Yellow on November 26, 2008
Format: Hardcover
To anyone who is reading this, Security Analysis is one of the greatest works ever written. In my opinion, you don't have time NOT to read it.

Of course, you shouldn't take every single idea written in any book, even the best, as the absolute truth. You should read Philip Fisher, William Nickerson, Adam Smith, John Burr Williams, John Bogle, Douglas Andrew, and so on, and take all the gems from each book, no matter how small (or how many), and piece together your own method of creating wealth. Don't be a sheep, be a sheperd, and put together your own flock.

That being said, read Security Analysis, and read it well. Highlight important points, draw arrows, create charts and diagrams representing key points.

Master this material.

You owe it to yourself. If you want to be an expert investor, you will put in this amount of effort in every book you read, especially the greatest works, like Security Analysis. You won't get rich by half-assing. This book is a priceless gem, and, although it may take several months of reading and research to understand its concepts, it will be well worth your while.
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25 of 28 people found the following review helpful By Ratatosk on March 27, 2009
Format: Hardcover
This book is not a step-by-step tutorial on how to invest, but a lengthy philosophical outline of 'value investing' along with numerous real-world examples, which although they are 70 years old are still materially valid today. You will need to understand accounting and how to read financial statements before reading this book, and good experience in security analysis is also recommended. Even so, the book is lengthy and takes time and effort to read. Is it worth it? Well, it was a valuable read for me because I am serious about my investments, but for someone who just wants a quick-and-dirty guide this book is not for you.

The one big difference between the application of Security Analysis in Graham's days and now is probably the advent of cash-flow statements which makes analysing a company's true earnings easier.

Concerning the differences between this edition and previous editions, there are essays from various money managers in this edition but some rather important chapters from the original book have been removed to make room for these essays (the missing chapters can be found on the enclosed CD.) Some of these new essays are informative and well-written, others less so. Overall I would probably have preferred essays similar to those found in the updated version of Graham's book The Intelligent Investor, which were detailed modern-day analogies of Graham's examples. There are also some erroneous page references here and there in this edition of Security Analysis.

All in all, if you already have an earlier edition of Security Analysis you'll probably not find anything truly worthwhile here.
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