'A road map for investing that I have now been following for 57 years.'--From the Foreword by Warren E. Buffett First published in 1934, Security Analysis is one of the most influential financial books ever written. Selling more than one million copies through five editions, it has provided generations of investors with the timeless value investing philosophy and techniques of Benjamin Graham and David L. Dodd. As relevant today as when they first appeared nearly 75 years ago, the teachings of Benjamin Graham, “the father of value investing,” have withstood the test of time across a wide diversity of market conditions, countries, and asset classes. This new sixth edition, based on the classic 1940 version, is enhanced with 200 additional pages of commentary from some of today's leading Wall Street money managers. These masters of value investing explain why the principles and techniques of Graham and Dodd are still highly relevant even in today's vastly different markets. The contributor list includes: 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 Featuring a foreword by Warren E. Buffett (in which he reveals that he has read the 1940 masterwork “at least four times”), this new edition of Security Analysis will reacquaint you with the foundations of value investing—more relevant than ever in the tumultuous 21st century markets.

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Security Analysis: Sixth Edition, Foreword by Warren Buffett (Security Analysis Prior Editions)

Security analysis : principles and technique

Graham, B: Security Analysis

by Benjamin Graham and David L. Dodd

Graham, Benjamin

McGraw-Hill School Education Group

Irwin Professional Publishing

McGraw-Hill Education Ltd

Oracle Press

McGraw Hill

McGraw Hill LLC Professional Division, New York, 2009

McGraw Hill professional, 6th ed, New York, ©2009

6th ed., New York, New York State, 2008

United States, United States of America

Sixth edition, New York :, 2009

6th ed, London, 2009

Includes index.

Presents David Dodd And Benjamin Graham's Original 1934 Guide To Value Investing, With Strategies And Advice That Are Still Relevant In The Twenty-first Century, With Additional Commentary From Contemporary Investment Professionals. Foreword / Warren E. Buffett -- Preface To The Sixth Edition: The Timeless Wisdom Of Graham And Dodd / Seth A. Klarman -- Introduction To The Sixth Edition: Benjamin Graham And Security Analysis: The Historical Backdrop / James Grant -- Pt. I. Survey And Approach -- Introduction To Part I: The Essential Lessons / Roger Lowenstein -- 1. The Scope And Limits Of Security Analysis, The Concept Of Intrinsic Value -- 2. Fundamental Elements In The Problem Of Analysis, Quantitative And Qualitative Factors -- 3. Sources Of Information -- 4. Distinctions Between Investment And Speculation -- 5. Classification Of Securities -- Pt. Ii. Fixed-value Investments -- Introduction To Part Ii: Unshackling Bonds / Howard S. Marks -- 6. The Selection Of Fixed-value Investments -- 7. The Selection Of Fixed-value Investments: Second And Third Principles -- 8. Specific Standards For Bond Investment -- 9. Specific Standards For Bond Investment (continued): See Accompanying Cd --^ 10. Specific Standards For Bond Investment (continued) -- 11. Specific Standards For Bond Investment (continued): See Accompanying Cd -- 12. Special Factors In The Analysis Of Railroad And Public-utility Bonds: See Accompanying Cd -- 13. Other Special Factors In Bond Analysis: See Accompanying Cd -- 14. The Theory Of Preferred Stocks: See Accompanying Cd -- 15. Technique Of Selecting Preferred Stocks For Investment -- 16. Income Bonds And Guaranteed Securities -- 17. Guaranteed Securities (continued) -- 18. Protective Covenants And Remedies Of Senior Security Holders -- 19. Protective Covenants (continued) -- 20. Preferred-stock Protective Provisions. Maintenance Of Junior Capital See Accompanying Cd -- 21. Supervision Of Investment Holdings -- Pt. Iii. Senior Securities With Speculative Features -- Introduction To Part Iii: Blood And Judgement / J. Ezra Merkin -- 22. Privileged Issues -- 23. Technical Characteristics Of Privileged Senior Securities --^ 24. Technical Aspects Of Convertible Issues -- 25. Senior Securities With Warrants. Participating Issues, Switching And Hedging: See Accompanying Cd -- 26. Senior Securities Of Questionable Safety -- Pt. Iv. Theory Of Common-stock Investment. The Dividend Factor -- Introduction To Part Iv: Go With The Flow / Bruce Berkowitz -- 27. The Theory Of Common-stock Investment -- 28. Newer Canons Of Common-stock Investment -- 29. The Dividend Factor In Common-stock Analysis -- 30. Stock Dividends: See Accompanying Cd -- Pt. V. Analysis Of The Income Account. The Earnings Factor In Common-stock Valuation -- Introduction To Part V: The Quest For Rational Investing / Glenn H. Greenberg -- 31. Analysis Of The Income Account -- 32. Extraordinary Losses And Other Special Items In The Income Account -- 33. Misleading Artifices In The Income Account. Earnings Of Subsidiaries -- 34. The Relation Of Depreciation And Similar Charges To Earning Power --^ 35. Public-utility Depreciation Policies: See Accompanying Cd -- 36. Amortization Charges From The Investor's Standpoint: See Accompanying Cd -- 37. Significance Of The Earnings Record -- 38. Specific Reasons For Questioning Or Rejecting The Past Record -- 39. Price-earnings Ratios For Common Stocks. Adjustments For Changes In Capitalization -- 40. Capitalization Structure -- 41. Low-priced Common Stocks. Analysis Of The Source Of Income -- Pt. Vi. Balance-sheet Analysis. Implications Of Asset Values -- Introduction To Part Vi: Deconstructing The Balance Sheet / Bruce Greenwald -- 42. Balance-sheet Analysis. Significance Of Book Value -- 43. Significance Of The Current-asset Value -- 44. Implications Of Liquidating Value. Stockholder-management Relationships -- 45. Balance-sheet Analysis (concluded) -- Pt. Vii. Additional Aspects Of Security Analysis. Discrepancies Between Price And Value --^ Introduction To Part Vii: The Great Illusion Of The Stock Market And The Future Of Value Investing / David Abrams -- 46. Stock-option Warrants: See Accompanying Cd -- 47. Cost Of Financing And Management -- 48. Some Aspects Of Corporate Pyramiding -- 49. Comparative Analysis Of Companies In The Same Field -- 50. Discrepancies Between Price And Value -- 51. Discrepancies Between Price And Value (continued) -- 52. Market Analysis And Security Analysis -- Pt. Viii. Global Value Investing -- Globetrotting With Graham And Dodd / Thomas A. Russo -- Appendix. See Accompanying Cd. Benjamin Graham And David L. Dodd. Includes Bibliographical References And Index.

A revised edition of this investing bible features up-to-date ideas and strategies for making profitable investments by some of today's most notable names in the financial industry, including Seth Klarman and "Business Week" journalist Jeffrey M. Laderman.

'A road map for investing that I have now been following for 57 years.'
--From the Foreword by Warren E. Buffett First published in 1934, Security Analysis is one of the most influential financial books ever written.

2021-11-19