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 an alternate Hardcover edition.
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 an alternate Hardcover edition.See all Product Description
My favourite classic investment book of all time. Cannot be beaten for fundamentals. More insightful stuff requires further reading elsewhere, however.Published 7 months ago by The Disqualifyer
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... Read morePublished on March 10 2013 by Frank Spenrath
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... Read morePublished on June 9 2004 by Rolf Dobelli
In a moment of confusion, I bought the so-called "fifth edition" of Security Analysis ... what a scam! Read morePublished on Oct. 5 2003
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... Read more
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 -... Read morePublished on Feb. 19 2003
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 morePublished on Dec 28 2002
This book is a masterpiece! It was written during one of America's darkest economic hours,"to date". Read morePublished on Oct. 30 2002
All you need to know about this book is that it was written in 1934. In other words... time has passed it by. Read morePublished on Aug. 23 2002