· Security Analysis å Download by á Benjamin Graham

· Security Analysis å Download by á Benjamin Graham With Nearly A Million Copies Sold, Security Analysis Has Been Continuously In Print For 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 By , Seventeen Years Past Its original Publication And Than A Decade Beyond Its Revised And Acclaimed 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 IIThe 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 InvestorsThe 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 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 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 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 I feel like this book should be required reading before anyone is allowed to invest in the stock market I m no investor, but I enjoy keeping up with the markets the same way some baseball fans like digging into stats and nerding out on numbers And that s why I decided to pick up this book and start learning about value investing from a classic source Holy crap, I couldn t put it down and was surprised at just how simple it was Now I do have training and experience as an accountant, so I wasn t worried about jargon or complicated math often than not the math and terms used in the financial industry are employed to turn relatively simple concepts into seemingly complicated and scientific ideas Surprisingly, this book had almost none of that look how smart my financial ideas are type of vibe to it It had very little jargon beyond the very basic stuff you d learn in high school economics I mean there is nothing here but practical advice that Extremely hard to read, but well worth it.
A book that really touches the issue in detail, but it is still carrying old facts of 1920s 1940s Hence its broad mention upon railroad issues, public utility is too stretched that I suspect would benefit little to the analysis of popular industries nowadays In my opinion the recent edition of Intelligent Investor does better in updating and put some footnotes to adjust the statements with the now condition In this book, even one of the co author added to this edition humbly admitted that he had not completed reading this book until he were invited to write the chapter And I think this book is too long for outdated information Graham is an interesting author with original ideas and not afraid of challenging other s opinion and bluntly mention them in his book The main purpose of Value Investing is to find securities in discount lower market value than it I had always intended to read Security Analysis, but due to the size of the book over 700 pages , I did not get around to reading it until around 2008 It was well worth the read True, some of the examples are dated, like the emphasis on railroad securities and some old accounting rules, but the underlying principles still apply today.
The book emphasizes concepts, methods, standards, principles and logical reasoning, so it works in the current environment, just as it did when Graham and Dodd wrote it in 1934.
2008 was a year of financial and real estate crises which lead to many people seeing huge declines in their 401 k plans, causing some to note that the days of buy and hold are over now Graham and Dodd commented on this long ago, not Without a doubt Graham and Dodd were wise men and they would still be wise men That makes this book interesting regardless of age, but it has lost some of its significance Not because they are wrong but because the things they are pointing out is of much less relevance in a world where fixed income securities are not mainstay investments, and where fixed assets are less important to a company s wellbeing than it used to be.
So what is left A lot of really wise advice of the general kind see quotes below Unfortunately it s embedded in a very thick book and I wouldn t recommend anyone reading the whole book to pick out those advice unless they are really interested in investments, and in particular value investments and if they are, I hope they are already familiar with much of what Graham and Dodd write here If from no other source, f The 6th edition is basically the 1940 2nd edition with a number of chapters, plus the appendix, removed to make room for contemporary commentary The chapters are available as a separate download, nevertheless their omission is unfortunate as many of them are very informative and access to the separate material inconvenient Certainly at least for the Kindle version, where size is not a concern, the omission is inexcusable and doubly so if you examine what it is that they have been left for.
The commentaries read like little than extended promotional blurbs and do not really add anything illuminating to the discussion This is seen most amusingly in the final commentary on global investing, a topic understandably absent in the 1940 edition Instead of correcting this shortcoming, a vague essay is offered which mostly rants about the difficulties giving dated examples, in some cases f Reads very much like a textbook, but a must read for anybody considering stepping outside the world of mutual funds and actually investing in individual companies by using a value based approach This book will provide the basic tools on how to evaluate the intrinsic value of a company, which is the first step in determining whether a security is a worthy investment Certainly not an easy read, but well worth the time and effort.
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 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 C

Benjamin Graham May 8, 1894 September 21, 1976 was an American economist and professional investor Graham is considered the first proponent 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 Disciples of value investing include Jean Marie Evei