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7 of 7 people found the following review helpful:
5.0 out of 5 stars
The value investor's Bible - now with added gospels, 28 Jul 2009
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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11 of 12 people found the following review helpful:
5.0 out of 5 stars
Security Analysis, 4 Dec 2008
An excellent book it even comes with an accompanying CD of a previous edition. The commentary is excellent and thoroughly up to date. You need to have alot of time to read this book. There are lots of salient investment nuggets. You just have to find them. Even though it a book written originally a long time ago, it is still very relevant today.
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2 of 5 people found the following review helpful:
3.0 out of 5 stars
Good - but a bit of let down, 10 Sep 2009
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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