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Security Analysis: The Classic 1951 Edition Hardcover – December 31, 2004
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From the Back Cover
The Book that Launched Value Investing, with Guidance and Insights that Stand the Test of Time
Security Analysis: The Classic 1951 Edition provides a rare glimpse into the fundamental building blocks of modern value investing, with insights and strategies for the modern individual investor that are as valuable today as they were more than half a century ago. It brings Benjamin Graham's proven methods for measuring asset values and cash flows, still the centerpiece of value investing worldwide, to today's investment professionals.
Focused on common stocks as a sound investment alternative for individual investors, this classic volume features:
- Expanded material on stockholder-management relations--vitally important in today's era of improved corporate governance and stockholder empowerment
- A step-by-step process for understanding income and balance sheets, and their direct relationship to future stock price appreciation
- Historically proven guidelines for recognizing, and capitalizing on, profitable opportunities in secondary, little-known issues
In the search for stocks poised to beat the market, basic techiques and strategies still work the best. Security Analysis: The Classic 1951 Edition shows you how to look beyond market noise and confusion to find undervalued stocks, and assemble a diversified portfolio that will provide you with outstanding profits today and in the years to come.
About the Author
Benjamin Graham 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, he taught at Columbia University's Graduate School of Business from 1928 through 1957. Graham popularized the examination of price-to-earnings (P/E) ratios, debt-to-equity ratios, divident records, book values, and earnings growth, and he 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.
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Top customer reviews
Security Analysis: The Classic 1934, has been dubbed as an endless source of insight when it comes to investing. Written by two gurus- Benjamin Graham and David Dood this book will awaken the sleeping investor in anyone. Knowing that they taught Warren Buffet his technique has made them famous in the financial world.
The book was written in 1934 just 5 years after the collapse of the stock market in 1929, and right about the time of the Glass-Steagel Act which changed the ethics of the stock market and how they were regulated. Benjamin’s idea was to teach people about the basics of investment by providing insights of what one should look out for in a business that they wish to invest in. Can you get through all these 725 pages? Yes you can, but it will not be an easy read like the Hunger Games.
If you do get through it, you will possess a book written nearly 8 decades ago that has sage insights. You will learn of a framework to follow before rushing into any investment. Also, you will be able to discern a business that looks profitable but in hindsight it is clutching on straws and in the verge of bankruptcy. After reading this book, you will have learned the basic philosophy and principles of investment in the stock market. You will be equally equipped with the tools (mostly analytical and philosophical) that will help you make decisions regarding investments. The difference between investment and speculation, discussion and analysis are all outlined. The reason it is important to know these differences is because the business segment during news time never explain them and so is school. Benjamin will make you understand the meaning of these and other terms his book in a very practical manner.
Warren Buffet was Benjamin’s student and if not for anything else, this alone should serve as a motivation for anyone to take up this book and read it. Be warned though, the book has no single picture and it’s a big book. Luckily for us the book has no filler words and everything written in the book makes a lot of sense which is interesting. There are also other editions of this book, but this particular edition retains all the ‘Old Ben’s’ teachings which is why it is worth every dime. The book is also not a get rich quick scheme. The book only provides insight on what the real investment market looks like and the decisions you should make before making an investment and hence the name of the book-‘Security Analysis’.
If you have ever been duped into making an investment or sheepishly following the crowd to make an investment that turned out to be fake, then grab a cup of coffee and be educated by this man Benjamin Graham and his co-author David Dood, all who seem to have travelled to the future as this book is still very relevant.
Only quibble is that it's a bit long and sometimes ponderous. If you haven't read "The Intelligent Investor" by Benjamin Graham, get that one first; but after you read that, you'll probably want to read this one.
In the case of the 6th edition of Security Analysis, the value is a poor one indeed. The book has been "updated" to include the commentary of some of the more well-known value investors of our age, which by itself is great. However, what the good folks over at McGraw Hill downplay is the fact they decided to remove a sizable portion of the actual text from the book, and shift it to a CD-Rom. Out of the 52 chapters that comprise this masterful work, 11 (~21% of the original text) have been omitted from the actual book, along with the appendix which houses a great deal of statistical data that adds vital context to Graham and Dodd's insightful analysis. The CD-Rom adds another layer of consumer woe to this laughable excuse of an edition. Inserting the CD in to your computer you are prompted to provide a host of information (Name, Email, etc.) to access the text that you own. On principle, I refuse to jump through these hoops just because some unscrupulous publisher thinks he can get clever on how to collect my personal information.
I guess it’s fitting that in a book that teaches you how to search for value your first test is to actually choose the version that provides the most value for your dollar. I can tell you this now; the 6th edition is not the version that does the trick. Please learn from my mistake and choose another version that does not short change you on content. As a starting point, the 2nd edition, published in 1940, is the version that Warren Buffett used when he was getting his start in the investing world.
This book is a timeless classic on investing and you will be enriched mentally and possibly even financially if you are willing to read thoughtfully and diligently. However, your journey through securities analysis will be hobbled if you only receive 4/5 of the content you purchased. To that end I would recommend a version of Security Analysis other than the 6th edition.