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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.” (Financial Times )
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"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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Most Helpful Customer Reviews
17 of 17 people found the following review helpful
Format:Hardcover
Graham & Dodd's Security Analysis has long been held as one of the seminal investment works since it was first published in 1934. Revised several times, the first two editions were perceived as the most insightful versions. Now, for the sixth edition, we have the text of the second edition accompanied by several essays from successful proponents of value investing - as well as a contribution from Roger Lowenstein, the journalist responsible for "When Genius Fails", the dramatic account of the failure in 1998 of Long Term Capital Management. The behavioural finance expert and value investor James Montier has recently identified this new version as being a must-buy given the addition of the modern essays.
This is not a work you need to read straight through. There is a good contrast between the contemporary essays with more modern examples of the value practice, and the examples cited in the original text from the early 20th century. The essays are eminently readable as an aperitif for the real homework. It is basically split along Fixed Income and Equity sections, adding extra convenience for anyone specialising in one of those areas.
The best thing about value investing is that repeated studies have shown it to achieve the best returns over time; but because many investors don't or can't allow for long-term horizons, they pursue short-term strategies that frequently don't pay off. Thus there is always room for value investors to reap the rewards of their efforts. This is a book that will enlighten all - be they current or wannabe investors, professional or private, searching for the Holy Grail.
This is not a work you need to read straight through. There is a good contrast between the contemporary essays with more modern examples of the value practice, and the examples cited in the original text from the early 20th century. The essays are eminently readable as an aperitif for the real homework. It is basically split along Fixed Income and Equity sections, adding extra convenience for anyone specialising in one of those areas.
The best thing about value investing is that repeated studies have shown it to achieve the best returns over time; but because many investors don't or can't allow for long-term horizons, they pursue short-term strategies that frequently don't pay off. Thus there is always room for value investors to reap the rewards of their efforts. This is a book that will enlighten all - be they current or wannabe investors, professional or private, searching for the Holy Grail.
5 of 5 people found the following review helpful
Format:Hardcover
This book was an achievement to write I'm sure, but it's also an achievement to read from cover to cover!
If you buy it for what it is; an investment classic that's been in print for decades, you won't be disappointed. But be warned it is a bit dry and focuses a lot on railways and bonds. You could argue that it's outdated because of this but it's still full of good solid principles.
The foreword by Buffet is short but the up to date commentary before every chapter is often excellent. This is what makes me think that if you want to gather investment knowledge you may be better with a more modern book. But if you want to read Graham's words, and are interested in the value investing philosophy you will feel a sense of satisfaction on completion.
But it is what it is, and has stood the test of time so still gets 4 stars.
If you buy it for what it is; an investment classic that's been in print for decades, you won't be disappointed. But be warned it is a bit dry and focuses a lot on railways and bonds. You could argue that it's outdated because of this but it's still full of good solid principles.
The foreword by Buffet is short but the up to date commentary before every chapter is often excellent. This is what makes me think that if you want to gather investment knowledge you may be better with a more modern book. But if you want to read Graham's words, and are interested in the value investing philosophy you will feel a sense of satisfaction on completion.
But it is what it is, and has stood the test of time so still gets 4 stars.
29 of 32 people found the following review helpful
Format:Hardcover
Do not get me wrong this is a good book, and in my opinion the 1940 edition is the best investment book you can get, but the annoying thing first is the disk, they have just cut out a number of chapters from the 1940 edition and put it on the disk which in my opinion is stupid and just a ploy to save them money from printing more paper, and a sales ploy by saying that you get another edition on disk when you do not, all they have done is put the 1940 edition in the book, then cut some chapters out of the 1940 edition and put it on the disk with the appendix which is also annoying, as you have to read the book in order you have to use the disk or just miss the chapters out until you are at a computer (they have cut 11 chapters out, with the appendix, most annoyingly 11, 12, 13 and 14). Now do not get me wrong i understand why they have removed these chapters as the data they use is not relavent to today, but the emphasis in the chapters are, thus they should have been left. Also i will say the unfortunitly alot of the added commentary in the book is poor, especially whereas in some of the commentary all they have done is pick out a load of the text from the section you are about to read and paste it into there commentary (section two is the worst for this), which in my opinion is pointless, especially when they have nothing really to add to what is written, it is much better if they just leave it in its original context in the following chapters, though i will say some commentary was decent, but not much. Thus in my opinion i would say it is better to jusy buy the original 1940 text rather than this book, as it would be a much easier read. Also i only give it the three stars becuase of the commentary and the outrageous con of the disc, i would have given it less, but the Graham and Dodd bit as always is exceptional, and deserves way more than a 5, but the new book without this really deserves less than a 1
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Most Recent Customer Reviews
Classic must read
What a great book! It is amazing to see how many rules of graham that worked back then, are still applicable today. Read more
Published 2 months ago by B. P. G. Kessel
Pocket size copy
I would avoid buying this copy of One Up on Wall Street: How to Use What You Already Know to Make Money in the Market as it is a miniture copy,
Published 16 months ago by smcg
its read like a bible, its enormous and very boring
i dont want to diss the author of this book, as i have tremendous amount of respect from mr. graham, but the book is SO BORING. Read more
Published 18 months ago by A. Mukhanov
Excellent
The packaging was very good and we would buy the book again from the customer..!
Published on 8 Feb 2009 by S. Palaparthy
Security Analysis
An excellent book it even comes with an accompanying CD of a previous edition. The commentary is excellent and thoroughly up to date. Read more
Published on 4 Dec 2008 by S. Cohen
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