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    Security Analysis: Sixth Edition, Foreword by Warren Buffett
    Security Analysis: Sixth Edition, Foreword by Warren Buffett
    Security Analysis: Sixth Edition, Foreword by Warren Buffett
    Ebook740 pages16 hours

    Security Analysis: Sixth Edition, Foreword by Warren Buffett

    By Benjamin Graham and David Dodd

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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.

    LanguageEnglish
    PublisherMcGraw-Hill Education
    Release dateSep 14, 2008
    ISBN9780071642934
    Security Analysis: Sixth Edition, Foreword by Warren Buffett
    Author

    Benjamin Graham

    Benjamin Graham (1894–1976), the father of financial analysis and value investing, has been an inspiration for generations of the world’s most successful businesspeople. He was also the author of Security Analysis and The Interpretation of Financial Statements.

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    • 5/5
      A hedge fund manager I know has a great way of describing the difference between growth and value investors: The growth-oriented manager will see a company with a current cash flow level of, say, one dollar and get excited about the possibility it will increase to five dollars in the near future, while the value-oriented manager will get excited if she can buy that dollar now for only fifty cents.The latter description is a perfect example of the way Graham and Dodd espouse looking at the investment world; the difference between purchase price and intrinsic value is the investor’s “margin of safety”. The writing in this volumen is occasionally ponderous and not all parts of it have aged well since its original publication in 1934—see Graham’s "The Intelligent Investor" for a more recent treatment of this area—but the book remains “ground zero” for any serious student of stock and bond valuation. It truly deserves to be called a classic.

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