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Type of bind: Hardcover
Dewey Decimal Number: 332.6320420973
EAN num: 9780071448208
ISBN number: 0071448209
Label: McGraw-Hill
Manufacturer: McGraw-Hill
Quantity: 1
Page Count: 770
Printing Date: December 10, 2004
Publishing house: McGraw-Hill
Sale Popularity Level: 9831
Studio: McGraw-Hill
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Editor's Notes and Comments:
Product Description:
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 very 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 very first two editions of Security Analysis reached new heights in the third edition. In words that could just as easily have been written yesterday as fifty years ago, they detail techniques and strategies for attaining sucess 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.
User popularity level:
Rated by buyers 
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While the fly on this text touts the fact that this edition is photocopied from the original text, the process did not work. The text copy is fuzzy and blurred making it hard to read. This process was not disclosed in the Amazon summaries available for purchase decision which I find troubling. I would not recommend this text.
Rated by buyers 
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This is the a must read for any investors. It is, however, quite difficult for beginners to comprehend, though. At least I didn't understand it quite well until after I took Corporate Finance, Accounting, etc... and studied for my CFA exam.
I'd recommend beginners read Graham's "The Intelligent Investor", which help create a concrete basis of your investment philosophy.
Rated by buyers 
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I had to put this book down after skipping pages, sections, chapters, etc due to the academic writing style (way too wordy) and the vague examples/formulas. Like another reviewer I'd suggest that someone take all of the information in this book and boil it down to something easily readable with concrete examples. I've read tons of investing and educational texts and was bored to tears with this one but gave it 3 stars as I think there are some good nuggets buried in it. My most recent investing book was Rule #1 and it seemed like a very simplied version but an easy, understandable read, so maybe I'll wait for the Cliff Notes ;) I'm a trader/investor and don't need one on my shelf to "appear" smart...anyone want to buy my copy of this book?!
Rated by buyers -
This book is rightly considered the true bible of stock analysis, and is famous also for being how Warren Buffet approaches investing, as Graham was Buffet's own teacher.
The book has extensive chapters dealing with every topic useful to the subject of stocks, from reading financial statements (one of the things that almost all amateurs could probably be better at, including myself), to assessing the company's true value, breakup value, etc. As one writer here already said, this is no easy path to riches, since this is a true discipline that takes a lot of work, but it can be done.
However, late in his life, Graham was interviewed and said that his views had changed, and made a very important statement at the time. He said that for many decades, exhaustive methods of stock analysis had been profitable, but that was no longer the case. One must remember that the goal of his method is often not so much for determining the true value of a stock to be bought as an investment, so much as whether it should be liquidated, and the parts sold off, which are worth more individually than the company itself.
In other words, the parts are worth more than the whole, and his method was a profitable way to assess likely candidates for this process. If I remember right, Graham himself was involved at least once in regard to a certain company as an activist investor who successfully pressured management to accept a buy-out or liquidate the company.
In fact, at the time of the interview, Graham said that "He was no longer a proponent of detailed methods of stock analysis." He said that there had been a time when that was quite profitable, but that times had changed, and he now favored a cash-flow oriented approach. This method has many adherents now, and Standard and Poors, for example, is known yesterday for using a proprietary cash-flow analysis. Basically, the true value of a company, and therefore its stock, is essentially the present discounted value of all future cash flows.
That having been said, I still learned a lot from this book, and it has probably never been equalled as a rigorous text on the skills to do true stock evaluation and value-style investing.
Rated by buyers -
Want to get started investing the right way, start with the basics and build a foundation. Started investing as of Jan '08, it's now March '08 and I gotta tell you, there's no rush in investing by skimming thru this book. Sit down, relax and educate yourself. It's a good start and it's the right start. I'll keep you all posted on my investment progress. Aloha!
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