security analysis

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Benjamin Graham & David Dodd, security analysis,  The McGraw-Hill Companies, 2009 6th edition

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关键词：security Analysis Analysi alysis Analys Analysis security

authored by professors Benjamin Graham and David Dodd of Columbia Business School, laid the intellectual foundation for what would later be called value investing. The work was first published in 1934, following unprecedented losses on Wall Street. In summing up lessons learned, Graham and Dodd chided Wall Street for its myopic focus on a company's reported earnings per share, and were particularly harsh on the favored "earnings trends." They encouraged investors to take an entirely different approach by gauging the rough value of the operating business that lay behind the security. Graham and Dodd enumerated multiple actual examples of the market's tendency to irrationally under-value certain out-of-favor securities. They saw this tendency as an opportunity for the savvy.

At bottom, Security Analysis stands for the proposition that a well-disciplined investor can determine a rough value for a company from all of its financial statements, make purchases when the market inevitably under-prices some of them, earn a satisfactory return, and never be in real danger of permanent loss. Warren Buffett, the only student in Graham's investment seminar to earn an A+[1], made billions of dollars by methodically and rationally implementing the tenets of Graham and Dodd's book.

Security Analysis is still used as a textbook at Columbia. Security Analysis also represents the genesis of financial analysis and fundamental analysis. However, in the 1970s Graham stopped advocating a careful use of the techniques described in his text in selecting individidual stocks, citing the extensive efforts and costs required to generate superior returns in a modern efficient market. Instead, Graham later suggested the use of one or two simple criteria to the investor's entire portfolio, focusing on results of the group rather than on individual securities.[2]

toooooooo  expensive

视角精准，基本面分析的经典之作！！举例主要选用1920s到1930s的数据，因为此书出版较早。尽管会计准则已经改动很多了，但读此书仍感觉其思路清晰，著者的功力纯厚。具有启发性，强烈推荐阅读！！{:3_52:}

希望能看看

好书，先收藏了。