More than one million hardcovers sold Now available for the first time in paperback!
The Classic Text Annotated to Update Graham's Timeless Wisdom for Today's Market Conditions
The greatest investment advisor of the twentieth century, Benjamin Graham taught and inspired people worldwide. Graham's philosophy of "value investing" -- which shields investors from substantial error and teaches them to develop long-term strategies -- has made The Intelligent Investor the stock market bible ever since its original publication in 1949.
Over the years, market developments have proven the wisdom of Graham's strategies. While preserving the integrity of Graham's original text, this revised edition includes updated commentary by noted financial journalist Jason Zweig, whose perspective incorporates the realities of today's market, draws parallels between Graham's examples and today's financial headlines, and gives readers a more thorough understanding of how to apply Graham's principles.
Vital and indispensable, this HarperBusiness Essentials edition of The Intelligent Investor is the most important book you will ever read on how to reach your financial goals.
"The best book ever written for the stockholder."--John Train, author and investment counselor
"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:
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.
"All investors, from beginners to old hands, should gain from the use of this guide, as I have."
From the Introduction by Michael F. Price, president, Franklin Mutual Advisors, Inc.
Benjamin Graham has been called the most important investment thinker of the twentieth century. As a master investor, pioneering stock analyst, and mentor to investment superstars, he has no peer.
The volume you hold in your hands is Graham's timeless guide to interpreting and understanding financial statements. It has long been out of print, but now joins Graham's other masterpieces, The Intelligent Investor and Security Analysis, as the three priceless keys to understanding Graham and value investing.
The advice he offers in this book is as useful and prescient today as it was sixty years ago. As he writes in the preface, "if you have precise information as to a company's present financial position and its past earnings record, you are better equipped to gauge its future possibilities. And this is the essential function and value of security analysis."
Written just three years after his landmark Security Analysis, The Interpretation of Financial Statements gets to the heart of the master's ideas on value investing in astonishingly few pages. Readers will learn to analyze a company's balance sheets and income statements and arrive at a true understanding of its financial position and earnings record. Graham provides simple tests any reader can apply to determine the financial health and well-being of any company.
This volume is an exact text replica of the first edition of The Interpretation of Financial Statements, published by Harper & Brothers in 1937. Graham's original language has been restored, and readers can be assured that every idea and technique presented here appears exactly as Graham intended.
Highly practical and accessible, it is an essential guide for all business people—and makes the perfect companion volume to Graham's investment masterpiece The Intelligent Investor.
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.
"Graham's ideas inspired the investment community for nearly a century."—Smart Money
"Graham's method of investing is as relevant today as it was when he first espoused it during the Roaring Twenties."—Investor's Business Daily
Benjamin Graham's revolutionary theories have influenced and inspired investors for nearly 70 years. First published in 1934, his Security Analysis is still considered to be the value investing bible for investors of every ilk. Yet, it is the second edition of that book, published in 1940 and long since out of print, that many experts—including Graham protégé Warren Buffet—consider to be the definitive edition. This facsimile reproduction of that seminal work makes available to investors, once again, the original thinking of "this century's (and perhaps history's) most important thinker on applied portfolio investment."
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.
"The sillier the market's behavior, the greater the opportunity for the business-like investor. Follow Graham and you will profit from folly rather than participate in it."-Warren E. Buffett.
"[Graham] is the genius who literally created the framework for investment analysis that leads to successful investing. Like that other genius Edison, Graham created light where there was none." -Bill Ruane, Sequoia Fund.
"It's never the wrong time to invoke the name of Benjamin Graham, value investor par excellence." -Money
"The search for intelligent investing should begin with the remarkable Benjamin Graham's timeless teachings. Read Lowe's book and you'll learn to seek what the original master sought as she helps Graham reclaim his rightful place as the most important and extraordinary investment writer of any generation."-Kenneth Lee, author of Trouncing the Dow.
Known as the "father of value investing," Benjamin Graham was-and is-one of America's most lauded financial thinkers. Billionaire investor Warren Buffett, a former student of Graham, extols him to this day. Brilliant, successful, and ethical, he revolutionized investment philosophy by introducing the concepts of security analysis, fundamental analysis, and value investing-theories that have become timeless essentials of the field. Now, Janet Lowe, author of Benjamin Graham on Value Investing and Warren Buffett Speaks, reintroduces the foundations of Graham's eminence-including his ever-relevant market observations and his assessment of long-term economic problems-by presenting a unique compilation of his writings that contains rare and/or previously unpublished articles, lectures, and interviews.
Almost twenty-five years after his death, Benjamin Graham continues to have one of the largest and most loyal followings of any investment philosopher of this century. A prolific and popular writer whose trademark was blending original ideas with wit and intelligence, he has guided and inspired Wall Street professionals with his thoughtful ruminations and piercing insights on a host of investment and economic topics. Though bits and pieces of this material are widely quoted even today, the full writings have not always been easy to find-until now.
The result of in-depth research, The Rediscovered Benjamin Graham brings together the very best the investment legend had to offer, including such incisive works as:
* "Inflated Treasuries and Deflated Stocks: Are Corporations Milking Their Owners?"
* "The Ethics of American Capitalism".
* "Proposals for an International Commodity-Reserve Currency".
* "The New Speculation in Common Stocks".
* "Is American Business Worth More Dead Than Alive?".
* "The Simplest Way to Select Bargain Stocks".
A groundbreaking volume that fills an important niche in investment literature, The Rediscovered Benjamin Graham is destined to become as timeless a classic as its distinguished subject.
Jacket Design: Don Welsh