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Security Analysis: Sixth Edition, Foreword by Warren Buffett Hardcover – Illustrated, Sept. 25 2008
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"A road map for investing that I have now been following for 57 years."
--From the Foreword by Warren E. Buffett
First published in 1934, Security Analysis is one of the most influential financial books ever written. Selling more than one million copies through five editions, it has provided generations of investors with the timeless value investing philosophy and techniques of Benjamin Graham and David L. Dodd.
As relevant today as when they first appeared nearly 75 years ago, the teachings of Benjamin Graham, “the father of value investing,” have withstood the test of time across a wide diversity of market conditions, countries, and asset classes.
This new sixth edition, based on the classic 1940 version, is enhanced with 200 additional pages of commentary from some of today’s leading Wall Street money managers. These masters of value investing explain why the principles and techniques of Graham and Dodd are still highly relevant even in today’s vastly different markets. The contributor list includes:
- 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
Featuring a foreword by Warren E. Buffett (in which he reveals that he has read the 1940 masterwork “at least four times”), this new edition of Security Analysis will reacquaint you with the foundations of value investing―more relevant than ever in the tumultuous 21st century markets.
"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 Publisher
Benjamin Graham is considered to be the founder of value investing and taught at Columbia University’s Graduate School of Business.
David L. Dodd was a colleague of Graham’s at Columbia University, where he was an assistant professor of finance.
- Publisher : McGraw Hill; 6th edition (Sept. 25 2008)
- Language : English
- Hardcover : 700 pages
- ISBN-10 : 0071592539
- ISBN-13 : 978-0071592536
- Item weight : 1.15 kg
- Dimensions : 16.76 x 5.84 x 23.88 cm
- Best Sellers Rank: #55,066 in Books (See Top 100 in Books)
- #39 in Investments & Securities Textbooks
- #287 in Introduction to Investing (Books)
- #705 in Personal Finance (Books)
- Customer Reviews:
About the author
Reviewed in Canada on June 15, 2021
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All jokes aside, incredibly useful and clear. A must read.
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.
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.
The book spends a great deal of time talking about all the ins and outs of analyzing companies in great detail. I had a bit of hard time following at times (due to not having the required accounting background) but was still able to derive great value from reading this text. I feel I'd have to read it a couple of more times to really grasp all the concepts though. At the very least I must say the writing in itself is quite eloquent and the ideas are presented in a very masterful manner.
It's definitely a heavy read and is probably ideal for an intermediate-level investor who is really interested in getting into the nitty-and-gritty of how to accurately value companies and spot undervaluation in the marketplace.
Top reviews from other countries
Una è ottima e l'altra, per me, è al limite del ridicolo. L'ultima edizione del "The Intelligent Investor" risale al 2003 e contiene il testo INTEGRALE (incredibile vero?), dell'opera di Graham in cui ogni capitolo è commentato da Zweig. Il testo di Graham è sublime e quello di Zweig è ad un livello piuttosto alto.
Dall'altra parte abbiamo i geni che hanno partorito questa edizione, del 2008, di "Security Analysis", la sesta! Ma aspetta, le virgolette "" sul nome si riferiscono al fatto che questo libro che stai comprando non è la versione integrale scritta da Graham e Todd e studiata per 50 anni. Ma è un volume di 890 pagine in cui il testo originale (lungo anche esso originariamente intorno a 820 pag) si trova tagliato e castrato a meno di 650 pagine( ripeto, assolutamente non integrale). CHE IDEOLONA! e in cosa vanno le rimanenti 250 pagine? In commenti di 6/7 persone diverse, che cercano di "aggiornare" il contenuto originale in maniera sconnessa gli uni dagli altri e per la maggior parte in maniera sommaria e approssimativa (a differenza di Zweig) con frasi geniali del tipo: "nel 1934, Graham non avrebbe potuto prevedere gli strumenti esistenti nel 2007" Wow Grazie!! "Le linee guida che Graham da per le aziende classiche non valgono per le aziende internet con meno assets tangibili" Ma no, Pazzesco! Ti chiedi dove sono invece le rimanenti 180 pagine dell'opera originale? Su un CD...