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Security Analysis: Principles and Techniques [Hardcover]

by Benjamin Graham, David Dodd
4.8 out of 5 stars  See all reviews (27 customer reviews)

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Book Description

October 10, 2002 007141228X 978-0071412285 2nd

"Graham's ideas inspired the investment community for nearly a century."--Smart Money

"Graham's method of investing is as relevant today as it was when he first espoused it during the Roaring Twenties."--Investor's Business Daily

Benjamin Graham's revolutionary theories have influenced and inspired investors for nearly 70 years. First published in 1934, his Security Analysis is still considered to be the value investing bible for investors of every ilk. Yet, it is the second edition of that book, published in 1940 and long since out of print, that many experts--including Graham protégé Warren Buffet--consider to be the definitive edition. This facsimile reproduction of that seminal work makes available to investors, once again, the original thinking of "this century's (and perhaps history's) most important thinker on applied portfolio investment."

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Security Analysis: Principles and Techniques + The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition) + Common Stocks and Uncommon Profits and Other Writings
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Editorial Reviews

From the Back Cover

The Long-Awaited Reprint of Graham and Dodd's Masterful First Revision

The first edition of Security Analysis, published in 1934, forever changed the theory and practice of successful investing. Yet the remainder of that tumultuous decade brought unprecedented upheaval to the financial world, compelling Benjamin Graham and David Dodd to produce a comprehensively revised second edition.

It is that edition, out of print for decades, that you now hold in your hands. Security Analysis, Second Edition, published in 1940, is considered by many (including legendary Graham student Warren Buffett) to be vastly superior to the first. Yet after three subsequent editions and over six decades, the insightful and instructive second edition could be found only in rare bookshops and closely-guarded private collections.

McGraw-Hill, the book's original publisher, is honored to publish Security Analysis: The Classic 1940 Edition. Identical in every meaningful aspect to the classic original, this is the long-awaited book that set the tone for decades of value investors. Let it provide you with a greater understanding of this country's financial heritage, along with timeless value investing insights that have proven relevant and profitable in all types of markets and financial environments--and will never go out of style.

"The lapse of six years since first publication of this work supplies the excuse, if not the necessity, for the present comprehensive revision ... We have revised our text with a number of objectives in view. There are weaknesses to be corrected and some new judgments to be substituted."--From the Preface

The names Graham and Dodd have come to be inextricably linked in the minds of thoughtful, disciplined investors. Their 1934 book Security Analysis made the two synonymous with intelligent, long-term investing, and forever changed the face of Wall Street. While post-Crash traders and investors treasured the book for its rigorous honesty, determined logic, and unequalled track record of success, the authors saw only the "weaknesses to be corrected."

The second edition of Security Analysis, published in 1940, allowed Ben Graham and David Dodd to set the record straight. It was considered by many then, and is considered by many now--including Graham student and disciple Warren Buffett, to be superior in many ways to the first. Still, as subsequent revised editions appeared, the once-indispensable second edition fell out of print and became virtually impossible to locate.

With Security Analysis: The Classic 1940 Edition, McGraw-Hill returns this long-sought investment classic to the marketplace. While its timeless advice--that investors should ignore social trends, company prospects, and management styles to focus on the balance sheet--is as vital today as it was in 1940, it is the book's updated insights and observations that justify its importance in the annals of both investing and publishing.

Even as the financial world sang the praises of 1934's groundbreaking Security Analysis, Benjamin Graham and David Dodd knew they could improve it. And that they did, with the 1940 publication of a brilliant second edition. Now, after having been unavailable for decades, this influential book returns in Security Analysis: The Classic 1940 Edition. As powerful today as it was for investors six decades back, it will reacquaint you with the foundations of value investing--more relevant than ever in tumultuous 21st century markets--and allow you to own the only book that could rightfully claim to have improved upon the eloquent first edition of Security Analysis.

About the Author

Benjamin Graham was a seminal figure on Wall Street and is widely acknowledged to be the father of modern security analysis. The founder 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 1928 through 1957. He popularized the examination of price-to-earnings (P/E) ratios, debt-to-equity ratios, dividend records, book values, and earnings growth, and also wrote the popular investors' guide The Intelligent Investor.

David Dodd was a colleague of Benjamin Graham's at Columbia University, where he was an assistant professor of finance.

Product Details

  • Hardcover: 851 pages
  • Publisher: McGraw-Hill; 2nd edition (October 10, 2002)
  • Language: English
  • ISBN-10: 007141228X
  • ISBN-13: 978-0071412285
  • Product Dimensions: 9.3 x 6.4 x 2.5 inches
  • Shipping Weight: 2.9 pounds (View shipping rates and policies)
  • Average Customer Review: 4.8 out of 5 stars  See all reviews (27 customer reviews)
  • Amazon Best Sellers Rank: #29,917 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews
89 of 91 people found the following review helpful
5.0 out of 5 stars Security Analysis 1940 edition May 18, 2003
If you have read The Intelligent Investor, and want a text that will expand and delve deeper into fundamental analysis, this book is for you. The separation between this book, and books similar in content, is the fact that Graham shows examples of his applied techniques. The book is broken down into two main sections, fixed value investments(bonds, preferred stocks, ect.) and common stock analysis/selection. He takes you step by step through income statement and balance sheet analysis. Graham is wary of coporate reports, especially when it comes to earnings, and points out coporate trickery to watch out for and avoid. The topics are detailed, and the exaples extensively researched. Overall, Security Analysis is a mixture of art and scienece that lays a timeless foundation for financial analysis.
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35 of 37 people found the following review helpful
5.0 out of 5 stars Must read for value investors January 7, 2004
By A Customer
For those interested in learning and understanding valuing investing in an indepth technical way, this book is for you. Its depth and breadth of coverage is very impressive. Graham puts forth all arguments on investing techniques and then shows, through detailed worked examples, why value investing provides the most consistent and obtainable above average results.
Be warned though, this book is not for the faint hearted. It can become quite complex at times, and a reasonable level of knowledge within finance and accouting would be most beneficial to anyone reading this book. I would also recommend that readers buy Graham's other book, The Intelligent Investor, first before reading this, as it provides an excellent foundation for tackling the value investing techniques found in this book.
This first half of the book focuses on bond and preffered issues. This section is dry and tedious at times, but the groundwork it lays as a point of departure for studying common stocks means it really is necessary to read. But it's well worth it, the last half of the book or so is devoted to common stock investment and here is where Graham shows his true genius and value investing becomes a clear and logical process.
It's well worth your time and your money.
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54 of 60 people found the following review helpful
I know not who will read this, but perhaps I can act as a MENTOR to you, and we will never meet. In all of life there are short cuts that can shave years of trial, error, and pain, that others who do not learn the shortcuts must pay the price. Each generation has to learn what the previous generation has learned. Sometime they don't, and the results are clearly evident in the histories that we read, and take for granted.

No one argues that the greatest investor of the 20th century is Warren Buffett. He has an Einstein type brain lodged inside his skull. You couple this enormous intellect with a laser-like focus and discipline, and you still don't have the world's greatest investor. What Buffet needed was the skill sets, a template that he could fall back on to face every conceivable business analysis, in any type of economic environment.

Remember it was Buffett in the height of the bull market in the late 1960's that cashed in the investment partnership he ran, and sent back the money to every investor along with a letter. During the height of the bull craze absolutely equivalent to the Internet craze we all went through a few years ago, Buffett had this to say. When the game that is played is no longer the game I understand, it's time to leave the game. He did, and saved a fortune in the bear market that ensued - the worst bear market since the Great Depression.

How did Warren Buffett do it? It was simple. There's an expression that Isaac Newton arguably the greatest intellect of the last five hundred years use to tell people. It's called OTSOG; it means On The Shoulders of Giants. Newton was implying that if he had seen more than others, if he knew more than others; it is by standing ON THE SHOULDERS OF GIANTS.
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13 of 15 people found the following review helpful
5.0 out of 5 stars The Foundation May 16, 2004
Benjamin Graham and David Dodd penned the foundation of wise modern investment theory. As such, "Security Analysis" is included in most must read lists of investment books. It is often referred to, alluded to, or directly quoted. You could invest without it, but for every win, you might also suffer a loss.
You may not agree with all of Graham and Dodd's precepts, but most modern and value investment analysis and philosophy can be rooted to the concepts espoused in their tome. "Security Analysis" is to investments what Adam Smith's "Wealth of Nations" is to economics, Sun Tzu's "The Art of War" is to leadership, and William Shakespeare's plays are to Western theatre.
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11 of 13 people found the following review helpful
5.0 out of 5 stars Packed with Knowledge! October 14, 2003
A book that has been continuously in print for nearly 70 years obviously has timeless relevance. The principles of value investing, spelled out for the first time in Security Analysis by Benjamin Graham and David L. Dodd, have made fortunes for investors since it was first published in 1934. For example, Warren Buffett calls this book his Bible. Much has changed on Wall Street since the 1930s, but the concept of buying undervalued companies has not. In addition to its lucid explanation of investment basics, the book is a fascinating picture of a time when the lessons of the Great Depression were still being absorbed. The Securities Act of 1933 had just changed the rules of financial disclosure, and most public companies were manufacturers, mines, railroads or utilities - not the makeup of today's blue-chip portfolio. We recommend this book to serious investors who want to cut through modern Wall Street jargon, and to students of financial history.
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Most Recent Customer Reviews
5.0 out of 5 stars Classic & must read book on investing
I chose this version of Security Analysis because Buffet said it was his favorite. It did not disappoint. Read more
Published 9 days ago by cpsl
5.0 out of 5 stars " Many shall be restored that now are fallen and many shall fall that...
I want to take charge of my own life and make money to live well. When i was young my first choice is be an entrepreneur and build a global business, but you cannot do it without a... Read more
Published 2 months ago by Koh Guangzai
5.0 out of 5 stars love it
its a masterpiece, its wisdom which is not available at the school. its a journey of enlightment without doubt. ok
Published 2 months ago by cesar
5.0 out of 5 stars Excellent Book, But Probably Overkill
This is a spectacular book for pros and people who are interested, but for most investors, it's simply more information that you need. Skip the book. Read more
Published 3 months ago by Bob Dobolina
5.0 out of 5 stars A must for anybody planning on investing
Extremely in-depth, it's a must for anybody planning on investing in the securities markets. It's dense in the material and if you are not familiar with economics, business or... Read more
Published 4 months ago by Marco
5.0 out of 5 stars The bible for value investors
If you are aspiring to be a serious value investor you must read this book. Even though it was written decades ago the information still applies to this day and this is one of... Read more
Published 9 months ago by Jason M Rivera
5.0 out of 5 stars The Investing Bible
So many years have gone by, and still the best book ever written about investing. If you are a solid investor who does not care about speculation, this is the book to read. Read more
Published 10 months ago by raul jara
5.0 out of 5 stars Excellent and a classic.
The item arrive in perfect conditions. I like the content and the style of the writer. The book met my expectations.
Published 12 months ago by Jaime Andrés Cadavid Ruiz
5.0 out of 5 stars Words Of Wisdom
With nearly a million copies sold, "Security Analysis" has been continuously in print for more than sixty years. Read more
Published 14 months ago by Don
4.0 out of 5 stars An amazing book with average digitization from Amazon
I just finished reading this book cover to cover, and will probably read it again in a few weeks time. Read more
Published 17 months ago by Arman
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Topic From this Discussion
How much this book helps a starter investor?
I would start with Graham "Intelligent Investor" first. It helps to set the overall psychological stage for investing, which Graham will even admit is more important in the long run than individual stock selection.
Jan 19, 2007 by A. Bembry |  See all 3 posts
Security Analysis 1940 or 1951 Edition ????
the same question here........
Feb 9, 2008 by Zhe Zhu |  See all 3 posts
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