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Security Analysis

Security Analysis A road map for investing that I have now been following for years From the Foreword by Warren E BuffettFirst published in Security Analysis is one of the most influential financial books ever

  • Title: Security Analysis
  • Author: Benjamin Graham David L. Dodd Warren Buffett
  • ISBN: 9780071592536
  • Page: 419
  • Format: Hardcover
  • A road map for investing that I have now been following for 57 years From the Foreword by Warren E BuffettFirst published in 1934, Security Analysis is one of the most influential financial books ever written Selling than one million copies through five editions, it has provided generations of investors with the timeless value investing philosophy and techniqu A road map for investing that I have now been following for 57 years From the Foreword by Warren E BuffettFirst published in 1934, Security Analysis is one of the most influential financial books ever written Selling 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 CapitalFeaturing 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 relevant than ever in the tumultuous 21st century markets.

    • Best Read [Benjamin Graham David L. Dodd Warren Buffett] ☆ Security Analysis || [Music Book] PDF ↠
      419 Benjamin Graham David L. Dodd Warren Buffett
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    About "Benjamin Graham David L. Dodd Warren Buffett"

    1. Benjamin Graham David L. Dodd Warren Buffett

      Benjamin Graham May 8, 1894 September 21, 1976 was an American economist and professional investor Graham is considered the first proponent of value investing, an investment approach he began teaching at Columbia Business School in 1928 and subsequently refined with David Dodd through various editions of their famous book Security Analysis Disciples of value investing include Jean Marie Eveillard, Warren Buffett, William J Ruane, Irving Kahn, Hani M Anklis, and Walter J Schloss Buffett, who credits Graham as grounding him with a sound intellectual investment framework, described him as the second most influential person in his life after his own father In fact, Graham had such an overwhelming influence on his students that two of them, Buffett and Kahn, named their sons, Howard Graham Buffett and Thomas Graham Kahn, after him.

    419 Comments

    1. The 6th edition (which is the 75th anniversary of the 1st edition) has an absolutely wonderful and very heartfelt introduction by Buffett. This is actually a reprint of the 2nd edition but annotated by revered investors/academics, which I enjoyed. I have to warn this is basically a textbook and will come across as very dry. The first few times I read Graham I thought it was very dry but I've acclimated myself to him and now enjoy his writing. Graham is always very careful never to inject any fla [...]


    2. Reads very much like a textbook, but a must read for anybody considering stepping outside the world of mutual funds and actually investing in individual companies by using a value based approach. This book will provide the basic tools on how to evaluate the intrinsic value of a company, which is the first step in determining whether a security is a worthy investment. Certainly not an easy read, but well worth the time and effort.


    3. I'm no investor, but I enjoy keeping up with the markets the same way some baseball fans like digging into stats and nerding out on numbers. And that's why I decided to pick up this book and start learning more about value investing from a classic source. Holy crap, I couldn't put it down and was surprised at just how simple it was. Now I do have training and experience as an accountant, so I wasn't worried about jargon or complicated math more often than not the math and terms used in the finan [...]



    4. I had always intended to read Security Analysis, but due to the size of the book (over 700 pages), I did not get around to reading it until around 2008. It was well worth the read. True, some of the examples are dated, like the emphasis on railroad securities and some old accounting rules, but the underlying principles still apply today.The book emphasizes concepts, methods, standards, principles and logical reasoning, so it works in the current environment, just as it did when Graham and Dodd w [...]



    5. Without a doubt Graham and Dodd were wise men and they would still be wise men. That makes this book interesting regardless of age, but it has lost some of its significance. Not because they are wrong but because the things they are pointing out is of much less relevance in a world where fixed income securities are not mainstay investments, and where fixed assets are less important to a company's wellbeing than it used to be.So what is left? A lot of really wise advice of the general kind (see q [...]


    6. A book that really touches the issue in detail, but it is still carrying old facts of 1920s-1940s. Hence its broad mention upon railroad issues, public utility is too stretched that I suspect would benefit little to the analysis of popular industries nowadays. In my opinion the recent edition of "Intelligent Investor" does better in updating and put some footnotes to adjust the statements with the now condition. In this book, even one of the co-author added to this edition humbly admitted that h [...]


    7. Not a waste of time, but much more dated than the Intelligent Investors. I thought much of the good work done by the Intelligent Investor was weakened by the sanctioning of speculation. Also overly prescriptive and narrowly framed based on the valuation levels of the day. It's a little like reading the bible - some parts you can take literally (like say the crucifixion), others you can only take figuratively (like say the story of genesis or noah's ark) and others you must throw out entirely (li [...]


    8. With nearly a million copies sold, "Security Analysis" has been continuously in print for more than sixty years. No investment book in history had either the immediate impact, or the long-term relevance and value, of its first edition in 1934. By 1951, seventeen years past its original publication and more than a decade beyond its revised and acclaimed 1940 second edition, authors Benjamin Graham and David Dodd had seen business and investment markets travel from the depths of Depression to the [...]


    9. The 6th edition is basically the 1940 2nd edition with a number of chapters, plus the appendix, removed to make room for contemporary commentary. The chapters are available as a separate download, nevertheless their omission is unfortunate as many of them are very informative and access to the separate material inconvenient. Certainly at least for the Kindle version, where size is not a concern, the omission is inexcusable -- and doubly so if you examine what it is that they have been left for.T [...]


    10. I read this book (and will be reading The Intelligent Investor) as they are the books that shaped Warren Buffett's career. This tome is thick and written in the 1920-30s, so it is a bit difficult to read; however, a careful reading will help an entrepreneur better understand how people can lie to you with financial statements. It was a seminal read for me and an important reading experience.As someone who only invests in private companies and owns no public stocks, I was hoping for a bit more da [...]


    11. Security Analysis is not for the amateur or newbie investor wanna be. That being said, I didn't understand approximately 63% of it but the parts I did understand seem to me to be investing wisdom at its finest. If you are a seasoned investor, you will want to read this book and refine your skills. I'll come back to this one.


    12. Absolutely fantastic stuff especially by contributing authors like Warren Buffet, Seth Klarman, etc If you have spent some time in the investing arena and feel out of touch with concepts and thoughts, here we go



    13. This is a timeless classic. The principles contained in this book have stood the test of time. If you are a serious investor, you have to read this. There cannot be any greater learning.


    14. Great book for those who are interested in long-term investments.Certain understanding of financial reporting is required.


    15. The bible of securities investing i.e. studying financial statements and investing in stocks. Written in the 1930s. Still unsurpassed.


    16. certain issues may not be relevant to today's finance but there are lots of things you can learn reading the book. there is no book that goes as deep as this book teaching you about value investing except Intelligent Investor. If you are thinking about value investing or overall about investing, then you should read the book


    17. About the edition: I read the most recent 6th edition which is essentially an abridged 2nd edition plus some industry gurus' comments on each part and the relevance to today's investment. People also recommend replacing the first part of the 2nd edition with 3rd edition which is more detailed and comprehensive. I think the 2nd edition flows better than the 3rd. It started with evaluation of company for bond investment and followed by the idea that stock evaluation should be built on the bond eva [...]


    18. Oftentimes referred to as the best of the many editions, I wanted to read this version because it was released 10 years after the start of the Great Depression. The 'links' between investing after the 1920s offer some insights into a similar period as investing after the massive technology bubble of the 1990s. Of course, we did not experience a global depression after the 1990s (due to Greenspan and the Greatest Global Boom of all time), but there are some common threads. In addition, Benjamin G [...]


    19. The bible of value investing, Security Analysis instructs readers on how to invest -- rather than speculate -- in fixed income and equity securities. The authors appropriately highlight the importance of identifying and investing in good businesses selling at attractive prices relative to their intrinsic valuation. Much of the text, however, gets caught up in lengthy examples that weigh down this tome. Overall, this book reads well although the Intelligent Investor -- also written by Graham and [...]


    20. Read the classic version but found that the thoughts and standards of the time are far outdated from today's. The classic was written at a time when ticker tapes were in place, not when hundreds of billions of institutional funds move in and out of a country or industry equity sector within a week or 2. The principles are still true today as they were when they were first written, but context is what limits me from rating it a full 5!


    21. A clear, oh-so-thorough review of a field in which I have little to no knowledge or expertise. If you have the patience to make it through, it represents a worldview that I find very interesting--you can follow the paper trail to very what has happened, to understand a group of people's decision making in the present, and to make educated guesses as to what could happen in the future. Fascinating.


    22. This book has more useful, practical and well reasoned information per page than anything else I've read about investing. It is however a heavy book, both figuratively and literally. It's doubtful whether you can appreciate all of it without already having some meaningful experience. Probably worth reading multiple times over ones investment career.


    23. Czytałam znacznie dłużej, niż Regulamin tłoczni win Irvinga, i to pokazuje mój stosunek do tej książki. Trochę za dużo tu polityki USA z czasów wojny w Wietnamie, trochę za dużo tajemnic na siłę rozwiązywanych w ostatnim momencie i te dłużyzny mnie znudziły. Ale ostatecznie przeczytałam, bo język jednak Irving ma piękny i gładko prowadzi opowieść.


    24. Очень странно написанная книга. Вроде бы для профессионалов, но все разжевано очень сильно. Очень много специфики рынка США 70ых и 80ых годов, книга совсем не обновлялась с того времени.Прочитал начало, некоторые полезные вещи узнал, дальше только пролистал.


    25. While this may the most commonly cited first book on most value investors shelves I will say that after getting about half way through you'll get the gist. Margin of safety through a disciplined valuation framework is necessary to sustainable returns


    26. It is no doubt a classic, written so simply and touches on industry analysis which most books on investments miss out. Besides it deals with several aspects of getting to the roots of making a good stock selection.


    27. Text book like covering a breadth of topics without much focus on any one thing. Good over view but not fun nor deep enough to fully engage


    28. David Abrams summed up Security Analysis the best when he called it "the value investors' equivalent to Deuteronomy" in his introduction to Part VII of the 6th edition. It is an extremely thorough explanation of how to evaluate stocks and bonds, primarily focusing on a company's income statement and balance sheet. It is not an ideal starting point for young investors–I have read several finance books before this one, and parts of it were still over my head–but it is essential reading for any [...]


    29. The examples tend to be from the 1930's. Just surviving this period in the securities business was a major accomplishment. Simple mean reversion didn't work very well -- anyone who tried it was already gone. Meanwhile the examples are excellent. Especially the selections on 1920's mortgage backed securities -- yea they had them.


    30. Great knowledge from the Master Benjamin Graham himself but a very hard book to get through. I would read War and Peace twice again before attempting to battle through it again. But don't get me wrong he is the founder of value investing and Warren Buffet's Teacher!


    31. I'm probably the only person I know that could enjoy this book, but nonetheless, I found it very entertaining, despite its length. Don't read this unless you are very interested in the capital markets, though. It would be very boring.


    32. This book showed the brilliance of Benjamin Graham, but you will need some knowledge in accounting before reading this. Must read for value investors wanna be.


    33. "There are no dependable ways of making money easily and quickly either in Wall Street or anywhere else."at doesn't mean it's impossible!


    34. The first book to read to understand stock market and stock trends. The chart analysis is time-tested and is good for commodities and other futures.


    35. This edition keeps the spirit of Graham and Dodd's seminar work. I felt however that the new chapters don't add as much value as expected.


    36. A masterpiece on investing. Incomparable. Benjamin Graham is the God of investing. Any other comparison will not do justice to the master.


    37. Essential library reference.Worth dusting off from time to time, to reinforce time tested stock market lessons.


    38. An essential for anyone interested in a career in finance. Graham and Dodd give a thorough overview of all the basics.


    39. I first started the book from begining but then I lost patience and went back to my management days book on portfolio analysis. After few days I again picked up the book but from the middle and it was really intersting to get a perspective on EPS, dividend and various thoughts on why and what dividend. So then I analysed a few shares in my portfolio and could relate the things.Few things I got clarity about :EPS Earning per sharePE how much I am ready to pay to 1 Rs earning of a company.Dividend [...]





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