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

Benjamin Graham (Author), David Dodd (Author), Warren Buffett (Foreword)

Book Description

ISBN-10: 0071592539 | ISBN-13: 978-0071592536 | Publication Date: September 4, 2008 | Edition: 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.

(20080617)

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

See all Editorial Reviews

Product Details

• Hardcover: 700 pages
• Publisher: McGraw-Hill; 6 edition (September 4, 2008)
• Language: English
• ISBN-10: 0071592539
• ISBN-13: 978-0071592536
• Product Dimensions: 9.2 x 6.5 x 2.4 inches
• Shipping Weight: 2.8 pounds (View shipping rates and policies)
• Average Customer Review: 4.4 out of 5 stars  See all reviews (42 customer reviews)
• Amazon Best Sellers Rank: #5,106 in Books (See Top 100 in Books)
  • #45 in Books > Business & Investing > Investing

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Customer Reviews

Most Helpful Customer Reviews

153 of 159 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

This review is from: Security Analysis: Sixth Edition, Foreword by Warren Buffett (Security Analysis Prior Editions) (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.

55 of 62 people found the following review helpful:

5.0 out of 5 stars A Must Read, November 26, 2008

By 

Cody Scholberg - See all my reviews
(REAL NAME)   

This review is from: Security Analysis, Sixth Edition (Leatherbound Edition) (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.

31 of 35 people found the following review helpful:

5.0 out of 5 stars Security Analysis 6th Edition - Alex Vayner Review, October 17, 2008

By 

Alex Vayner (New York, NY) - See all my reviews

This review is from: Security Analysis: Sixth Edition, Foreword by Warren Buffett (Security Analysis Prior Editions) (Hardcover)

Security Analysis is a definitive and clear guide to understanding value investing, and conducting thorough fundamental analysis on a stock of your choice, allowing for an informed investment decision.

The insights you can draw from this book are directly and immediately applicable to the real world of common stock selection. At the very least, Security Analysis will provide you with:
- A framework/guidelines you can use to capitalize on opportunities in secondary issues
- A process for understanding balance and income sheets
- Perspective on corporate governance and stockholder-management relations

This classic is the best and the most thorough read in its class. Without a doubt, it also provides clear insight into the mind of a genius, Benjamin Graham. That said, this is not an easy read, a bit on a dry side, and does not allow you to "breeze through" its roughly 740 pages (appendix including) without understanding and building on the information in previous chapters.

What makes this 6th Edition worth the money (in case you already own the classic 1951 edition) are the additional essays and entries that are selected specifically for their relevance to today's changing world and the exuberant market conditions.

Security Analysis Sixth Edition, Foreword by Warren Buffett (Security Analysis Prior Editions)