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Security Analysis [Audiobook] [Audio Cassette]

Benjamin Graham , David Dodd
4.3 out of 5 stars  See all reviews (35 customer reviews)
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Book Description

Oct. 13 2003
This classic book secured Benjamin Graham's status as a Wall Stree immortal.

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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." The Wall Street Journal 20000726 --This text refers to the Hardcover edition.

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. --This text refers to the Hardcover edition.


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Customer Reviews

Most helpful customer reviews
3 of 4 people found the following review helpful
1.0 out of 5 stars ripping off graham and dodd Oct. 5 2003
By A Customer
Format:Hardcover
In a moment of confusion, I bought the so-called "fifth edition" of Security Analysis ... what a scam! This almost unreadable text may be more "up to date" than the 1934 or 1940 editions, but it completely lacks the beautifully elegant prose of the original.
The "fifth edition" is just another fat and overpriced textbook, taking advantage of the Graham and Dodd brand to sell a quite unrelated product. By all means, buy the classic written by the original authors (1934, 1940 editions), but stay away from this "fifth edition." It's really the "first edition" of something quite different and not very impressive.
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5.0 out of 5 stars Benjamin Graham Investing Classic March 10 2013
Format:Hardcover|Verified Purchase
It has been a while since I read this book... it is not for the novice or beginner and is very indepth... It is recommended by the likes of none other than Warren Buffet... that tells you something! (or it ought to!) It does take a fair amount of concentration to get into and is not a light read... it may be an old book, but it is a classic for investors... Very helpful and a must read if you are a "value" investor and want to really get into finding out what to look for in finding those value gems... However it is a long read and almost more a teaching book than a fun book to read... if you do get this book and give it a good read, you will be a better investor and much more prepared to take on the role of being a well-informed "self-investor"! Good luck with your investing journey! FS
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5 of 5 people found the following review helpful
5.0 out of 5 stars The one book every serious investor should read April 14 2001
Format:Hardcover
At first glance, Security Analysis - one shy of 700 single spaced pages without a single picture other than a smiling Mr. Graham on the cover - appears not for the faint of heart. Inside, however, lies the single greatest book on investing ever written, which remains remarkably readable, insightful and timely nearly seven decades after its first edition. Graham, a successful investor in his own right, was also a highly effective and influential teacher (one of his students named Warren Buffett has done quite well), and his methods and language are refreshingly clear and (believe it or not) concise. The length of the book is due to the breadth of its content, not to any wordiness or unnecessary diversions.
Graham (and his collaborator Dodd) meticulously and methodically builds a framework for the analysis and decision-making necessary for truly good investment decisions. Step-by-step, they lay out a general approach and philosophy for investment (as quite distinct from mere speculation) followed by the systematic analysis of fixed income, convertible and equity securities (i.e., bonds, converts/preferreds, stocks); a detailed discussion of financial statements; and a description of certain underlying differences between the intrinsic value of a business and its fluctuating stock price. As a result, the reader emerges with a solid philosophy and approach for his or her own investments and the analytical tools to make actual buying and selling decisions.
This book is neither a get-rich-quick scheme nor an empty academic exercise. Graham does not set out to justify or theorize about the market. Instead, he sets out to counsel the student on the profitable investment in individual securities.
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5.0 out of 5 stars Packed With Knowledge! June 9 2004
Format:Hardcover
A book that has been continuously in print for nearly 70 years obviously has timeless relevance. The principles of value investing, spelled out for the first time in Security Analysis by Benjamin Graham and David L. Dodd, have made fortunes for investors since it was first published in 1934. For example, Warren Buffett calls this book his Bible. Much has changed on Wall Street since the 1930s, but the concept of buying undervalued companies has not. In addition to its lucid explanation of investment basics, the book is a fascinating picture of a time when the lessons of the Great Depression were still being absorbed. The Securities Act of 1933 had just changed the rules of financial disclosure, and most public companies were manufacturers, mines, railroads or utilities - not the makeup of today's blue-chip portfolio. We recommend this book to serious investors who want to cut through modern Wall Street jargon, and to students of financial history.
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5.0 out of 5 stars The Investor's Guide to Real Security Analysis April 1 2003
Format:Hardcover
I still pick up my copy and marvel at the relevance of this exceptionally-written book.
This book will be beget appreciation from professional and/or passionate fundamental analysts. Meanwhile, this book should be must reading for all young professionals who think that the world is different today and that history has nothing to teach us!
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5.0 out of 5 stars Everything after 1934 looks suspicious Feb. 19 2003
By A Customer
Format:Hardcover
Someone wrote reviews to this book indicating that the major downside to it is its age. The book was written in 1934 therefore it misses all the modern developments of finance - modern portfolio theory for example - and all the new techniques that Wall Street "experts" use today.
As an answer I give an anecdote from Warren Buffett's life:
When stock investments started to become popular, the volume increased ten fold, and the modern techniques to make a profit were developed, Warren Buffet was extremely worried. He remembered what happened in 1929. He loathed the new trends in investment that tried to predict the future price of a stock. Therefore he had a meeting with all his fellow Graham students, he expressly forbid to bring anything newer than the 1934 edition of Security Analysis.
This happened decades ago, but history repeats. We all know what happened 3 years ago. We all know how "experts" thought that the market was booming, and how they let it crash. We all know how they made a profit on the money that private investors lost.
Nowadays when I go shopping for a book I always look at the date of pubblication, if it is between 1997 and 2000 I'm very wary. All those books about "new economy", "digital era", "e-commerce", "dot coms", etc. have to be taken with the maximum attention. Usually they contain a lot of inflated ideas that as we look at what happened after they were written we understand how much those "experts" really understand about stock investments.
If they were wrong then, why should they be righ now?
Trust me, but more importantly, trust Graham, trust Buffett, (those that have been consistently right for 50 years) this is the book to buy, "anything newer looks suspicious."
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Most recent customer reviews
5.0 out of 5 stars Best Book On Investing Period.
I have read a plethora of investment texts over the years as an avid businessman and investor in common stocks, and none of them are as complete as Security Analysis by Benjamin... Read more
Published on Dec 29 2002
4.0 out of 5 stars Turbulent times
This book is a masterpiece! It was written during one of America's darkest economic hours,"to date". Read more
Published on Oct. 30 2002
3.0 out of 5 stars A Historical Artifact....
All you need to know about this book is that it was written in 1934. In other words... time has passed it by. Read more
Published on Aug. 23 2002
4.0 out of 5 stars must read
I just finished reading Grahm and Dodds Security Analysis, and
was completely overwhelemed. If you can read this book, understand everything in it, and be able to apply it,... Read more
Published on Aug. 4 2002
4.0 out of 5 stars THE BIBLE OF SECURITY ANALYSIS
This is the BIBLE of security analysis written by Warren Buffett's mentor. It is possibly the most famous book on the market. Read more
Published on Oct. 31 2001 by "stevanus"
4.0 out of 5 stars Speculation, Speculation, Speculation
I think that word, speculation, appears in the book about 1000 times. Graham's investment theory is that if you haven't analytically measured an investment's worth - you are... Read more
Published on Oct. 26 2001 by mtgcsharpguy
5.0 out of 5 stars Best Ever Written
This is book has been updated many times (through the fifth edition). If you have read the latest edition, and believe you have read anything like the original, go back and read... Read more
Published on Sept. 5 2001 by Samuel W. Harnish, Jr.
3.0 out of 5 stars Security blanket
If you can read this book wihtout falling asleep, more power to you. Some of the principals still apply. But a lot of this is so out dated. Read more
Published on July 24 2001 by Daniel J. Meyers
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