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Security Analysis by Benjamin Graham
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Security Analysis (1951)

by Benjamin Graham

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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. ( )
  browner56 | Oct 18, 2010 |
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Amazon.com Product Description (ISBN 0071448209, Hardcover)

With nearly a million copies sold, Security Analysis has been continuously in print for more than sixty years. No investment book in history had either the immediate impact, or the long-term relevance and value, of its first edition in 1934. By 1951, seventeen years past its original publication and more than a decade beyond its revised and acclaimed 1940 second edition, authors Benjamin Graham and David Dodd had seen business and investment markets travel from the depths of Depression to the heights of recovery, and had observed investor behavior during both the calm of peacetime and the chaos of World War II.

The prescient thinking and insight displayed by Graham and Dodd in the first two editions of Security Analysis reached new heights in the third edition. In words that could just as easily have been written today as fifty years ago, they detail techniques and strategies for attaining success as individual investors, as well as the responsibilities of corporate decision makers to build shareholder value and transparency for those investors.

The focus of the book, however, remains its timeless guidance and advice--that careful analysis of balance sheets is the primary road to investment success, with all other considerations little more than distractions. The authors had seen and survived the Great Depression as well as the political and financial instabilities of World War II and were now better able to outline a program for sensible and profitable investing in the latter half of the century.

Security Analysis: The Classic 1951 Edition marks the return of this long-out-of-print work to the investment canon. It will reacquaint you with the foundations of value investing--more relevant than ever in tumultuous twenty-first century markets--and allow you to own the third installment in what has come to be regarded as the most accessible and usable title in the history of investment publishing.

(retrieved from Amazon Mon, 30 Sep 2013 13:31:43 -0400)

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Presents David Dodd and Benjamin Graham's original 1934 guide to value investing, with strategies and advice that are still relevant in the twenty-first century, with additional commentary from contemporary investment professionals.

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