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95 of 97 people found the following review helpful
5.0 out of 5 stars Security Analysis 1940 edition
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,...
Published on May 18, 2003 by thomas crown

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35 of 51 people found the following review helpful
3.0 out of 5 stars good, but not graham's best work
yes, this book is worth owning; its focus on fixed and preferred securities is detailed and thorough, but may be a bit too much for equity investors. however, the book does appear dated as it is given its focus on railroad and utility securities. its practical wisdom is obscured by detail on topics no longer relevant in today's day & age---"intelligent...
Published on May 2, 2004 by Denise


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95 of 97 people found the following review helpful
5.0 out of 5 stars Security Analysis 1940 edition, May 18, 2003
This review is from: Security Analysis: Principles and Techniques (Hardcover)
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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36 of 38 people found the following review helpful
5.0 out of 5 stars Must read for value investors, January 7, 2004
By A Customer
This review is from: Security Analysis: Principles and Techniques (Hardcover)
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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60 of 67 people found the following review helpful
5.0 out of 5 stars If you never read another book or magazine on investing, or could only read one - READ THIS BOOK - For It Is PRICLESS!!!!, March 8, 2007
This review is from: Security Analysis: Principles and Techniques (Hardcover)
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. He meant Euclid, and the earlier Greeks, and all the knowledge they had accumulated.

Warren Buffett would tell you himself that he has stood on the shoulders of giants. His giant was Benjamin Graham. Even Buffet's towering intellect, laser like focus, and hardwired brain for compounding, would not have been enough to insure financial success without Benjamin Graham as his mentor. Today, you and I have the same opportunity as Buffett.

Although we can never sit in the same classroom as Buffett did at Columbia University so many decades ago, while the master Benjamin Graham lectured at the front of the room, you and I can read his masterpiece, which Buffett has called the BIBLE OF INVESTING.

Buffett is one of the two, or three richest men in the world. He still fly's on a privately owned $50 million Gulf stream jet, and reads the 1940 edition of Graham and Dodd's Security Analysis. The same book you have the opportunity to buy, and own for your very own today. I have heard him say, that he has read it from cover to cover more than a dozen times. He has read the other editions as well. This edition is the treasure, because it is still in the voice of Benjamin Graham himself, and it is the second edition, after Graham worked out the kinks that were in the first edition published in 1934 during the Great Depression.

Who will Benefit from this book?

If you are involved with the market, perhaps a student interested in the market, or run billions of dollars, which I have done in my lifetime, anybody will benefit from this book. Is it easy to read - of course not? Will you understand everything you read - Not a chance? It really doesn't matter. You will take out of it what you need to take out of it, and each time you open it, you will take out more.

It may take months and years for Graham to teach you the lessons you need to learn, but he will teach you, just as he taught Buffett. Remember Buffett wasn't his only successful student. There were many other MASTERS that were created in that classroom at Columbia so many decades ago. An example are the folks that ran and run Sequoia Capital, a value hunting firm that's been around for decades, outperforming all their competitors.

There is really no other book that can give you the FORMAL GROUNDING that you need to become a true player in the stock market. Even now, forty years after I started reading Graham and Dodd, I am still learning something on every page I read over and over again.

Many other reviewers have taken the time to explain what it on those pages; I will not rehash them here. I need to motivate you to ACT, to click the button that says, I want to own this book, so please allow me to share one or two stories with you.

When I was a teenager going to college in New York, my accounting professor got me an afternoon job with John W. Bristol, the foremost money manager of the 1950's and 60's. He ran the Princeton University portfolio among many others of equal prestige. Always sitting behind him was a well-worn copy of Graham and Dodd.

Two years later with Arthur Andersen, I had the honor of auditing the richest man in the world - Daniel K. Ludwig. He was worth $5 billion in the early 1970's. No education, 5th grade maybe, and forget college. Behind him was Graham and Dodd, the only book there, and it was underlined and annotated. This man was secretive and shy; he had only two friends in life - Howard Hughes, and Clark Gable.

I implore you, READ THIS BOOK and CHANGE YOUR LIFE.

Richard Stoyeck
StocksAtBottom.com
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13 of 15 people found the following review helpful
5.0 out of 5 stars The Foundation, May 16, 2004
By 
Michael Ashley Schulman (Newport Beach, CA, USA) - See all my reviews
This review is from: Security Analysis: Principles and Techniques (Hardcover)
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
This review is from: Security Analysis: Principles and Techniques (Hardcover)
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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4 of 4 people found the following review helpful
5.0 out of 5 stars Truly the Greatest, August 2, 2010
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This review is from: Security Analysis: Principles and Techniques (Hardcover)
My first encounter with the principles of Ben Graham was Intelligent Investor. I found that book to be one of the most insightful security analysis books for the average person. Fast foward a couple of months I purchased the 1934 edition of Security Analysis. Upon completing it I fell in love with the art of value investing. I read the fifth edition (which was not written by Graham) and found that to be useful for modern security analysis, but I constantly referred to the 1934 edition when I felt that the principles of the fifth were not consistent. Later I came upon this page because I heard that Warren Buffett really praised this book for being Graham's "magnum opus". Already convinced that the first edition was the best I decided to purchase the second edition and decide for myself. When finishing the book I too became a believer that the second edition is far superior to the first. The second edition is very similar to the first in that it has the same concepts only the main difference is in the second edition, Graham decides to expand on the principles laid in the first edition. Graham is able to revise some of his ideas from the first edition as the United States was on the eve of WWII. Bottom line is this, if you are really serious about investing then it would do you good to purchase this edition.
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3 of 3 people found the following review helpful
5.0 out of 5 stars " Many shall be restored that now are fallen and many shall fall that now are in honor. ", February 23, 2014
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This review is from: Security Analysis: Principles and Techniques (Hardcover)
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 great idea or something you really believe. So second choice is to be CEO of big company, this is also not easy. You need to have top education or work in the company for decades. You cannot just write to them and simply convince them that you could do a good job and be their CEO. So if there are 1000 people, probability is that 10 of them get to be own boss, 10 of them get to be CEO, there still left 980 of them having to work for others. It will be fine if you like your work and earn enough. But If YOU want to TAKE CHARGE of YOUR LIFE but simply in your circumstances having no hope to be entrepreneur or chance to be CEO and do not like your day job, you and 980 of them still have a way, and that is Value investing. For me, the best way is not to build a good company, but to find one and invest in it and be a part owner of the company. It means do not be CEO, but let CEO work for you and you monitor them.

To know Value investing and apply it, you need to start with books.

My first investment book is (1)The Intelligent Investor,read around mid 2007,as it show you what investing is all about. I have zero knowledge beforehand and do not have any business, economic, accounting, financial education, etc. Then I read (2)Common Stocks and Uncommon Profits followed by (3)The Little Book of Common Sense Investing. Next I read THIS BOOK (4)SECURITY ANALYSIS SECOND EDITION,read two times on first and last quarter of 2008. Lastly with extra effort and fifth gear, I managed to finish off (5)The Theory of Investment Value, around Jan 2009. I then read the whole Kraft Foods annual report, the first i read, and the company's stock chart by Valueline. After two years of faith and mental work, I get a chance to apply it. I invest in Kraft Foods during the low of 2009, around march. The market capitalization for the company at that time is around 30 billions. Till now this year 2014, as it spilts into two company on late 2012, the combine worth is around 90 billion. Yes I make money, but not as large as I wanted to because I do not have millions of available cash at that time.

People can take away your money but not your enlightenment. You can start business and fail, or be CEO and get sack, but once you acquire the art of Value investing, it is there for your life to use.

This book is for those who are serious in starting business, investment management or for just about anyone who like to make money work for you. You cannot train to have a good vocal and make millions in being a top singer or run like Usain Bolt in 100m race if you train. But you could have an investment mindset with the above five books and make millions or reach the top in your life. You must be sincere and willing to take the effort and time with concentration. It is a journey and not a get rich without effort thing.

Finally and importantly, when you know for yourselves that certain things are unwholesome and wrong, and bad, you give them up. And when you know yourselves that certain things are wholesome and good, then accept them and follow them. If you know that certain company's products and services are bad for human and society at large, then follow your conscience and do not invest.

SECURITY ANALYSIS Second Edition by Benjamin Graham will be your best investment of time, Buy it and good luck.
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3 of 3 people found the following review helpful
4.0 out of 5 stars An amazing book with average digitization from Amazon, November 21, 2012
By 
Arman (United States) - See all my reviews
(REAL NAME)   
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I just finished reading this book cover to cover, and will probably read it again in a few weeks time. I found it to be quite simply the best and most complete resource on value investing I have ever seen, read or heard of in my life. Graham and Dodd not only teach us how to invest and why, but convey with beautiful eloquence their reasoning and frame of mind. They teach us that investing is as much about constitution and temperament as it is about logic and numbers, and are able to impart that wisdom and experience to us in those few hundred pages (ok, many hundred pages).

For those of you reading this who are new to investing, Benjamin Graham and David Dodd quite literally wrote the book on value investing, and this is it. I would point out though that it was written for the purpose of being a source of information and tools rather than a way of introducing and inspiring its readers to the philosophy of value investing. So if you are new to investing or to the concepts of value investing, I would really recommend reading Graham's "The Intelligent Investor" first; it's a comparatively easy to read introduction to the concepts covered in greater detail in this book.

While I have not read the original 1930's edition, I have heard that this version is more complete in that it irons out some of the kinks in the investment strategy that Graham developed following his near bankruptcy during the great depression.

A word on the relevance of this book in today's market: Much of the book centers about examples from preferred stocks of utilities and railroads, investment vehicles which are far less prevalent today than they were in the early 20th century. However, these are just examples, and the pitfalls and opportunities which arise in the stock market are as prevalent today as they were in the days this book was written. I am of the opinion that those who criticize this work on the basis that it is outdated, really did not understand what Graham was trying to do; to convey a new way of thinking about stocks, and to understand them based on the company that they represent. It doesn't matter whether you are purchasing a pre-depression era railroad preferred or the hybrid floating rate bond of a modern technology company, the examples exist to illustrate how to look past all that and to understand what the purchase of that security really means. If, after reading this book, you find yourself unable to transfer the examples to the modern world, then quite frankly you've read it wrong.

If, however, you are concerned about the relevance and are after more specific guidance on modern applications (as well as trimming of the "less" relevant sections), take a look at the 6th edition of this book, which contains detailed chapter summaries and introductions by modern money people.

Finally, the reason for the 4 stars: The digitization of this book is not fantastic, and given the price this is not really acceptable. I found several errors which I have reported (and will hopefully have been fixed by now), but my real gripe is with the tables and figures, which are simply scanned. This is usually fine, but many of the footnotes are so small as to be illegible, and the overall feel is somewhat like a sketchbook; with cutouts glued to the pages where the tables were in the real book. I had hoped that Amazon would instead have digitally transcribed the tables and inserted them, or at least given them a transparent background, rather than the sepia tone that can't be changed on the tables. If this is ever corrected I'll change my review to 5 stars and remove this paragraph.

I can't possibly express my gratitude for what those two did when they decided to put Graham's experience onto paper in the form of this book, and I think I will forever be grateful for their efforts. This book has taught me invaluable lessons not only in investing but also in prudence and the value of sobriety in the face of euphoria and gloom, lessons which apply to many other facets of life.
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2 of 2 people found the following review helpful
5.0 out of 5 stars The bible for value investors, July 6, 2013
By 
Jason M Rivera (South Dakota, USA) - See all my reviews
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This review is from: Security Analysis: Principles and Techniques (Hardcover)
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 very few books on value investing that I cannot recommend highly enough. If you can push through the sometimes very dry material you will learn more from this book than most about how to become a better value investor.
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2 of 2 people found the following review helpful
5.0 out of 5 stars The Investing Bible, June 17, 2013
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This review is from: Security Analysis: Principles and Techniques (Hardcover)
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. I recommend the second edition since it has the appendix in the last 100 pages of the book. The 6th edition does not have the appendix at the end of the book, it comes with a CD which I found bothersome since you need a computer to look the notes in the digital appendix. In addition to this book, I recommend to read Common Stock and Uncommon Profits by Philip A. Fisher. IF you want to learn about market cycles get a copy of BULL a History of the Boom and Bust , 1982 - 2004 by Maggie Mahar..
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Security Analysis: Principles and Techniques
Security Analysis: Principles and Techniques by Benjamin Graham (Hardcover - October 10, 2002)
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