Security Analysis

by Benjamin Graham, Scott R. Pollak (Narrator), David Dodd

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 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

Seth A. Klarman, president of The Baupost Group, LLC 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 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 LP 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.

Produced and published by Echo Point Books & Media, an independent bookseller in Brattleboro, Vermont.

PLEASE When you purchase this title, the accompanying PDF will be available in your Audible Library along with the audio.

Audible Audio

Published July 8, 2024

About the author

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.