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Security Analysis: Sixth Edition, Foreword by Warren Buffett Hardcover – Sep 25 2008

4.8 out of 5 stars 13 customer reviews

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Product Details

  • Hardcover: 700 pages
  • Publisher: McGraw-Hill Education; 6 edition (Sept. 25 2008)
  • Language: English
  • ISBN-10: 0070140650
  • ISBN-13: 978-0071592536
  • ASIN: 0071592539
  • Product Dimensions: 16 x 6.1 x 23.6 cm
  • Shipping Weight: 1.2 Kg
  • Average Customer Review: 4.8 out of 5 stars 13 customer reviews
  • Amazon Bestsellers Rank: #2,198 in Books (See Top 100 in Books)
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Product Description

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."

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. .

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 additional chapters from the original 1940 edition.

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"

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Top Customer Reviews

Format: Hardcover
The best book on investments I ever read. It is a book worth not only reading but studying. The content is relevant today as it has been when it was first written. Highly recommended to any one who has a serious interest in security investing.
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Format: Hardcover Verified Purchase
Sure, some of the specific examples are a little dated, but the meat of this book is as relevant today as it was when it was written, and will continue to be so for decades to come.

For a value investor, this book is an absolute must-read, and should ever be positioned on the most coveted portion of a bookshelf. It won't just change the way you look at investing; it will change the way you consider many aspects of your life.
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Format: Hardcover
Although you can find the same information you will learn in this book in easier to read format elsewhere... you can find everything you ever need to know about investing in this book.

The book is not written in modern English so some parts may be hard to comprehend if you don't read carefully but for any serious investor, its more worth your time to understand this book than search for scattered information :)

A must read for any serious or aspiring investors.
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Format: Hardcover
Just buy it and read it over and over and over again until it become a part of your thinking.

the forward by Seth Klarman and James Grant are also great.
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Format: Hardcover Verified Purchase
Bonds vs Common Stock:
This book is considered the bible of value investing, but it doesn't seem to apply to modern investing. This book was written at a time when money was backed by gold, inflation was transient (the book actually uses the word "transient" to describe inflation), and bond investing was the way to go. I don't even think the SEC existed when this book was written. Very little attention is paid to common stock investing because common stocks were crazy investments at that time. Companies were not transparent about their earnings or balance sheets, so it was like betting on horse racing. A prudent investor cared more about bonds, so this book's focus is bonds.

Preferred Stock:
The book also spends a lot of time talking about preferred shares. In today's crazy world of money printing and negative interest rates, those simply don't make sense as investments. Preferred shares typically work with a 5 year rate reset, and the rate is tied to some government benchmark rate. When interest rates go negative due to central planners ruining our economy, this also brings down the yield on preferred shares. Since preferred shares combine the worst aspects of bonds with worst aspects of stocks, the preferred shares also crash in value when the yield drops (in contrast to bonds which rise in value).

Overall, the book is almost useless. The stuff about bonds no longer applies since central planning has gone insane. The stuff about preferred shares no longer applies because they too are affected by central planning. The stuff about common shares doesn't apply because the tools we use to analyze common shares basically didn't exist when the book was written. Companies were not required to issue cash flow statements until 1987; that's more than 50 years after this book was written.
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Format: Hardcover
While the examples are a bit dated, the book is as relevant as it was when it was first published. I would recommend to read it after intelligent investor.
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Format: Hardcover Verified Purchase
Incredible book for those looking to understand more advanced valuation techniques and investment philosophies!
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