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Since its publication,Security Analysis by Graham and Dodd has been the investment bible and has sold more than 750,000 copies. Now the fifth edition of this classic updates the application of the Graham and Dodd valuation approach for today's greatly changed investment environment.
This edition brings the Graham and Dodd approach up to date with the changes that have occurred since the last edition was published--changes in investment practices and regulation, several new tax laws, the explosion of new accounting and financial reporting rules, persistent inflation in capital markets, new investment instruments, and more.
Maintaining the high standards of prior editions, Security Analysis puts at your fingertips the authoritative guidance on analyzing securities that generations of users have come to rely on. Here in clear, easy-to-use explanations you'll find the tools of financial statement analysis--from the investor's viewpoint and with an investor's notion of income and capital maintenance--that have enabled value investors to keep the edge in a highly competitive market.
The book provides the principles and techniques to measure asset values and cash flows so that you can sharpen your judgments of company earnings, refresh your insight into what individual companies are worth, and evaluate how much debt a leveraged company can service. You'll find practical guidance to make better investment decisions whether you're a security analyst, portfolio manager, broker/dealer, investment banker, credit officer, or a serious individual investor.
Heavily illustrated with examples taken from real companies, Security Analysis, Fifth Edition, is an investment book like no other for investors who aspire to the highest investment accomplishments.
- Sales Rank: #260522 in Books
- Published on: 1988-01-01
- Ingredients: Example Ingredients
- Original language: English
- Number of items: 1
- Dimensions: 9.10" h x 1.80" w x 8.20" l, 2.29 pounds
- Binding: Hardcover
- 658 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
"After twenty-five years the 'classic' has been updated...big bath accounting, value investing, duration, junk bonds, shareholder's rights...eternal truths. It's all here...a must for serious investors."
--John B. Neff, Managing Partner, Wellington Management Company
"With the original edition of this book...Ben Graham and Dave Dodd invented the profession of financial analysis for investment. This entirely new edition honors that past and gives investment professionals an invitation to the future."
--Charles D. Ellis, Partner, Greenwich Associates
"I'm delighted, as are most other investment professionals, that this classic book has been updated....It has a hands-on orientation providing plenty of real-life examples that...set it apart from most other investment textbooks. I believe that readers will find this version better presented and hence easier to read than previous editions."
--James L. Farrell, Jr., Chariman, MPT Associates
"The Fifth Edition provides a comprehensive treatment of the analysis of financial statements, the development of future earnings expectations and the valuation of stocks and bonds."
--William S. Gray, Investment Consultant, Harris Trust and Savings Bank
"It is good to have a newly revised edition of the most famous book in the investment counsel profession."
--John M. Templeton, Chairman, Templeton International
"At a time when many investment books either treat security analysis mechanically or omit any reference to it altogether, the fifth edition of Security Analysis--the most influential book on investing ever written--is required reading for every serious investor."
--Jack Treynor, President, Treynor Capital Management, Inc., and Professor of Finance, University of Southern California
"An absolutely essential tool for the serious investor in both equity and debt securities."
--Leon G. Cooperman, Partner-in-Charge Investment Research and Co-Chairman of the Investment Policy Committee, Goldman, Sachs & Co
"The continental European analyst can only (again) be envious of the wealth of data and tools which the book describes, such as long historical records accessible by the computer, listing of reporting and tax ruls, etc."
--P. A. van de Pavard, econ. drs., CFA, European Federation of Security Analysts, (Board member)
"Security Analysis is essential to a proper understanding of investment fundamentals, as it has been since 1934."
--Frederick L. Muller, President, Atlanta Capital Management Company
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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