Security Analysis – Benjamin Graham – Pdf

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Author(s): Benjamin GrahamDownload  

Publish: Published December 31st 2004 by McGraw-Hill Education (first published 1962)

ISBN: ISBN 0071448209 (ISBN13: 9780071448208)

Description: 

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.

Some Reviews: 6,223 ratings 117 reviews in Goodreads.com

Alessandro Orlandi

Alessandro Orlandi rated it     
It’s the bible of investing. I liked more the Intelligent Investor and I read this more to understand more how to read financial statements of banks and Insurances. I haven’t found this information but I have to say that still this book gives a more in depth explanation of matters of security analysis and how different securities are interrelated to each other.
Joel Mitchall

Joel Mitchall rated it      
One of the most influential books on investing ever written and still as relevant today as it was in 1934. 

It helps if you have at least a basic understanding of accounting.

Joel Gray

Joel Gray rated it     
ANALYSIS WILL LEAD TO A POSITIVE CONCLUSION ONLY IN THE EXCEPTIONAL CASE. 

Margin of safety – provides room for error, imprecision, bad luck, or the vicissitudes of the economy and stockmarket.

It is easy to confuse genius with a bull market.

Valuation is an art, not a science.

Relative value is easier to determine than absolute value and is it 1 dimensional.

Tom Wallace

Tom Wallace rated it      
The examples tend to be from the 1930’s. Just surviving this period in the securities business was a major accomplishment. Simple mean reversion didn’t work very well — anyone who tried it was already gone. Meanwhile the examples are excellent.
Especially the selections on 1920’s mortgage backed securities — yea they had them.
Michael

Michael rated it     
Well, I finished the marathon of SA. I wish I could apply it to buying stocks, but I can’t. I’ll stick to my low cost, high dividend paying ETFs, and apply the attitude of SA to our portfolio.
Thanks 73 year old book!

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