Security Analysis: Sixth Edition, Foreword by Warren Buffett (Security Analysis Prior Editions) (英語) ハードカバー – 2008/9/25
Kindle 端末は必要ありません。無料 Kindle アプリのいずれかをダウンロードすると、スマートフォン、タブレットPCで Kindle 本をお読みいただけます。
"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:
- Seth A. Klarman, president of The Baupost Group, L.L.C. and author of Margin of Safety
- James Grant, founder of Grant's Interest Rate Observer, general partner of Nippon Partners
- Jeffrey M. Laderman, twenty-five year veteran of BusinessWeek
- Roger Lowenstein, author of Buffett: The Making of an American Capitalist and When America Aged and Outside Director, Sequoia Fund
- Howard S. Marks, CFA, Chairman and Co-Founder, Oaktree Capital Management L.P.
- J. Ezra Merkin, Managing Partner, Gabriel Capital Group .
- Bruce Berkowitz, Founder, Fairholme Capital Management.
- Glenn H. Greenberg, Co-Founder and Managing Director, Chieftain Capital Management
- Bruce Greenwald, Robert Heilbrunn Professor of Finance and Asset Management, Columbia Business School
- David Abrams, Managing Member, Abrams Capital
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.
"The biggest event in the world of investment publishing this year looks certain to be the re-publication of a book that came out almost three-quarters of a century ago."
The biggest event in the world of investment publishing this year looks certain to be the re-publication of a book that came out almost three-quarters of a century ago. .
Benjamin Graham and David L. Dodd have written an excellent book. It's easy to follow and has an incredible amount of insight. Don't lose out on it by buying the incomplete 6th edition. The commentary and forwards provided are great in the 6th edition, but they in no way make up for the shockingly VAST amount of MISSING content.
**Shoutout to theamazing Amazon Kindle rep who helped me figure this out and take care of the issue! McGraw Hill was of ZERO help**
The ridiculous thing is that I would have gladly paid extra for the full thing in two print volumes.
In the case of the 6th edition of Security Analysis, the value is a poor one indeed. The book has been "updated" to include the commentary of some of the more well-known value investors of our age, which by itself is great. However, what the good folks over at McGraw Hill downplay is the fact they decided to remove a sizable portion of the actual text from the book, and shift it to a CD-Rom. Out of the 52 chapters that comprise this masterful work, 11 (~21% of the original text) have been omitted from the actual book, along with the appendix which houses a great deal of statistical data that adds vital context to Graham and Dodd's insightful analysis. The CD-Rom adds another layer of consumer woe to this laughable excuse of an edition. Inserting the CD in to your computer you are prompted to provide a host of information (Name, Email, etc.) to access the text that you own. On principle, I refuse to jump through these hoops just because some unscrupulous publisher thinks he can get clever on how to collect my personal information.
I guess it’s fitting that in a book that teaches you how to search for value your first test is to actually choose the version that provides the most value for your dollar. I can tell you this now; the 6th edition is not the version that does the trick. Please learn from my mistake and choose another version that does not short change you on content. As a starting point, the 2nd edition, published in 1940, is the version that Warren Buffett used when he was getting his start in the investing world.
This book is a timeless classic on investing and you will be enriched mentally and possibly even financially if you are willing to read thoughtfully and diligently. However, your journey through securities analysis will be hobbled if you only receive 4/5 of the content you purchased. To that end I would recommend a version of Security Analysis other than the 6th edition.
Security Analysis: The Classic 1934, has been dubbed as an endless source of insight when it comes to investing. Written by two gurus- Benjamin Graham and David Dood this book will awaken the sleeping investor in anyone. Knowing that they taught Warren Buffet his technique has made them famous in the financial world.
The book was written in 1934 just 5 years after the collapse of the stock market in 1929, and right about the time of the Glass-Steagel Act which changed the ethics of the stock market and how they were regulated. Benjamin’s idea was to teach people about the basics of investment by providing insights of what one should look out for in a business that they wish to invest in. Can you get through all these 725 pages? Yes you can, but it will not be an easy read like the Hunger Games.
If you do get through it, you will possess a book written nearly 8 decades ago that has sage insights. You will learn of a framework to follow before rushing into any investment. Also, you will be able to discern a business that looks profitable but in hindsight it is clutching on straws and in the verge of bankruptcy. After reading this book, you will have learned the basic philosophy and principles of investment in the stock market. You will be equally equipped with the tools (mostly analytical and philosophical) that will help you make decisions regarding investments. The difference between investment and speculation, discussion and analysis are all outlined. The reason it is important to know these differences is because the business segment during news time never explain them and so is school. Benjamin will make you understand the meaning of these and other terms his book in a very practical manner.
Warren Buffet was Benjamin’s student and if not for anything else, this alone should serve as a motivation for anyone to take up this book and read it. Be warned though, the book has no single picture and it’s a big book. Luckily for us the book has no filler words and everything written in the book makes a lot of sense which is interesting. There are also other editions of this book, but this particular edition retains all the ‘Old Ben’s’ teachings which is why it is worth every dime. The book is also not a get rich quick scheme. The book only provides insight on what the real investment market looks like and the decisions you should make before making an investment and hence the name of the book-‘Security Analysis’.
If you have ever been duped into making an investment or sheepishly following the crowd to make an investment that turned out to be fake, then grab a cup of coffee and be educated by this man Benjamin Graham and his co-author David Dood, all who seem to have travelled to the future as this book is still very relevant.