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Rare is the opportunity to see, much less own, an original. But this unusual, carefully crafted reproduction of Benjamin Graham and David Dodd's immortal Security Analysis gives you that chance--to read and treasure a true classic--the book that gave birth to value investing.
Continuously in print through five editions, for more than 60 years, and through nearly a million copies, the primer for many of America's most illustrious investors--and the wellspring of Graham and Dodd's Wall Street Immortality--Security Analysis is indisputably the most influential book on investing ever written. Still the investors' bible, it's as frequently consulted today as it was when it first appeared in 1934.
Of course, over the years and over five editions, Security Analysis changed. Its language was modernized. New material was added. Metaphors and examples were brought up to date. In the light of changing times, these alterations were necessary and appropriate.
But what of the original book? The very durability of this work arouses our curiosity. And what we discover when we return to the original is very simply a classic, a work whose uncompromising worth has not paled since it first saw the light of day in 1934.
The original words of Benjamin Graham and David Dodd--put to paper not long after the disastrous Stock Market Crash of 1929--still have the mesmerizing qualities of rigorous honesty and diligent scrutiny, the same riveting power of disciplined thought and determined logic that gave the work its first distinction and began its illustrious career.
The words you will read here are eloquent. Not only a financial genius and a man of high repute for honorable dealings, Graham was a man of letters invited to teach in the literature department at Columbia University (as well as in the economics and philosophy departments).
But this reproduction is far more than a historical curiosity, an interesting object, and a delightful read. It presents the original Graham/Dodd method of investing--told in their own words as they first described it in the 1930s.
What exactly is this method that has drawn such longterm devotion in the notably fickle reaches of Wall Street?
Graham and Dodd were Wall Street's first bargain shoppers. In this book they first explain their methods for locating bonds and stocks "which are selling well below the levels apparently justified by a careful analysis of the relevant facts." In this book, they tell you precisely how to find these undervalued securities and analyze those "relevant facts."
Are these methods still practical and usable today? The great fortunes created by value investors Warren Buffett, Mario Gabelli, John Neff, Michael Price, and John Bogle testify that they certainly are.
In their preface to this book, Graham and Dodd write that they hope their work "will stand the test of the ever enigmatic future." There is no doubt that it has.
This distinctively wrought book is a careful reproduction of the 1934 edition, containing every word of the original.
- Sales Rank: #118988 in Books
- Brand: McGraw Hill
- Published on: 1996-10-22
- Ingredients: Example Ingredients
- Original language: English
- Number of items: 1
- Dimensions: 9.30" h x 2.10" w x 6.20" l, 2.54 pounds
- Binding: Hardcover
- 725 pages
Review
Read and reap? J.P. Morgan Co.'s private-banking unit, New York, compiles "Summer Must-Reads for Millionaires." The 10-book list includes the 1934 edition of "Security Analysis."
From the Author
Security Analysis is the bible of fundamental analysis. Originally published in 1934, the tome systematically lays bare the science of security analysis. Written with the assistance of cowriter David Dodd, Benjamin Graham's intellectual tour de force has yet to be equaled in the annals of investing. Written only a few years after the devastating stock market crash of 1929, Graham had one objective--to make the investment process as safe as possible using knowledge of key factors about the business.
Beginning with bonds and moving quickly to stocks, Graham and Dodd go over all of the angles. Articulating a comprehensive theory of fixed-value and common stock investment, they examine in detail the various factors that one should consider when valuing securities. Dividends, extraordinary items, depreciation, amortization, capital structure and balance sheet analysis are all described and defined in lurid detail. It is impossible to read Security Analysis and not come away with a deeper understanding of corporate finance and how it relates to investing.
On the downside, let's be frank--Security Analysis is not an easy book to read. However, it remains one of the key textbooks for communicating fundamental analysis to millions of MBAs, in spite of the fact that it first saw print 63 years ago. I personally believe that reading and understanding most of Security Analysis would make a great benchmark for determining whether or not you are ready to start investing your money in specific investments. Sure, Graham is very value-biased in his investment philosophy, but looking for growth without focusing on the price you are paying is the golden road to underperformance.
From the Back Cover
"My Advice? Go back to Graham and do your best to take it from there."Business Week
A classic. Those words can be applied without equivocation to the Security Analysis of 1934.
This book secured Benjamin Graham's stature as a Wall Street immortal. The carefully honed methods for finding undervalued stocks and bonds he described here have never been equalled. These methods have already outlived their author by more than 20 years.
But what of the original Security Analysis? In some ways, it too was immortal. Through five editions and nearly a million copies, it has been continuously in print for more than 60 years. With many additions and changes, the modern edition remains the investors' bible.
But this original 1934 First Edition has its own unique charm and stylethe special purity, elegance, and character of Graham as a man of lettersthat distinguishes it across six decades and shows why this book launched an investing revolution.
This authetic copy of the 1934 First Edition of Security Analysis gives you word for eloquent word the investing methods put forth by Benjamin Graham and his coauthor and follower, David Dodd, just five years after the infamous Stock Market Crash of '29. Its message today is just as vivid, just as lucid, and just as vital as it was in 1934. It's an investment in timeless wisdom and timeless value.
Most helpful customer reviews
259 of 276 people found the following review helpful.
A Convenient Reading of the 2nd Edition
By A Customer
This is a re-issue of the 2nd edition in more modern form. There's no need to talk about the content and importance of this book to value-investor. But some reminder concerning this edition: 1) It is an abridged edition of the original 2nd edition (published in 1940). A total of 10 chapters have been deleted. 2) The Appendix Notes was also deleted. That's why the publisher could keep the pages at around 700+ something. 3) In compensation for the missing chapters, the publisher has attached a CD which contained the pdf format of the original 2nd edition (with 52 complete chapters as well as the Notes). I think that's really the most valuable part of this edition. That why I commented that it's a more convenient version of the 2nd edition.
80 of 85 people found the following review helpful.
What's New in This Edition
By AdamSmythe
As other reviewers have pointed out, this (sixth) edition of Security Analysis includes a reprint of the popular 1940 edition (Warren Buffett's favorite), minus some chapters. The deleted chapters, which can be found in the CD that accompanies the book, make room for (new) general introductory remarks to this edition and also to the eight major parts of the book, written by a variety of modern commentators. If all you really want is the 1940 edition, then the better choice for you is probably to buy the currently in-print reprint that's available (for a lower cost that this sixth edition). You could also buy one of the books actually printed back in 1940, but that will set you back big bucks, because original versions of Security Analysis are collectors' items today. For example, a good copy of the first printing of the 1934 edition easily runs into five figures.
Concerning the 1940 edition (or just the 1940 chapters contained in this sixth version), other than for the references to corporate examples from the 1920s or 1930s, the content is amazingly relevant to today's investing. I had read Security Analysis (the fourth edition) many years ago, and I had forgotten just how clear, precise, insightful and truly sophisticated Graham and Dodd were. Remarkably, in many instances this 1940 edition does a better job describing 21st century investing issues than the majority of material written today.
What you get with this sixth edition that's not available in the other editions are a short (two page) foreword by Warren Buffett and 10 essays by some of the most well-regarded modern investors and authors. Indeed, it was an honor to be asked to contribute to the sixth edition. The essays run about 15 pages, on average, and many of them are highly informative and useful. Those written by Seth Klarman, James Grant, Roger Lowenstein and Bruce Berkowitz were my favorites. As good as they are, though, they basically provide useful insights and more modern applications, rather than plow much new intellectual ground. It's hard to improve much on Graham and Dodd, even after 70 years. If that seems hard to believe, read the book and see for yourself. Finally, if you haven't already read the 1940 edition, which book should you buy--a 1940 reprint or this sixth edition? My choice is the sixth edition.
87 of 94 people found the following review helpful.
6th Edition vs 2nd Edition
By hardcore
The 6th edition is the 2nd edition minus 10 chapters and the very valuable and data rich appendix however with new introductory chapters by various value investors. Although the introductory chapters are enlightening and somewhat informative, I would rather have had the valuable appendix. I wish they could have made the introductory chapters less lengthy and still included the appendix. I felt that many of the introductions although informative were rather windy at times and could have been reduced significantly and still gotten the point across. I know the appendix is on the CD, but that is a pain in the butt to have to look something up on CD as you're reading the book. It would be nice to just flip to the back quick to reference something up as you are reading. Honestly, if I had to do it over again and choose only 1 edition, I would have purchased the more practical and full text 2nd edition.
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