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Security Analysis: Sixth Edition, Foreword by Warren Buffett (Security Analysis Prior Editions) By GRAHAM
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Publisher: McGraw-Hill
Number Of Pages: 700
Publication Date: 2008-09-04
ISBN-10 / ASIN: 0071592539
ISBN-13 / EAN: 9780071592536
Binding: Hardcover
Product Description:
"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.
. (20080617)Summary: Could be better
Rating: 5
I bought this book to read what Ben Graham and David L Dodd thought. Not for the comments from other investors. It could be better not to provide comments by others and have the original chapters. Every time I read the book, I have to keep my laptop open to refer to notes and the deleted chapters.
Summary: A Must Read
Rating: 5
To anyone who is reading this, Security Analysis is one of the greatest works ever written. In my opinion, you don't have time NOT to read it.
Of course, you shouldn't take every single idea written in any book, even the best, as the absolute truth. You should read Philip Fisher, William Nickerson, Adam Smith, John Burr Williams, John Bogle, Douglas Andrew, and so on, and take all the gems from each book, no matter how small (or how many), and piece together your own method of creating wealth. Don't be a sheep, be a sheperd, and put together your own flock.
That being said, read Security Analysis, and read it well. Highlight important points, draw arrows, create charts and diagrams representing key points.
Master this material.
You owe it to yourself. If you want to be an expert investor, you will put in this amount of effort in every book you read, especially the greatest works, like Security Analysis. You won't get rich by half-assing. This book is a priceless gem, and, although it may take several months of reading and research to understand its concepts, it will be well worth your while.
Summary: One of the best book forever
Rating: 5
I am a Chinese, PhD in Statistics. Through out my education in the past 20 years(5 years in US, 15 years in China), like many others who mainly focus on Mathematics, Science and Technology, I may have some bias views(skepticism) on Business, Finance, Economic, and Social science. After I read this book, such bias disappear. Value investing, as part of business and finance, rewards my highest respect.
This book is a excellent proof or illustration of human intelligence. Intelligence is defined as "the capacities to reason, to plan, to solve problems, to think abstractly, to comprehend ideas, to use language, and to learn from experience. It is not merely book learning, a narrow academic skill, or test-taking smarts. Rather, it reflects a broader and deeper capability for comprehending our surroundings--"catching on", "making sense" of things, or "figuring out" what to do. " I want to address that this book is not easy to read, but if you can follow,you will gradually have a strong brain thinking power, and you will have a better understanding of "Intelligence", "Language".
Another thing I found in the book is that, English as a language, is superior to Chinese in terms of defining, detail describing, and organizing a subject, and the following analyzing, reasoning, and summarizing. I never seen a Chinese book written in such a clear way, in that analysis and conclusions are strongly supported by facts and logical reasoning in a beautiful usage of language. Since language is a carrier of culture, the superiority may manifest itself in many ways in society, and the difference will become less and less due to the development of internet, globalization, and policies of English education in China.
So how to profit from this book? At first you will understand the difference between investment and speculation. For investment, if you do it at the right time and the right way, your money will grow (faster) as the wealth of a nation growing. For speculation, after you finish this book, I recommend you read books written by G. Soros and P.A. Fisher, then come to the postscript of "Intelligent Investor", you will see a word "fortune", describing the unbalanced success of the author in his life, for which he made half profits in two stocks of hundreds holdings. Well, I have to say, that it is not a "fortune", it is one of the right attitudes for speculation, which is inevitable in the process of investment.
Summary: Security Analysis 6th Edition - Alex Vayner Review
Rating: 5
Security Analysis is a definitive and clear guide to understanding value investing, and conducting thorough fundamental analysis on a stock of your choice, allowing for an informed investment decision.
The insights you can draw from this book are directly and immediately applicable to the real world of common stock selection. At the very least, Security Analysis will provide you with:
- A framework/guidelines you can use to capitalize on opportunities in secondary issues
- A process for understanding balance and income sheets
- Perspective on corporate governance and stockholder-management relations
This classic is the best and the most thorough read in its class. Without a doubt, it also provides clear insight into the mind of a genius, Benjamin Graham. That said, this is not an easy read, a bit on a dry side, and does not allow you to "breeze through" its roughly 740 pages (appendix including) without understanding and building on the information in previous chapters.
What makes this 6th Edition worth the money (in case you already own the classic 1951 edition) are the additional essays and entries that are selected specifically for their relevance to today's changing world and the exuberant market conditions.
Security Analysis Sixth Edition, Foreword by Warren Buffett (Security Analysis Prior Editions)
Summary: A Convenient Reading of the 2nd Edition
Rating: 4
This is a re-issue of the 2nd edition in more modern form. There's no need to talk about the content and importance of this book to value-investor. But some reminder concerning this edition: 1) It is an abridged edition of the original 2nd edition (published in 1940). A total of 10 chapters have been deleted. 2) The Appendix Notes was also deleted. That's why the publisher could keep the pages at around 700+ something. 3) In compensation for the missing chapters, the publisher has attached a CD which contained the pdf format of the original 2nd edition (with 52 complete chapters as well as the Notes). I think that's really the most valuable part of this edition. That why I commented that it's a more convenient version of the 2nd edition.
[此贴子已经被作者于2008-12-25 15:32:50编辑过]