The timeless edition of Security Analysis that most closely reflects today's financial environment
Graham and Dodd's Security Analysis is hands-down the most influential investment book in history. The classic 1951 edition is the first edition of the bestselling investment bible that was written during a time of
economic stability and prosperity. It provides investors wi...more
Holy crap, I couldn't put it down and was surprised at just how simple it was. Now I do have training and experience as an accountant, so I wasn't worried about jargon or complicated math... more often than not the math and terms used in the fi ...more
In my opinion the recent edition of "Intelligent Investor" does better in updating and put some footnotes to adjust the statements with the now condition. In this book, even one of the co-author added to this edition humbly admitted that h ...more
It's heavy - not just the reading but the book itself is hard to hold in one's hand and a lot of the examples are over half a century old.
Graham grew up poor and one incident that took place when he was little changed him forever. His mother was insulted by a banker who questioned her credit worthiness. That went deep into his psyche.
He married four times and spen ...more
As someone who only invests in private companies and owns no public stocks, I was hoping for a bit more da ...more
So what is left? A lot of really wise advice of the general kind (see q ...more
The book emphasizes concepts, methods, standards, principles and logical reasoning, so it works in the current environment, just as it did when Graham and Dodd w ...more
I read the most recent 6th edition which is essentially an abridged 2nd edition plus some industry gurus' comments on each part and the relevance to today's investment. People also recommend replacing the first part of the 2nd edition with 3rd edition which is more detailed and comprehensive.
I think the 2nd edition flows better than the 3rd. It started with evaluation of company for bond investment and followed by the idea that stock evaluation should be built on the bond eva ...more
Of course, we did not experience a global depression after the 1990s (due to Greenspan and the Greatest Global Boom of all time), but there are some common threads. In addition, Benjamin G ...more
Also overly prescriptive and narrowly framed based on the valuation levels of the day. It's a little like reading the bible - some parts you can take literally (like say the crucifixion), others you can only take figuratively (like say the story of genesis or noah's ark) and others you must throw out entirely (li ...more
Especially the selections on 1920's mortgage backed securities -- yea they had them.
Прочитал начало, некоторые полезные вещи узнал, дальше только пролистал.