Security Analysis by Benjamin Graham, David Dodd, & Warren Buffet (Foreword)

Description

“Security Analysis,” first published in 1934, is one of the most influential financial books of all time. With over a million copies sold all over the world and over a scope of five editions. “Security Analysis” provides investors with value investing philosophies and techniques, cemented with the expertise of Benjamin Graham and David L. Dodd.

As relevant today as when they first appeared years ago, Benjamin Graham (also known as the “father of value investing”) still holds a relevant position in today’s time of the modern financial industry. 

About the Author

Benjamin Graham was born on May 8, 1894, and was a British-born American economist and professional investor. Graham is considered the father of value investing, an investment approach he began teaching at Columbia Business School in 1928 and subsequently refined with David Dodd through various editions of their famous book Security Analysis. Graham had many disciples in his lifetime, a number of whom went on to become successful investors themselves. Graham’s most well-known disciples include Warren Buffett, William J. Ruane, Irving Kahn, and Walter J. Schloss, among others. Buffett, who credits Graham as grounding him with a sound intellectual investment framework, described him as the second most influential person in his life after his father. Graham had such an overwhelming influence on his students that two of them, Buffett and Kahn, named their sons Howard Graham Buffett and Thomas Graham Kahn after him. Graham also taught at the UCLA Anderson School of Management.

Table of Contents

  • Foreword
  • Preface to the Sixth Edition
  • Introduction to the Sixth Edition
  • Analysis: The Historical Backdrop
  • Part I: Survey and Approach
    • The Essential Lessons
  • Part II Fixed-Value Investments
    • Unshackling Bonds
  • Part III: Senior Securities with Speculative Features
    •  “Blood and Judgment”
  •  Part IV: Theory of Common-Stock Investment. The Divided Factor
    • Go with the Flow
  • Part V: Analysis of the Income Account. The Earnings Factor in Common-Stock Valuation
    • The Question for Rational Investing
  • Part VI: Balance-sheet Analysis. Implications of Asset Values
    • Deconstructing the Balance Sheet
  • Part VII: Additional Aspects of Security Analysis. Discrepancies between Price and Value
    • The Great Illusion of the Stock Market and the Future of Value Investing
  • Part VIII: Global Value Investing

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