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Product details

  • Hardcover: 700 pages
  • Publisher: McGraw-Hill Professional; 6 edition (1 Oct. 2008)
  • Language: English
  • ISBN-10: 0071592539
  • ISBN-13: 978-0071592536
  • Product Dimensions: 16 x 6.1 x 23.6 cm
  • Average Customer Review: 3.8 out of 5 stars  See all reviews (13 customer reviews)
  • Amazon Bestsellers Rank: 25,478 in Books (See Top 100 in Books)
  • See Complete Table of Contents

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Review

“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 2008-06-17)

From the Back Cover

“A roadmap for investing that I have now been following for 57 years.”
—From the foreword by Warren E. Buffett

The 1940 edition of Security Analysis is considered the bible of value investing. McGraw-Hill continues its proud tradition with this new sixth edition that will serve as a touchstone for a new generation of investors.

The leading “Masters” of value investing have updated Graham and Dodd’s classic work with more than 200 pages of new commentary:

  • 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

The accompanying CD-ROM contains the entire 1940 text.

“Benjamin Graham is the father of investment analysts everywhere, originally sparking the debate for a credential to professionalize the industry which led to the CFA Charter. He transformed the practice of financial analysis from trade to science, starting with his groundbreaking book, Security Analysis, first published in 1934. This edition, with new commentary by some of today’s finest investors, belongs on every investment professional’s shelf.”
—Jeffrey J. Diermeier, CFA, president and CEO, CFA Institute


Inside This Book (Learn More)
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Front Cover | Copyright | Table of Contents | Excerpt | Index
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Customer Reviews

3.8 out of 5 stars

Most Helpful Customer Reviews

24 of 24 people found the following review helpful By Simon H on 28 July 2009
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.
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5 of 5 people found the following review helpful By topdog on 29 Sept. 2010
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.
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39 of 44 people found the following review helpful By Gray on 10 Sept. 2009
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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Format: Hardcover Verified Purchase
Clearly the book itself is a classic for a good reason. Benjamin Graham and David L. Dodd's work is full of insight into the business of investing. It is written in oldish English as you would expect from a book originally written in the 1930s, however I am disappointed with the end result. This is because Mc Graw Hill have decided to 'tweek' the work and I really don't like their tweeks. It detracts heavily from the work.

What the publishers of the book have done is that they have littered the book with essays of other eminent financiers. I can see how this might have sounded like a good idea at the time, but what you ended up with is a work were everyone seems to be putting their two pence worth and the result is that the original work is obscured behind all these other voices crying out for attention. These "Introduction to Part X by financier Y" really does distract because there are many sections to the book (eight) and these introductions tend to be so long that they effectively act as added chapters, but chapters without substance. I understand that it is nice to have a foreword by Warren Buffet (he kept his section very short and informative). I even understand that you might want several different prefaces to the different editions of the work to explain the background at the time that each of the editions were printed. But once the work gets going it should have been left well alone. Instead, all these other financiers feel they want to be associated with what is essentially a classic work, and what you end up with a cacophony of text. Sure, you can skip all these introductions if you like, but that is not the point. If you are going to effectively add more, you should end up with more. Instead I feel the publishers have added more and ended up with less.
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