Security Analysis: The Classic 1951 Edition / Edition 3

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Overview

With nearly a million copies sold, Security Analysis has been continuously in print for more than sixty years. No investment book in history had either the immediate impact, or the long-term relevance and value, of its first edition in 1934. By 1951, seventeen years past its original publication and more than a decade beyond its revised and acclaimed 1940 second edition, authors Benjamin Graham and David Dodd had seen business and investment markets travel from the depths of Depression to the heights of recovery, and had observed investor behavior during both the calm of peacetime and the chaos of World War II.

The prescient thinking and insight displayed by Graham and Dodd in the first two editions of Security Analysis reached new heights in the third edition. In words that could just as easily have been written today as fifty years ago, they detail techniques and strategies for attaining success as individual investors, as well as the responsibilities of corporate decision makers to build shareholder value and transparency for those investors.

The focus of the book, however, remains its timeless guidance and advice—that careful analysis of balance sheets is the primary road to investment success, with all other considerations little more than distractions. The authors had seen and survived the Great Depression as well as the political and financial instabilities of World War II and were now better able to outline a program for sensible and profitable investing in the latter half of the century.

Security Analysis: The Classic 1951 Edition marks the return of this long-out-of-print work to the investment canon. It will reacquaint you with the foundations of value investing—more relevant than ever in tumultuous twenty-first century markets—and allow you to own the third installment in what has come to be regarded as the most accessible and usable title in the history of investment publishing.

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Product Details

  • ISBN-13: 9780071448208
  • Publisher: McGraw-Hill Professional Publishing
  • Publication date: 12/17/2004
  • Edition description: Third Edition
  • Edition number: 3
  • Pages: 770
  • Sales rank: 607,917
  • Product dimensions: 6.30 (w) x 9.30 (h) x 2.20 (d)

Meet the Author

Benjamin Graham is widely acknowledged to be the father of modern security analysis. The founder of the value school of investing and founder and former president of the Graham-Newman corporation investment fund, he taught at Columbia University's Graduate School of Business from 1928 through 1957. Graham popularized the examination of price-to-earnings (P/E) ratios, debt-to-equity ratios, divident records, book values, and earnings growth, and he also wrote the popular investors' guide The Intelligent Investor.

David Dodd was a colleague of Benjamin Graham's at Columbia University, where he was an assistant professor of finance.

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Table of Contents

1 Introduction : the array of securities : economic background 1
2 The scope and limitations of security analysis 13
3 The behavior of the security markets 23
4 Investment and speculation 33
5 Investment policy 47
6 Nature and sources of the analyst's information 60
7 Quantitative and qualitative factors in security analysis : the margin-of-safety concept 67
8 Classification of securities 77
9 Analysis of the income account : general procedure 84
10 Effect of reserves upon the income account 99
11 Inventory valuations and inventory reserves : contingency reserves 110
12 The relation of depreciation and similar charges to earning power 127
13 Amortization charges from the investor's viewpoint 144
14 Allowance for results of subsidiaries and affiliates 155
15 Reported earnings and taxable earnings 161
16 Balance-sheet analysis 175
17 Interpretations of the financial data : per-share figures and key ratios 199
18 A comparison based on key ratios : physical data used in analysis 211
19 Analysis of specific industries : railroad analysis 221
20 Factors in public-utility analysis : introduction 241
21 Factors in public-utility analysis : income-statement analysis 257
22 The selection of fixed-income securities 281
23 Specific standards for bond investment 297
24 Specific standards for bond investment (continued) 316
25 Specific standards for bond investment (continued) 326
26 Additional factors in bond analysis 339
27 Preferred stocks 352
28 Technique of selecting preferred stocks for investment 362
29 Income bonds and guaranteed securities 372
30 The theory of common-stock investment : historical survey 385
31 Current modes of common-stock investment 394
32 The pros and cons of the valuation approach : the valuation factors 404
33 Projections of earnings and dividends : significance of the earnings record : the concept of earning power 412
34 The dividend factor in common-stock valuation 430
35 Technical aspects of the dividend rate : stock dividends 439
36 The capitalization rate for earnings and dividends 454
37 Capitalization structure 464
38 The asset-value factor in common-stock valuation 475
39 The valuation of public-utility common stocks 492
40 The valuation of public-utility common stocks (continued) 507
41 Privileged issues 521
42 Technical characteristics of privileged senior securities 530
43 Participating and warrant-bearing issues : privileged issues vs. the related common stocks 541
44 Senior securities of questionable safety 547
45 Leverage 556
46 Low-priced common stocks : option warrants 563
47 General approach to the subject : stockholders and managerial efficiency 575
48 Stockholders, managements, and dividend policy 586
49 Stockholders and their capital 599
50 Stockholder-management controversies 613
51 Regulation by the Securities and Exchange Commission : recapitalizations and reorganizations 621
52 Discrepancies between price and value 636
53 Market analysis and security analysis 650
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Customer Reviews

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Sort by: Showing all of 3 Customer Reviews
  • Anonymous

    Posted May 4, 2007

    graham at his finest

    this book is great. ive previously read grahams other book, ' the intelligent investor' and completely loved it. i decided to step up and read this 600+ page book. im currently up to page 450 and i have to say, ive learned a whole lot, especially on the topic of financial statements. now i must admit, there were times where i felt like i wanted to throw the book out the window, because his choice of words and vocabulary was hard to comprehend, but in the end, the knowledge graham preaches is priceless. this is not a stock book for beginners. you must already have some knowledge on the topic of stocks and stock investment to fully understand this book. after i finish this book, you better believe i'm going to reread this work of art. this book is great, just not for beginners though.

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  • Anonymous

    Posted May 27, 2009

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    Posted January 25, 2009

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