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