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Security Analysis: Sixth Edition, Foreword by Warren Buffett (Security Analysis Prior Editions) [Hardcover]

by Benjamin Graham, David Dodd, Warren Buffett
4.5 out of 5 stars  See all reviews (75 customer reviews)

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Book Description

September 4, 2008 0071592539 978-0071592536 6

"A road map for investing that I have now been following for 57 years."
--From the Foreword by Warren E. Buffett

First published in 1934, Security Analysis is one of the most influential financial books ever written. Selling more than one million copies through five editions, it has provided generations of investors with the timeless value investing philosophy and techniques of Benjamin Graham and David L. Dodd.

As relevant today as when they first appeared nearly 75 years ago, the teachings of Benjamin Graham, “the father of value investing,” have withstood the test of time across a wide diversity of market conditions, countries, and asset classes.

This new sixth edition, based on the classic 1940 version, is enhanced with 200 additional pages of commentary from some of today’s leading Wall Street money managers. These masters of value investing explain why the principles and techniques of Graham and Dodd are still highly relevant even in today’s vastly different markets. The contributor list includes:

  • 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

Featuring a foreword by Warren E. Buffett (in which he reveals that he has read the 1940 masterwork “at least four times”), this new edition of Security Analysis will reacquaint you with the foundations of value investing—more relevant than ever in the tumultuous 21st century markets.


Frequently Bought Together

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) + Common Stocks and Uncommon Profits and Other Writings
Price for all three: $66.91

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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 2008-06-17)

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


Product Details

  • Series: Security Analysis Prior Editions
  • Hardcover: 700 pages
  • Publisher: McGraw-Hill; 6 edition (September 4, 2008)
  • Language: English
  • ISBN-10: 0071592539
  • ISBN-13: 978-0071592536
  • Product Dimensions: 2.4 x 3.6 x 1 inches
  • Shipping Weight: 3 pounds (View shipping rates and policies)
  • Average Customer Review: 4.5 out of 5 stars  See all reviews (75 customer reviews)
  • Amazon Best Sellers Rank: #3,901 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews
207 of 219 people found the following review helpful
4.0 out of 5 stars A Convenient Reading of the 2nd Edition October 15, 2008
A Kid's Review
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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43 of 44 people found the following review helpful
2.0 out of 5 stars 6th Edition vs 2nd Edition 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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44 of 46 people found the following review helpful
5.0 out of 5 stars What's New in This Edition 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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88 of 99 people found the following review helpful
5.0 out of 5 stars A Must Read 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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23 of 26 people found the following review helpful
4.0 out of 5 stars For the experienced and dedicated. 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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Most Recent Customer Reviews
5.0 out of 5 stars Overall fantastic book
This book is great for the value investors and just everyone who has some interest in investing. Gives you an idea of how to look at things as an investor not a speculator and how... Read more
Published 16 days ago by Sindri Geirsson
5.0 out of 5 stars Highly recommended
Excellent text. Highly recommended. Updates add interesting points if view to a classic discussion of value investing. A great edition to purchase.
Published 25 days ago by John Eggum
5.0 out of 5 stars Security Analysis
My eyes have been opened by Ben Graham's the Intelligent Investor. I will never follow Mr. Market, he is at my disposal. Read more
Published 1 month ago by L. Lloyd
5.0 out of 5 stars Must read for any value investor.
This book has thought me a lot about value investment. This book is must have if you want to be a real investor.
Published 2 months ago by Mark Chen
4.0 out of 5 stars My copy arrived utterly TRASHED; but still an excellent book.
After around two weeks or so waiting for my book to arrive it got here destroyed, literally with one of the covers torn off and a large number of pages damaged (none beyond... Read more
Published 3 months ago by Javier Flores
5.0 out of 5 stars This thinking stands the test of time!
I could tell from the start I was in the presence of wisdom!

This thinking stands the test of time!
Published 5 months ago by W L Catching
5.0 out of 5 stars Good.
Good. As advertised. Recommended. Stock analysis is in the later half of the book. I would pair this with common stocks by fisher as is commonly recommended.
Published 5 months ago by bo peng
5.0 out of 5 stars The Best
This is the go-to guide for stock investing. There is a reason Warren Buffett considers it his #1 book choice...
Published 5 months ago by --
3.0 out of 5 stars Great book but not a great edition (review of 6th ed)
There are two key things you need to know about the 6th edition:

1. It is based on the 2nd edition (1940), NOT on the 5th edition (1988)
2. Read more
Published 5 months ago by Terran
4.0 out of 5 stars excellent!
The foreword is worth the price on its' own.

eleven more words are required to satisfy the database engine..............what a lack of the ability to be succinct.
Published 8 months ago by mike hanes
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Which edition to buy?
It sounds like this one isn't worth much. Early reviewers liked the "new essays," but I note that one of them is by J. Ezra Merkin, whose idea of "value investing" was to convince endowments like NYU to give him their money so he could hand it off to Bernie Madoff. Then again,... Read more
Nov 30, 2011 by TC |  See all 3 posts
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