Security Analysis
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- Create Date：2021-07-26 09:52:49
- Update Date：2025-09-07
- Status：finish
- Author：Benjamin Graham
- ISBN：0071592539
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Summary
"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。"
--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。"
Reviews
Jeremy Lee
，
The market， like the heart， has reason all its own。 When the common-stock buyers reason departs violently from sound sense and business experience， the common-stock buyers must inevitably lose money in the end， even though large speculative gains may temporarily accrue， and even though certain fortunate purchases may turn out to be permanently profitable。
Etienne
，
Great for Recessions， depressions but for Bull markets its less relevant。 Methods conducted by fear
Lubos Elexa
，
Inteligentný investor sa mi páčil viac。 Pripadal mi viac reader-friedly。 Možno to bolo aj tým dodatkami。 Tu mi už niektoré časti prišli príliš historické， plus dlhopisové časti mi liezli na nervy， keďže ma dlhopisy nezaujímajú。
Ryan Madden
，
This book is pretty amazing。 Graham and Dodd are writing in the middle of the depression， so there are lots of examples from literally a lifetime ago which are so interesting to read about， and a lot of what they talk about is amazingly relevant。 Obviously there's lots that is outdated as well， especially since this book was so influential， but it is still a pretty powerful message in how to think about stocks and bonds。 I was pretty impressed。 My big take away from it all was the importance of This book is pretty amazing。 Graham and Dodd are writing in the middle of the depression， so there are lots of examples from literally a lifetime ago which are so interesting to read about， and a lot of what they talk about is amazingly relevant。 Obviously there's lots that is outdated as well， especially since this book was so influential， but it is still a pretty powerful message in how to think about stocks and bonds。 I was pretty impressed。 My big take away from it all was the importance of really understanding the financial statements that companies send out， and not just mathematically but also to understand the underlying happenings， so to think critically about the numbers as well， which I can only imagine takes practice。 I read the 6th edition with the modern essays added into the sections， and some of the essays are great and some are not so good really， but they were fun to read in general。 I downloaded the chapters from the CD in the back of the book and read those and the appendix as well， and I would say that's worth doing。 This is a book that I hope to re-read someday because there is a lot there and I'm sure a second reading would be rewarding。 That said， I won't re-read it anytime soon because it is quite the big book！！ 。。。more
Devesh Mundhra
，
The underlying concept is very helpful。 It does provide a good understanding of how to read and compute the intrinsic value。 But given market has advanced so much from the time the book was written， there are only few things which you can correlate with the current financial market
Rahul Mahindru
，
The best book I read on quantitative analysis so far。
Reader
，
A classic， sure， for those who can finish it。 But too technical for me。
Fadwa
，
It is so fascinating and shocking at the same time， how a book was written in 1930s is still accurate and valuable to this day。 It is an amazing but a very extremely heavy reading。
Cian
，
I found Security Analysis to be of much more value than the Intelligent Investor because it actually shows how to go about analysing a common stock/fixed value investment/speculative senior issue to see if it would make a good investment。 It is very practical and provides examples。Graham and Dodds' writing style can be quite hard to follow but this is the best source of information on value investment。I think the second edition is the best to read because it's the latest edition written purely b I found Security Analysis to be of much more value than the Intelligent Investor because it actually shows how to go about analysing a common stock/fixed value investment/speculative senior issue to see if it would make a good investment。 It is very practical and provides examples。Graham and Dodds' writing style can be quite hard to follow but this is the best source of information on value investment。I think the second edition is the best to read because it's the latest edition written purely by Graham and Dodd。 。。。more
AnhDuc
，
I think it's a must-read for any investor。 So much good advice on analysing stocks and companies。 I think it's a must-read for any investor。 So much good advice on analysing stocks and companies。 。。。more
Stuart Mckrell
，
Incredibly hard book to read but extremely valuable lessons to be taught。
Sean Nguyen
，
QUICK TIPS， don't buy the 6th edition by Mc Graw Hill， buy the 2nd edition instead。 The 6th edition got a lot of chapters cut out of the book for some unknown reason。 I hear that The publisher decided to put those somewhere online and give you the link in an attached CD。 I bought the Kindle version and no instruction on how to read those chapters。 Pirating those chapters is actually faster than figure out where to download them from the publisher that I bought from， funny。The focus of the book i QUICK TIPS， don't buy the 6th edition by Mc Graw Hill， buy the 2nd edition instead。 The 6th edition got a lot of chapters cut out of the book for some unknown reason。 I hear that The publisher decided to put those somewhere online and give you the link in an attached CD。 I bought the Kindle version and no instruction on how to read those chapters。 Pirating those chapters is actually faster than figure out where to download them from the publisher that I bought from， funny。The focus of the book is on fundamental analysis， specifically， the study of quantifiable factors of securities， e。g。 price， earning record， current assets， etc。 The book acknowledges the significance of unquantifiable factors like strategy or macroeconomic but didn't discuss those matters in this book。The book covers a wide range of securities types and the approach to each of them。 Graham also discusses the implication behind each of the qualitative factors and how management can manipulate them to distort the truth。It's undeniable that the lessons in this book are timeless， on the other hand， as expected， the example is quite dated， mostly centered around the railroad， public utilities， and industrial。 The critical missing piece here is the service sector where inventory and amortization don't play a major role。 Normally this is not an issue but I really hope to see Graham himself reasoning about the companies in the service sectors。 Overall， a wonderful book for investors of all types。 If you just started， I suggest reading other writing of Graham first， like The Intelligent Investor， before starting this one。 。。。more
Alexander Cauguiran
，
cool context on how fundamental analysis looks the way it does and why capital markets look the way they do now， low key
Caleb Smith
，
Classic
Timothy Ibrahim
，
Dense Mammoth。 Anyone who reads this book， understands this book， and applies this book will become a multimillionaire without much drama。 Problem: It's hard to read， harder to understand， and will take a lifetime of disciplined reading to apply。 Dense Mammoth。 Anyone who reads this book， understands this book， and applies this book will become a multimillionaire without much drama。 Problem: It's hard to read， harder to understand， and will take a lifetime of disciplined reading to apply。 。。。more
Steven
，
Large chunks of this text are obviously quite dated， but skim it as a companion text to the Intelligent Investor， Berkshire's annual letters， Charlie Munger's collection of aphorisms， and maybe Phil Fisher's Common Stocks - to round out your value investing education。 Through this book， you get a chance to time travel to shortly after the biggest feeding frenzy and stock market crash in the early 20th century， and read a lucid accounting of Graham and Dodd's takeaways from that event。For a long Large chunks of this text are obviously quite dated， but skim it as a companion text to the Intelligent Investor， Berkshire's annual letters， Charlie Munger's collection of aphorisms， and maybe Phil Fisher's Common Stocks - to round out your value investing education。 Through this book， you get a chance to time travel to shortly after the biggest feeding frenzy and stock market crash in the early 20th century， and read a lucid accounting of Graham and Dodd's takeaways from that event。For a long time， I was discouraged from picking this up because it's been described by finance writers as a dense textbook fit for only the most fluent in numeracy。 Maybe that was true for the average person in the early 20th century。 But if you're a modern citizen who took algebra in middle school， and you have an above average interest in business history， you can handle this book， man。 。。。more
Tomas Jonkus
，
Labai sunkiai susiskaitė。 Manau， dėl dviejų dalykų。 Pirma， vertimas - tikriausiai ne visa terminologija turi aiškius atitikmenis lietuvių kalboje。 Galbūt būtų padėję daugiau reference'ų į terminus anglų kalba。 Antra， knyga išleista 4-am praeito amžiaus dešimtmetyje， tad natūralu， kad kalba bus kitokia nei dabar įprasta， kai kurie terminai jau visai nebenaudojami。Daug knygoj aptartų dalykų nelabai aktualu šiandien。 Leidimo metais dominavo geležinkelių， tabako， telekomunikacijų ir gamybos kompanij Labai sunkiai susiskaitė。 Manau， dėl dviejų dalykų。 Pirma， vertimas - tikriausiai ne visa terminologija turi aiškius atitikmenis lietuvių kalboje。 Galbūt būtų padėję daugiau reference'ų į terminus anglų kalba。 Antra， knyga išleista 4-am praeito amžiaus dešimtmetyje， tad natūralu， kad kalba bus kitokia nei dabar įprasta， kai kurie terminai jau visai nebenaudojami。Daug knygoj aptartų dalykų nelabai aktualu šiandien。 Leidimo metais dominavo geležinkelių， tabako， telekomunikacijų ir gamybos kompanijos。 Lyginant su šiandieninėmis kompanijomis， tikriausiai nebuvo tiek daug neapčiuopiamų dalykų， kaip šiuolaikinėse kompanijose。 Vis dėlto， kai kurie principai ir logikos ieškojimas investiciniuose sprendimuose išlieka ir šiandien。 O ir smegenų mankšta skaitant turėtų išeiti į naudą。 。。。more
Kirk
，
As one of the authors says in the introduction to part 5 or 6， he believed it was dated but read the book to help work on the introduction section he was assigned to。 There were parts I liked in the book but they were far and far between。 I wanted to give this book 3 stars， but just could not with all of the topics on bonds。 Bonds are not what they were in the 1930s。 Modern books have used some of this book's information and translated it into new modern approachs。 As one of the authors says in the introduction to part 5 or 6， he believed it was dated but read the book to help work on the introduction section he was assigned to。 There were parts I liked in the book but they were far and far between。 I wanted to give this book 3 stars， but just could not with all of the topics on bonds。 Bonds are not what they were in the 1930s。 Modern books have used some of this book's information and translated it into new modern approachs。 。。。more
Pontaeus
，
The philosophy is as valuable as ever。 But the methods are not relevant anymore。 Would recommend the 6th edition with essays written by modern investors introducing each part。 Would also recommend reading the general philosophy parts but skipping all the accounting and learning that from something more modern。
Mary Marino
，
I studied this book。
Pedro Esperanca
，
I get why Buffet still strongly recommends this book。 But I spent many months trying to understand it。 And afterwards consumed modern financial analysis books in days or even hours。 I think if I had started with the more modern books my initial learning step would have been ~3x faster。
Prasanta
，
ok
Scott Holstad
，
A true classic！
Tiago
，
Initially written in the 30s book is still relevant for anyone taking seriously stock market investment。 The first chapters deal with bonds and senior securities - which although they are not of very relevant personally， they still provide valuable information about risks on how to look at those financial instruments。 Parts IV on-wards deal with stock market investment - but it's not for the faint of heart， requiring a strong background in accounting。The book at many times can feel discouraging， Initially written in the 30s book is still relevant for anyone taking seriously stock market investment。 The first chapters deal with bonds and senior securities - which although they are not of very relevant personally， they still provide valuable information about risks on how to look at those financial instruments。 Parts IV on-wards deal with stock market investment - but it's not for the faint of heart， requiring a strong background in accounting。The book at many times can feel discouraging， e。g。 when going through examples on how to fake earning reports， how it's easy to fall in the trap of speculating， etc。 On the other hand， these examples can also be a reality-check for those in doubt if they should buy stock or stay away。 。。。more
Christiaan Quyn
，
Security Analysis， despite showing statistics from almost a hundred years ago helped reinforce the principles that form the basis of value investing to me。 The logical and rational explanations that precede each analytical tool in the book were wonderful to re-visit and read again。 As Seth Klarman notes in his commentary — “Winning， in a sense， was accomplished by not losing。 Investors could achieve a margin of safety by buying shares in businesses at a large discount to their underlying value， Security Analysis， despite showing statistics from almost a hundred years ago helped reinforce the principles that form the basis of value investing to me。 The logical and rational explanations that precede each analytical tool in the book were wonderful to re-visit and read again。 As Seth Klarman notes in his commentary — “Winning， in a sense， was accomplished by not losing。 Investors could achieve a margin of safety by buying shares in businesses at a large discount to their underlying value， and they needed a margin of safety because of all the things that could — and often did — go wrong。”Reading the book again gave me a renewed appreciation for the margin of safety principle。 Personally， I think it transcends through time and reminded me of why I am so attracted to the Graham and Dodd school of thought。 。。。more
Gaetano Venezia
，
I may never finish this tome since Graham has almost completely convinced me that I don't have enough time or capital to make active investing worthwhile。 Nevertheless， it's an essential extension of The Intelligent Investor and much like the 2003 revised edition with Zweig's commentary， provides useful contemporary commentaries on Graham's original text。 What I've read so far has been just as enjoyable as The Intelligent Investor if slightly less surprising since this is mostly an in-depth stud I may never finish this tome since Graham has almost completely convinced me that I don't have enough time or capital to make active investing worthwhile。 Nevertheless， it's an essential extension of The Intelligent Investor and much like the 2003 revised edition with Zweig's commentary， provides useful contemporary commentaries on Graham's original text。 What I've read so far has been just as enjoyable as The Intelligent Investor if slightly less surprising since this is mostly an in-depth study of the same insights。 。。。more
Gospel Nelson
，
Good
Marco Sán Sán
，
Es gracioso el azar。 Algunas cosas llegan en el momento adecuado， causalidad dirán algunos。 Buscando cuáles son los criterios para hacer prospecciones lo que encontré fue la terminología， experiencia y la incansable reiteración al estudios de las fuentes una y otra vez。 Un libro fascinante siempre que se cuente con la paciencia requerida para leer que cualquier acción en bolsa es responsabilidad individual y tal responsabilidad hará un exhaustivo análisis por su libros， desempeños y planes a fut Es gracioso el azar。 Algunas cosas llegan en el momento adecuado， causalidad dirán algunos。 Buscando cuáles son los criterios para hacer prospecciones lo que encontré fue la terminología， experiencia y la incansable reiteración al estudios de las fuentes una y otra vez。 Un libro fascinante siempre que se cuente con la paciencia requerida para leer que cualquier acción en bolsa es responsabilidad individual y tal responsabilidad hará un exhaustivo análisis por su libros， desempeños y planes a futuro。 Paso a paso a lo que pida confianza/capital。 Vendría bien una revisión， no es por su falta de vigencia ya que toca lo universal。 Sino por su exhaustiva reiteración。 Una prosa más solvente haría de este libro una puerta magnífica a los activos financieros。 Están las bases。 。。。more
Alvin Alasi
，
This books truly cracks open the practical side on how to value a business。 What a masterpiece
Jeremy Epstein
，
GreatInsightful！ Pretty slow book but once you give it time it rewards you with a great overall picture of the market
Reference
google book https://www.google.com/search?tbm=bks&q=Security Analysis
hathitrust digital library https://babel.hathitrust.org/cgi/ls?q1=Security Analysis&field1=ocr&a=srchls&ft=ft&lmt=ft
The British Library https://bll01.primo.exlibrisgroup.com/discovery/search?query=any,contains,Security Analysis&tab=LibraryCatalog&search_scope=Not_BL_Suppress&vid=44BL_INST:BLL01&lang=en&offset=0