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Security Analysis: Fifth Edition Hardcover – 30 October 1987

by Sidney Cottle (Author), Roger F. Murray (Author), Frank E. Block (Author)
4.7 out of 5 stars 168
Edition: 5th
See all formats and editions
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Since its publication, Security Analysis by Graham and Dodd has been the investment bible and has sold more than 750,000 copies. Now the fifth edition of this classic updates the application of the Graham and Dodd valuation approach for today's greatly changed investment environment.

This edition brings the Graham and Dodd approach up to date with the changes that have occurred since the last edition was published--changes in investment practices and regulation, several new tax laws, the explosion of new accounting and financial reporting rules, persistent inflation in capital markets, new investment instruments, and more.

Maintaining the high standards of prior editions, Security Analysis puts at your fingertips the authoritative guidance on analyzing securities that generations of users have come to rely on. Here in clear, easy-to-use explanations you'll find the tools of financial statement analysis--from the investor's viewpoint and with an investor's notion of income and capital maintenance--that have enabled value investors to keep the edge in a highly competitive market.

The book provides the principles and techniques to measure asset values and cash flows so that you can sharpen your judgments of company earnings, refresh your insight into what individual companies are worth, and evaluate how much debt a leveraged company can service. You'll find practical guidance to make better investment decisions whether you're a security analyst, portfolio manager, broker/dealer, investment banker, credit officer, or a serious individual investor.

Heavily illustrated with examples taken from real companies, Security Analysis, Fifth Edition, is an investment book like no other for investors who aspire to the highest investment accomplishments.

Previous page
  1. ISBN-10
    9780070132351
  2. ISBN-13
    978-0566088964
  3. Edition
    5th
  4. Publisher
    McGraw Hill
  5. Publication date
    30 October 1987
  6. Language
    English
  7. Dimensions
    16 x 5.84 x 23.11 cm
  8. Print length
    658 pages
  9. See all details
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Product description

From the Back Cover

"After twenty-five years the 'classic' has been updated...big bath accounting, value investing, duration, junk bonds, shareholder's rights...eternal truths. It's all here...a must for serious investors."
--John B. Neff, Managing Partner, Wellington Management Company

"With the original edition of this book...Ben Graham and Dave Dodd invented the profession of financial analysis for investment. This entirely new edition honors that past and gives investment professionals an invitation to the future."
--Charles D. Ellis, Partner, Greenwich Associates

"I'm delighted, as are most other investment professionals, that this classic book has been updated....It has a hands-on orientation providing plenty of real-life examples that...set it apart from most other investment textbooks. I believe that readers will find this version better presented and hence easier to read than previous editions."
--James L. Farrell, Jr., Chariman, MPT Associates

"The Fifth Edition provides a comprehensive treatment of the analysis of financial statements, the development of future earnings expectations and the valuation of stocks and bonds."
--William S. Gray, Investment Consultant, Harris Trust and Savings Bank

"It is good to have a newly revised edition of the most famous book in the investment counsel profession."
--John M. Templeton, Chairman, Templeton International

"At a time when many investment books either treat security analysis mechanically or omit any reference to it altogether, the fifth edition of Security Analysis--the most influential book on investing ever written--is required reading for every serious investor."
--Jack Treynor, President, Treynor Capital Management, Inc., and Professor of Finance, University of Southern California

"An absolutely essential tool for the serious investor in both equity and debt securities."
--Leon G. Cooperman, Partner-in-Charge Investment Research and Co-Chairman of the Investment Policy Committee, Goldman, Sachs & Co

"The continental European analyst can only (again) be envious of the wealth of data and tools which the book describes, such as long historical records accessible by the computer, listing of reporting and tax ruls, etc."
--P. A. van de Pavard, econ. drs., CFA, European Federation of Security Analysts, (Board member)

"Security Analysis is essential to a proper understanding of investment fundamentals, as it has been since 1934."
--Frederick L. Muller, President, Atlanta Capital Management Company

About the Author

McGraw-Hill authors represent the leading experts in their fields and are dedicated to improving the lives, careers, and interests of readers worldwide

Product details

  • ASIN ‏ : ‎ 0070132356
  • Publisher ‏ : ‎ McGraw Hill; 5th edition (30 October 1987)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 658 pages
  • ISBN-10 ‏ : ‎ 9780070132351
  • ISBN-13 ‏ : ‎ 978-0566088964
  • Dimensions ‏ : ‎ 16 x 5.84 x 23.11 cm
  • Customer Reviews:
    4.7 out of 5 stars 168

About the authors

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  1. David L. Dodd

    David L. Dodd

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  2. Benjamin Graham

    Benjamin Graham

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    Benjamin Graham (/ɡræm/; born Benjamin Grossbaum; May 8, 1894 – September 21, 1976) was a British-born American economist and professional investor. Graham is considered the father of value investing, an investment approach he began teaching at Columbia Business School in 1928 and subsequently refined with David Dodd through various editions of their famous book Security Analysis. Graham had many disciples in his lifetime, a number of whom went on to become successful investors themselves. Graham's most well-known disciples include Warren Buffett, William J. Ruane, Irving Kahn and Walter J. Schloss, among others. Buffett, who credits Graham as grounding him with a sound intellectual investment framework, described him as the second most influential person in his life after his own father. In fact, Graham had such an overwhelming influence on his students that two of them, Buffett and Kahn, named their sons Howard Graham Buffett and Thomas Graham Kahn after him. Graham also taught at the UCLA Anderson School of Management.

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  3. Roger F. Murray

    Roger F. Murray

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  4. Frank E. Block

    Frank E. Block

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  5. Sidney Cottle

    Sidney Cottle

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4.7 out of 5 stars
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Brian Chown
5.0 out of 5 stars All you need.
Reviewed in Canada on 2 May 2022
Verified Purchase
A good solid book about investing in stocks using fundamental analysis. Lots of formulas in this book. A good book for someone interested in doing there own research on which stocks to buy.
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Fabrizio F.
5.0 out of 5 stars Ottimo prodotto
Reviewed in Italy on 12 February 2023
Verified Purchase
Venditore super consigliato
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Rosandro Oliveira Azevedo
5.0 out of 5 stars Leitura complementar e obrigatório para os Value Investors
Reviewed in Brazil on 18 December 2020
Verified Purchase
Voltar no tempo e presenciar os alicerces do Value Invest nascendo, observar empresas e ramos de negócios que eram imbatíveis à época e que hoje só existem na história, exemplos transcritos após o crash 1929, é leitura complementar e obrigatória para os Value Investors.
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Rosandro Oliveira Azevedo
5.0 out of 5 stars Leitura complementar e obrigatório para os Value Investors
Reviewed in Brazil on 18 December 2020
Voltar no tempo e presenciar os alicerces do Value Invest nascendo, observar empresas e ramos de negócios que eram imbatíveis à época e que hoje só existem na história, exemplos transcritos após o crash 1929, é leitura complementar e obrigatória para os Value Investors.
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One person found this helpful
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Alexander H. C. Becker
5.0 out of 5 stars Security Analsysis - The Best of its Kind
Reviewed in Germany on 19 November 2017
Verified Purchase
Es handelt sich bei Security Analysis um einen Klassiker. Selbst Warren Buffet empfiehlt das Buch. Er ist sogar bei den Autoren in die Vorlesungen auf der Columbia University gewesen. Hat er doch nur dort studiert eben weil die beiden Autoren dort Uni-Professoren waren.

Das Buch behandelt, im Original publiziert, die heute noch wichtigsten fundamentalen Aspekte zur Analyse von Anleihen als auch Aktien, Vorzugsaktien genauso wie "common stocks." Wandelanleihen werden ebenso behandelt wie "mortgage bonds" und "debentures". Ein großer Teil des Buches widmet sich der Analyse der Einnahmen als auch der Bilanz.

Es liest sich wie ein wissenschaftliches Buch, bei dem die Eingangsproblematik und die aktuelle (auf 1934 bezogen) Betrachtungs- und Vorgehensweise herangezogen wird um dann die Problemstellung zu erötern bevor eine Lösung dargeboten wird. Mit dieser Lösung kann heute noch, wie von Warren Buffet und Konsorten noch immer bewiesen wird, eine Wertpapieranalyse auf höchstem Niveau erfolgen um größtmögliche Sicherheit bei der Wertpapierauswahl zu gewährleisten und gleichzeitig, dank Warren Buffet's Geheimnis wie man ein Billionär wird, "compounding", auf Dauer große Gewinne erzielen, vorausgesetzt man investiert nicht gerade in einer Phase extremer Übertreibung zu Höchstkursen hin.

Nun wünsche ich Euch viel Spaß beim lesen und viel Erfolg beim investieren.

Alexander H. C. Becker
2 people found this helpful
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Amazon Customer
5.0 out of 5 stars So you want to be Warren Buffet?
Reviewed in the United States on 29 January 2015
Verified Purchase
This book was made famous by Warren Buffet, but you probably already know that. Will it teach you to invest like Warren? Yes, the fundamentals are there and so are the valuation techniques. In today's rough and tumble world, it's hard to say that it still applies. On a very basic level, yes it does.

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.
122 people found this helpful
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