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.
The time was the 1980s. The place was Wall Street. The game was called Liar`s Poker.
Michael Lewis was fresh out of Princeton and the London School of Economics when he landed a job at Salomon Brothers, one of Wall Street`s premier investment firms. During the next three years, Lewis rose from callow trainee to bond salesman, raking in millions for the firm and cashing in on a modern-day gold rush. Liar`s Poker is the culmination of those heady, frenzied years a behind-the-scenes look at a unique and turbulent time in American business. From the frat-boy camaraderie of the forty-first-floor trading room to the killer instinct that made ambitious young men gamble everything on a high-stakes game of bluffing and deception, here is Michael Lewis`s knowing and hilarious insider`s account of an unprecedented era of greed, gluttony, and outrageous fortune.
In fiction there was Bonfire of the Vanities; in reality, there is Liar's Poker--the fascinating insider's account of what really happens on Wall Street. This irreverent and hilarious birds-eye view of Wall Street's heyday will appeal to anyone intrigued by the allure of million dollar deals. Now in trade paper.
Praise for The Original 1998 Edition
"Cogent, honest, and hard-hitting—a must read-for every investor."
Warren E. Buffett
"The only thing better than Bogle's original book is its improved revision. Bon appetit!"
—Paul A. Samuelson, Nobel Laureate, Economics
"Were I allowed to recommend only one investment volume to friends and family, the updated edition of Common Sense on Mutual Funds would be it—it is even better than the first edition was ten years ago."
—William J. Bernstein, author of The Investor's Manifesto, A Splendid Exchange, The Birth of Plenty, and The Four Pillars of Investing
"How do you improve upon perfection? Well, with this tenth anniversary edition of Common Sense on Mutual Funds, the best mutual fund primer just got better."
—Don Phillips, Managing Director, Morningstar
"In this timely update of Common Sense on Mutual Funds, John Bogle improves on what was the finest book on mutual funds ever written."
—Jane Bryant Quinn, financial columnist and author of Smart and Simple Financial Strategies for Busy People
"Jack Bogle cares passionately about everyday Americans—and that passion is palpable in these pages. This new edition of Common Sense on Mutual Funds will send you marching into the financial markets with a sense of mission."
—Jonathan Clements, author of The Little Book of Main Street Money
"When the history of modern investment management is written, John Bogle will stand out as one of its towering figures."
—Byron R. Wien, Vice Chairman, Blackstone Advisory Services
"A powerful no-nonsense prescription for how individual investors should structure their portfolios in the current market environment."
—Martin Leibowitz, Managing Director, Morgan Stanley
Michael Lewis creates a fresh, character-driven narrative brimming with indignation and dark humor, a fitting sequel to his #1 bestseller Liar's Poker. Out of a handful of unlikely-really unlikely-heroes, Lewis fashions a story as compelling and unusual as any of his earlier bestsellers, proving yet again that he is the finest and funniest chronicler of our time.