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Security Analysis: The Classic 1934 Edition, by Benjamin Graham, David Dodd
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Rare is the opportunity to see, much less own, an original. But this unusual, carefully crafted reproduction of Benjamin Graham and David Dodd's immortal Security Analysis gives you that chance--to read and treasure a true classic--the book that gave birth to value investing.
Continuously in print through five editions, for more than 60 years, and through nearly a million copies, the primer for many of America's most illustrious investors--and the wellspring of Graham and Dodd's Wall Street Immortality--Security Analysis is indisputably the most influential book on investing ever written. Still the investors' bible, it's as frequently consulted today as it was when it first appeared in 1934.
Of course, over the years and over five editions, Security Analysis changed. Its language was modernized. New material was added. Metaphors and examples were brought up to date. In the light of changing times, these alterations were necessary and appropriate.
But what of the original book? The very durability of this work arouses our curiosity. And what we discover when we return to the original is very simply a classic, a work whose uncompromising worth has not paled since it first saw the light of day in 1934.
The original words of Benjamin Graham and David Dodd--put to paper not long after the disastrous Stock Market Crash of 1929--still have the mesmerizing qualities of rigorous honesty and diligent scrutiny, the same riveting power of disciplined thought and determined logic that gave the work its first distinction and began its illustrious career.
The words you will read here are eloquent. Not only a financial genius and a man of high repute for honorable dealings, Graham was a man of letters invited to teach in the literature department at Columbia University (as well as in the economics and philosophy departments).
But this reproduction is far more than a historical curiosity, an interesting object, and a delightful read. It presents the original Graham/Dodd method of investing--told in their own words as they first described it in the 1930s.
What exactly is this method that has drawn such longterm devotion in the notably fickle reaches of Wall Street?
Graham and Dodd were Wall Street's first bargain shoppers. In this book they first explain their methods for locating bonds and stocks "which are selling well below the levels apparently justified by a careful analysis of the relevant facts." In this book, they tell you precisely how to find these undervalued securities and analyze those "relevant facts."
Are these methods still practical and usable today? The great fortunes created by value investors Warren Buffett, Mario Gabelli, John Neff, Michael Price, and John Bogle testify that they certainly are.
In their preface to this book, Graham and Dodd write that they hope their work "will stand the test of the ever enigmatic future." There is no doubt that it has.
This distinctively wrought book is a careful reproduction of the 1934 edition, containing every word of the original.
- Sales Rank: #48599 in Books
- Brand: McGraw Hill
- Published on: 1996-10-22
- Ingredients: Example Ingredients
- Original language: English
- Number of items: 1
- Dimensions: 9.30" h x 2.10" w x 6.20" l, 2.54 pounds
- Binding: Hardcover
- 725 pages
Review
Read and reap? J.P. Morgan Co.'s private-banking unit, New York, compiles "Summer Must-Reads for Millionaires." The 10-book list includes the 1934 edition of "Security Analysis."
From the Author
Security Analysis is the bible of fundamental analysis. Originally published in 1934, the tome systematically lays bare the science of security analysis. Written with the assistance of cowriter David Dodd, Benjamin Graham's intellectual tour de force has yet to be equaled in the annals of investing. Written only a few years after the devastating stock market crash of 1929, Graham had one objective--to make the investment process as safe as possible using knowledge of key factors about the business.
Beginning with bonds and moving quickly to stocks, Graham and Dodd go over all of the angles. Articulating a comprehensive theory of fixed-value and common stock investment, they examine in detail the various factors that one should consider when valuing securities. Dividends, extraordinary items, depreciation, amortization, capital structure and balance sheet analysis are all described and defined in lurid detail. It is impossible to read Security Analysis and not come away with a deeper understanding of corporate finance and how it relates to investing.
On the downside, let's be frank--Security Analysis is not an easy book to read. However, it remains one of the key textbooks for communicating fundamental analysis to millions of MBAs, in spite of the fact that it first saw print 63 years ago. I personally believe that reading and understanding most of Security Analysis would make a great benchmark for determining whether or not you are ready to start investing your money in specific investments. Sure, Graham is very value-biased in his investment philosophy, but looking for growth without focusing on the price you are paying is the golden road to underperformance.
From the Back Cover
"My Advice? Go back to Graham and do your best to take it from there."Business Week
A classic. Those words can be applied without equivocation to the Security Analysis of 1934.
This book secured Benjamin Graham's stature as a Wall Street immortal. The carefully honed methods for finding undervalued stocks and bonds he described here have never been equalled. These methods have already outlived their author by more than 20 years.
But what of the original Security Analysis? In some ways, it too was immortal. Through five editions and nearly a million copies, it has been continuously in print for more than 60 years. With many additions and changes, the modern edition remains the investors' bible.
But this original 1934 First Edition has its own unique charm and stylethe special purity, elegance, and character of Graham as a man of lettersthat distinguishes it across six decades and shows why this book launched an investing revolution.
This authetic copy of the 1934 First Edition of Security Analysis gives you word for eloquent word the investing methods put forth by Benjamin Graham and his coauthor and follower, David Dodd, just five years after the infamous Stock Market Crash of '29. Its message today is just as vivid, just as lucid, and just as vital as it was in 1934. It's an investment in timeless wisdom and timeless value.
Most helpful customer reviews
34 of 34 people found the following review helpful.
So you want to be Warren Buffet?
By Mike
This book was made famous by Warren Buffet, but you probably already know that. Will it teach you to invest like Warren? Yes, the fundamentals are there and so are the valuation techniques. In today's rough and tumble world, it's hard to say that it still applies. On a very basic level, yes it does.
Security Analysis: The Classic 1934, has been dubbed as an endless source of insight when it comes to investing. Written by two gurus- Benjamin Graham and David Dood this book will awaken the sleeping investor in anyone. Knowing that they taught Warren Buffet his technique has made them famous in the financial world.
The book was written in 1934 just 5 years after the collapse of the stock market in 1929, and right about the time of the Glass-Steagel Act which changed the ethics of the stock market and how they were regulated. Benjamin’s idea was to teach people about the basics of investment by providing insights of what one should look out for in a business that they wish to invest in. Can you get through all these 725 pages? Yes you can, but it will not be an easy read like the Hunger Games.
If you do get through it, you will possess a book written nearly 8 decades ago that has sage insights. You will learn of a framework to follow before rushing into any investment. Also, you will be able to discern a business that looks profitable but in hindsight it is clutching on straws and in the verge of bankruptcy. After reading this book, you will have learned the basic philosophy and principles of investment in the stock market. You will be equally equipped with the tools (mostly analytical and philosophical) that will help you make decisions regarding investments. The difference between investment and speculation, discussion and analysis are all outlined. The reason it is important to know these differences is because the business segment during news time never explain them and so is school. Benjamin will make you understand the meaning of these and other terms his book in a very practical manner.
Warren Buffet was Benjamin’s student and if not for anything else, this alone should serve as a motivation for anyone to take up this book and read it. Be warned though, the book has no single picture and it’s a big book. Luckily for us the book has no filler words and everything written in the book makes a lot of sense which is interesting. There are also other editions of this book, but this particular edition retains all the ‘Old Ben’s’ teachings which is why it is worth every dime. The book is also not a get rich quick scheme. The book only provides insight on what the real investment market looks like and the decisions you should make before making an investment and hence the name of the book-‘Security Analysis’.
If you have ever been duped into making an investment or sheepishly following the crowd to make an investment that turned out to be fake, then grab a cup of coffee and be educated by this man Benjamin Graham and his co-author David Dood, all who seem to have travelled to the future as this book is still very relevant.
4 of 4 people found the following review helpful.
I read this book (and will be reading The Intelligent Investor) as they are the books that shaped Warren ...
By J. Crane
I read this book (and will be reading The Intelligent Investor) as they are the books that shaped Warren Buffett's career. This tome is thick and written in the 1920-30s, so it is a bit difficult to read; however, a careful reading will help an entrepreneur better understand how people can lie to you with financial statements. It was a seminal read for me and an important reading experience.
As someone who only invests in private companies and owns no public stocks, I was hoping for a bit more data that would be usable. Granted, the book does not promise this, but it was the major reason I picked this up. If you have the same intentions, you can go straight to "Section V: Analysis of the Income Account, the Earnings Factor in Common-Stock Valuation" and "Section VI: Balance Sheet Analysis, Implications of Asset Values."
3 of 3 people found the following review helpful.
It's not that the content is not good
By Josh
It's not that the content is not good. I give it 3 stars because the way it is written. There's no need to use that many jaw-breaking words to make it looks professional. The idea is very valuable and not difficult to understand, only if the authors use less complicated words that means more.
Plus, this book is not for beginners. The authors assume you have, not just a little, but, a strong fundamental knowledge in economy. For example, they mention "moral-hazard" without explanations. But I've finished "The Basic Economics" by Thomas Sowell so that's not a problem. Just keep in mind, if you're about to buy it but you don't have fundamental economic knowledge then don't bother buying it.
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