- Series: Security Analysis Prior Editions
- Hardcover: 700 pages
- Publisher: McGraw-Hill Education; 6 edition (September 25, 2008)
- Language: English
- ISBN-10: 0071592539
- ISBN-13: 978-0071592536
- Product Dimensions: 6.6 x 2.3 x 9.4 inches
- Shipping Weight: 2.6 pounds (View shipping rates and policies)
- Average Customer Review: 359 customer reviews
- Amazon Best Sellers Rank: #6,691 in Books (See Top 100 in Books)
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Security Analysis: Sixth Edition, Foreword by Warren Buffett (Security Analysis Prior Editions) 6th Edition
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"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."
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. .
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 additional chapters from the original 1940 edition.
“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
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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.
Lots of examples. It takes some attention, but not overly technical. No theory ... Example after Example after Example. Accounting was worse then (believe it or not). Nothing subtle. In some ways, it is like reading 'Believe it or Not'. Problems stand out, and Graham's commentary takes it from there.
It isn't about Stocks. It is about securities. Senior bonds, Junior debt, preferreds, common stocks, warrants, convertibles, with specifics on industries.
Why this Edition???
This is what he learned in the 1930's. Parallels between then and now are striking. A post mortem on the 1930''s. It is all there and the similarities between then and today, as we look back on the late 2000's is remarkable.
I found the analysis of different securities of the same firm very useful and profitable.
Graham could write. In a way that is old fashioned in its quality and formality, but very readable. Very careful writing. A pleasure to read.
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.
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.
Most recent customer reviews
In the case of the 6th edition of Security Analysis, the value is a poor one indeed.Read more