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Security Analysis: Sixth Edition, Foreword by Warren Buffett

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"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.

(20080617)

Author(s): James M. Stewart
Series: Security Analysis Prior Editions
Edition: 6
Publisher: McGraw-Hill
Year: 2008

Language: English
Pages: 818

Contents......Page 13
Foreword......Page 17
Preface to the Sixth Edition: The Timeless Wisdom of Graham and Dodd......Page 19
Preface to the Second Edition......Page 47
Preface to the First Edition......Page 49
Introduction to the Sixth Edition: Benjamin Graham and Security Analysis: The Historical Backdrop......Page 53
Introduction to the Second Edition......Page 73
Part I: Survey and Approach......Page 89
Introduction to Part I: The Essential Lessons......Page 91
1. The Scope and Limits of Security Analysis. The Concept of Intrinsic Value......Page 113
2. Fundamental Elements in the Problem of Analysis. Quantitative and Qualitative Factors......Page 127
3. Sources of Information......Page 141
4. Distinctions Between Investment and Speculation......Page 152
5. Classification of Securities......Page 164
Part II: Fixed-Value Investments......Page 173
Introduction to Part II: Unshackling Bonds......Page 175
6. The Selection of Fixed-Value Investments......Page 193
7. The Selection of Fixed-Value Investments: Second and Third Principles......Page 206
8. Specific Standards for Bond Investment......Page 221
10. Specific Standards for Bond Investment (Continued)......Page 232
15. Technique of Selecting Preferred Stocks for Investment......Page 242
16. Income Bonds and Guaranteed Securities......Page 254
17. Guaranteed Securities (Continued)......Page 267
18. Protective Covenants and Remedies of Senior Security Holders......Page 281
19. Protective Covenants (Continued)......Page 294
21. Supervision of Investment Holdings......Page 305
Part III: Senior Securities with Speculative Features......Page 315
Introduction to Part III: “Blood and Judgement”......Page 317
22. Privileged Issues......Page 341
23. Technical Characteristics of Privileged Senior Securities......Page 351
24. Technical Aspects of Convertible Issues......Page 365
26. Senior Securities of Questionable Safety......Page 375
Part IV: Theory of Common-Stock Investment. The Dividend Factor......Page 389
Introduction to Part IV: Go with the Flow......Page 391
27. The Theory of Common-Stock Investment......Page 400
28. Newer Canons of Common-Stock Investment......Page 418
29. The Dividend Factor in Common-Stock Analysis......Page 428
30. Stock Dividends (see accompanying CD for this chapter)......Page 444
Part V: Analysis of the Income Account. The Earnings Factor in Common-Stock Valuation......Page 445
Introduction to Part V: The Quest for Rational Investing......Page 447
31. Analysis of the Income Account......Page 461
32. Extraordinary Losses and Other Special Items in the Income Account......Page 476
33. Misleading Artifices in the Income Account. Earnings of Subsidiaries......Page 487
34. The Relation of Depreciation and Similar Charges to Earning Power......Page 505
37. Significance of the Earnings Record......Page 524
38. Specific Reasons for Questioning or Rejecting the Past Record......Page 539
39. Price-Earnings Ratios for Common Stocks. Adjustments for Changes in Capitalization......Page 548
40. Capitalization Structure......Page 559
41. Low-Priced Common Stocks. Analysis of the Source of Income......Page 572
Part VI: Balance-Sheet Analysis. Implications of Asset Values......Page 585
Introduction to Part VI: Deconstructing the Balance Sheet......Page 587
42. Balance-Sheet Analysis. Significance of Book Value......Page 600
43. Significance of the Current-Asset Value......Page 611
44. Implications of Liquidating Value. Stockholder-Management Relationships......Page 627
45. Balance-Sheet Analysis (Concluded)......Page 643
Part VII: Additional Aspects of Security Analysis. Discrepancies Between Price and Value......Page 667
Introduction to Part VII: The Great Illusion of the Stock Market and the Future of Value Investing......Page 669
46. Stock-option Warrants (see accompanying CD for this chapter)......Page 684
47. Cost of Financing and Management......Page 685
48. Some Aspects of Corporate Pyramiding......Page 696
49. Comparative Analysis of Companies in the Same Field......Page 706
50. Discrepancies Between Price and Value......Page 721
51. Discrepancies Between Price and Value (Continued)......Page 740
52. Market Analysis and Security Analysis......Page 749
Part VIII: Global Value Investing......Page 763
Globetrotting with Graham and Dodd......Page 765
About This Edition......Page 777
Acknowledgments......Page 779
About the Contributors......Page 781
About the Authors......Page 785
A......Page 787
B......Page 789
C......Page 791
D......Page 795
E......Page 796
F......Page 797
G......Page 798
H......Page 799
I......Page 800
J......Page 802
L......Page 803
M......Page 804
N......Page 806
P......Page 807
R......Page 810
S......Page 811
U......Page 815
W......Page 817
Z......Page 818