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Security Analysis

benjamin graham david dodd

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"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."

851 pages, Hardcover

First published January 1,1934

This edition

Format
851 pages, Hardcover
Published
October 10, 2002 by McGraw Hill
ISBN
9780071412285
ASIN
007141228X
Language
English

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About the author

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benjamin graham

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Benjamin Graham was a British-born American financial analyst, investor and professor. He is widely known as the "father of value investing", and wrote two of the discipline's founding texts: Security Analysis (1934) with David L. Dodd, and The Intelligent Investor (1949). His investment philosophy stressed independent thinking, emotional detachment, and careful security analysis, emphasizing the importance of distinguishing the price of a stock from the value of its underlying business.
After graduating from Columbia University at age 20, Graham started his career on Wall Street, eventually founding Graham–Newman Corp., a successful mutual fund. He also taught investing for many years at Columbia Business School, where one of his students was Warren Buffett. Graham later taught at UCLA Anderson School of Management at the University of California, Los Angeles.
Graham laid the groundwork for value investing at mutual funds, hedge funds, diversified holding companies, and other investment vehicles. He was the driving force behind the establishment of the profession of security analysis and the Chartered Financial Analyst designation. He also advocated the creation of index funds decades before they were introduced. Throughout his career, Graham had many notable disciples who went on to earn substantial success as investors, including Irving Kahn and Warren Buffett, who described Graham as the second most influential person in his life after his own father. Among other well-known investors influenced by Graham were Charles D. Ellis, Mario Gabelli, Seth A. Klarman, Howard Marks, John Neff and John Marks Templeton.

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Rating(3.9 / 5.0, 99 votes)
5 stars
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99 reviews All reviews
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jyuli
★ ★ ★ ★ ★
April 26,2025
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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.
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Chambresalt
★ ★ ★ ★ ★
April 26,2025
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The 6th edition (which is the 75th anniversary of the 1st edition) has an absolutely wonderful and very heartfelt introduction by Buffett. This is actually a reprint of the 2nd edition but annotated by revered investors/academics, which I enjoyed. I have to warn this is basically a textbook and will come across as very dry. The first few times I read Graham I thought it was very dry but I've acclimated myself to him and now enjoy his writing. Graham is always very careful never to inject any flamboyance in his writings. He is, I believe, at heart a teacher (he taught at Columbia and UCLA for more than 30 years cumatively) but he was also a brilliant money manager. He invented the first hedge fund in the 20's (but doesn't get credit for it). Graham's style is like a scientist, if there is any doubt for a method, he will readily illuminate it for the reader. He is very understated so as not to ever elevate expectations for the student/investor. Getting back to the teacher, he wanted everyone to be able to apply his writings so the book is very quantitative (not heavy in math, just statements that can be delimited). I recommend Fisher for the qualitative. Graham addresses the qualitative in other writings, but the reader will probably pick up he is uncomfortable and/or apathetic with it and limits it as much as possible.

This is 5 stars not simply for the comprehensiveness but the originality. There is a time-period bias for the modern reader. Graham literally invented most of the methods and ideas in the book. He is a modern day Newton whereby he had to invent calculus to explain gravity, Graham invented fundamental investing and provided, if I can borrow from Sagan, a candle in the dark to illuminate the irrationality, ok I paraphrased from Sagan.
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AngelicDream
★ ★ ★ ★ ★
April 26,2025
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"There are no dependable ways of making money easily and quickly either in Wall Street or anywhere else."

...that doesn't mean it's impossible!
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Veronin
★ ★ ★ ★ ★
April 26,2025
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While this may be the most commonly cited first book on most value investors’ shelves I will say that after getting about half way through you'll get the gist. Margin of safety through a disciplined valuation framework is necessary to generate sustainable returns.
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Sirjacer
★ ★ ★ ★ ★
April 26,2025
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This book taught me the fundamentals of economics. Definitely made me feel more confident we it comes to managing my money.
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isyasad
★ ★ ★ ★ ★
April 26,2025
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I may never finish this tome since Graham has almost completely convinced me that I don't have enough time or capital to make active investing worthwhile. Nevertheless, it's an essential extension of The Intelligent Investor and much like the 2003 revised edition with Zweig's commentary, provides useful contemporary commentaries on Graham's original text. What I've read so far has been just as enjoyable as The Intelligent Investor if slightly less surprising since this is mostly an in-depth study of the same insights.
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Debesuotas
★ ★ ★ ★ ★
April 26,2025
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I read this book... twice! what serious investor wouldn't read this book?
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KingAce261
★ ★ ★ ★ ★
April 26,2025
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In the 2008-9 edition I got each chapter was preceded by an introductory essay written by a highly regarded professional in finance/investment with at least 20 years of experience. They have made sure to let us know what part of the information written in 1940 is dated, and what is current, so this acts as a safenet for us readers. An amazing part of the book is timeless and focused on intelligent logical elaboration on stocks and bonds.
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