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Showing 1-10 of 209 reviews(Verified Purchases). See all 313 reviews
on January 29, 2015
This book was made famous by Warren Buffet, but you probably already know that. Will it teach you to invest like Warren? Yes, the fundamentals are there and so are the valuation techniques. In today's rough and tumble world, it's hard to say that it still applies. On a very basic level, yes it does.

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.
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on March 20, 2017
This book is still a valuable reference to understand value investment fundamentals. With up-to-date comments from today investment managers, this 1940 book brings timeless knowledge. Unfortunately, I cannot undestand why McGraw-Hill made it as almost paper book, but with important parts, including the famous appendix with notes, in a CD that directs you to a site where you can download PDF files with that stripped parts of the book. It is not comfortable to read, and seems that this was done to cheapen print costs. The book will deserve 5 stars when printed with all chapters and appendix in paper, if McGraw-Hill fix that issue.
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on May 10, 2017
DO NOT BUY THIS EDITION- GO GET THE 2ND EDITION INSTEAD (either the kindle or physical version)!! Both the physical copy and kindle version of the 6th edition exclude 30+% of the critical information on how to go about actually evaluating certain investments. I don't know why McGraw Hill excluded such important chapters from this edition, only to allow you to access the missing chapters from a CD Rom (which is not compatible with so many computers nowadays). I spent over an hour trying to get the missing chapters. Go save yourself the trouble, and just buy the 2nd edition.

Benjamin Graham and David L. Dodd have written an excellent book. It's easy to follow and has an incredible amount of insight. Don't lose out on it by buying the incomplete 6th edition. The commentary and forwards provided are great in the 6th edition, but they in no way make up for the shockingly VAST amount of MISSING content.

**Shoutout to theamazing Amazon Kindle rep who helped me figure this out and take care of the issue! McGraw Hill was of ZERO help**
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on November 1, 2016
A good, thorough, and comprehensive book. But it is a TEXTBOOK, with all the baggage that comes with it. Some days while studying it I feel like I'm slogging thru it - subtract a star for "textbookishness".

Having said that, I'm not shelving this beast as I intend to learn how to analyze securities.
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on December 15, 2014
The book has very important appendix on CD. Unfortunately it is not possibble to open it. After all necessary steps, just this site is available - http://www.mhprofessional.com/scripts/security_analysis6.php. I have tried twice to contact the publisher McGraw-Hill, with no reponse. I am very dissatisfied with the situation. I hope, Amazon will solve the issue soon.
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on October 27, 2013
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. The original book has been abridged in order to fit the commentary

This was not quite what I expected, and I think I might have been happier with the 4th or 5th edition (I've already read the 1st edition and was intentionally looking to read a different one)
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on March 31, 2013
This book is the starting point for the value investing school, still maintains its relevancy, and is a must read for anyone desiring a comprehensive introduction to conservative, analytical investing. If you're into the detail then this book is the best starting point, although Warren Buffett's letters should be read in tandem as Buffett (a student and employee of Graham's) introduced several advances in stock selection which moved this approach to a entirely new level. If you're not into detail then read, The Intelligent Investor, a much more readable version of Security Analysis designed for the general public.
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VINE VOICEon June 14, 2006
I have read this book twice now - one time is certainly not sufficient to absorb all of its wisdom - ten times probably would not suffice. There are some people who question whether this book is still relevant because it was published over half a century ago. I doubt they ever took the time to read it, or if they read it, I doubt that they really thought about it.

The book's central point is that an investment should be made based upon a thorough investigation of the investment's merits - not on the market generally, or interest rates, etc. It does not promise an easy path to riches - the techniques take work. However, Graham and Dodd's theory of focusing on safety of principal plus satisfactory return has been time-tested, and no one can question the success that Graham's disciples such as Warren Buffett have enjoyed.

A few interesting points: the book is not limited to equity investments. As Security Analysis highlights, equity investments and debt investments are similar insofar as both lay claim to the underlying assets of a company (they are different in the priority they have if the company does not make money).

The book also contains an excellent section on analyzing financial statements. Many of the accounting concerns that this book raised in 1951 occured during the Internet bubble (such as the effect of stock options on a company's value and the use of write-offs to manage earnings). So much for the book being dated!

Even though the book does spend some time analyzing utilities and railroads, the underlying approach used there does have some relevance to other companies.

Although many people simply associate Benjamin Graham with low p/e ratio investing, Security Analysis discusses various means to review and understand an entire company. Thus, although p/e ratio is one factor Security Analysis considers, it is far from the only one.

The book also contains a great discussion of how dividends may affect a company's value (largely based, it appears, on the work of John Burr Williams, author of "The Theory of Investment Value"), as well as an insightful overview of stockholder/management issues.

If I have any criticisms of this book, it is that it pre-dates the use of cash flow statements and that the writing is at times a bit slow-going. That being said, the book itself is invaluable, and I can definitely trace its effects upon any number of other works, all of which become more relevant when read in conjunction with Security Analysis. Examples include:

David Dreman - "Contrarian Investing: the Next Generation"
Martin Whitman - "The Aggressive Conservative Investor"
Mary Buffett - "Buffettology"
Rappaport, Mauboussin - "Expectations Investing: Reading Stock Prices for Better Returns"

Although these books may use different approaches than Security Analysis, it is obvious that the methods set forth therein stem, at least in part, from the theories set forth in Security Analysis.

Given that this book can be heavy, it might be useful to read Chris Browne's "Little Book of Value Investing" or Graham's "Intelligent Investor" first. In many respects, those books are really less intensive versions of Security Analysis. However, ultimately, Security Analysis is a more useful work because of its in-depth nature.
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on August 20, 2013
I wonder what percentage of people attempting to invest in individual securities have ever read, or even heard of, the works of Graham and Dodd. Probably far too few.

Practical advice for people looking to buy individual securities, intellectually fascinating for those who aren't. Even if you just use index funds, this book gets you into a good businessman's mindset unlike any other.

Some of it may be dated, such as large amount written on preferred stocks and corporate bonds, which aren't nearly as prevalent as they were in Graham's day, but it is still interesting to follow his logic. People are complaining about some original chapters and the appendix being omitted, but they can be found on the accompanying CD if you really want to read them. The updated modern viewpoints inserted in lieu of the omitted material is also valuable.
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on June 27, 2015
I totally agree with the statement that the deleted chapters hold some of the most important insights. For example how important it is to read chapter 11 on "Relation of Stock Capitalization to Bonded Debt"! for understanding debt-equity dynamics. And the composers of this abridged edition decided for some unknown (shocking!) reasons that chapter #25 is not important enough to be included - That chapter covers the all important concept of 'hedging'. And appendix provides solid examples for the developed theory and reading it is a very good re-enforcement of thoughts.

Every chapter has some new thing to say on how corporations work and the roles security instruments play in its dynamics. Its a pity that these important parts are left out, but the forewords by the contemporary investors are given so much space. Did the publishers decide to eliminate these insightful chapters for mere reporting in intros?

Id rather put all the intros in CD and make an unabridged book with all the original chapters included.
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