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Security Analysis: Principles and Technique
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Security Analysis: Principles and Technique

4.27 of 5 stars 4.27  ·  rating details  ·  3,328 ratings  ·  68 reviews
With nearly a million copies sold, "Security Analysis" has been continuously in print for more than sixty years. No investment book in history had either the immediate impact, or the long-term relevance and value, of its first edition in 1934. By 1951, seventeen years past its original publication and more than a decade beyond its revised and acclaimed 1940 second edition, ...more
Hardcover, 770 pages
Published December 31st 2004 by McGraw-Hill Companies (first published 1962)
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The Intelligent Investor by Benjamin GrahamOne Up On Wall Street by Peter LynchCommon Stocks and Uncommon Profits and Other Writings by Philip A. FisherA Random Walk Down Wall Street by Burton G. MalkielThe Essays of Warren Buffett by Warren Buffett
Best Investment Books
15th out of 66 books — 81 voters
The Intelligent Investor by Benjamin GrahamThe Little Book That Beats the Market by Joel GreenblattSecurity Analysis by Benjamin GrahamThe Little Book of Value Investing by Christopher H. BrowneThe Rediscovered Benjamin Graham by Benjamin Graham
Best Value Investing Books
3rd out of 22 books — 6 voters

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Community Reviews

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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 fla ...more
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.
I'm no investor, but I enjoy keeping up with the markets the same way some baseball fans like digging into stats and nerding out on numbers. And that's why I decided to pick up this book and start learning more about value investing from a classic source.

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
Alvin Lim
With nearly a million copies sold, "Security Analysis" has been continuously in print for more than sixty years. No investment book in history had either the immediate impact, or the long-term relevance and value, of its first edition in 1934. By 1951, seventeen years past its original publication and more than a decade beyond its revised and acclaimed 1940 second edition, authors Benjamin Graham and David Dodd had seen business and investment markets travel from the depths of Depression to the ...more
Vivek Rajan Vivek
Benjamin Graham is the god father of security analysis or investing if you may. This book is for the serious to very serious investor.

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
Kara Lane
I had always intended to read Security Analysis, but due to the size of the book (over 700 pages), I did not get around to reading it until around 2008. It was well worth the read. True, some of the examples are dated, like the emphasis on railroad securities and some old accounting rules, but the underlying principles still apply today.

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
Drew Johnson
Text book like covering a breadth of topics without much focus on any one thing. Good over view but not fun nor deep enough to fully engage
Denis Lipov
Great book for those who are interested in long-term investments.
Certain understanding of financial reporting is required.
I feel like this book should be required reading before anyone is allowed to invest in the stock market
Daniel Bratell
Without a doubt Graham and Dodd were wise men and they would still be wise men. That makes this book interesting regardless of age, but it has lost some of its significance. Not because they are wrong but because the things they are pointing out is of much less relevance in a world where fixed income securities are not mainstay investments, and where fixed assets are less important to a company's wellbeing than it used to be.

So what is left? A lot of really wise advice of the general kind (see q
Brad Gillespie
Extremely hard to read, but well worth it.
A book that really touches the issue in detail, but it is still carrying old facts of 1920s-1940s. Hence its broad mention upon railroad issues, public utility is too stretched that I suspect would benefit little to the analysis of popular industries nowadays.

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
Очень странно написанная книга. Вроде бы для профессионалов, но все разжевано очень сильно. Очень много специфики рынка США 70ых и 80ых годов, книга совсем не обновлялась с того времени.
Прочитал начало, некоторые полезные вещи узнал, дальше только пролистал.
Brian Zheng
About the edition:
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
Oftentimes referred to as the best of the many editions, I wanted to read this version because it was released 10 years after the start of the Great Depression. The 'links' between investing after the 1920s offer some insights into a similar period as investing after the massive technology bubble of the 1990s.

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
Kari Olfert
Security Analysis is not for the amateur or newbie investor wanna be. That being said, I didn't understand approximately 63% of it but the parts I did understand seem to me to be investing wisdom at its finest. If you are a seasoned investor, you will want to read this book and refine your skills. I'll come back to this one.
John McDonald
The first book to read to understand stock market and stock trends. The chart analysis is time-tested and is good for commodities and other futures.
Rakesh A.
A masterpiece on investing. Incomparable. Benjamin Graham is the God of investing. Any other comparison will not do justice to the master.
Steve Bradshaw
Not a waste of time, but much more dated than the Intelligent Investors. I thought much of the good work done by the Intelligent Investor was weakened by the sanctioning of speculation.

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
Alifah Davida
amazing insight to the investment world...
old book but still hold true some values and principles
The bible of value investing, Security Analysis instructs readers on how to invest -- rather than speculate -- in fixed income and equity securities. The authors appropriately highlight the importance of identifying and investing in good businesses selling at attractive prices relative to their intrinsic valuation. Much of the text, however, gets caught up in lengthy examples that weigh down this tome. Overall, this book reads well although the Intelligent Investor -- also written by Graham and ...more
Figure out what a business is really worth.
Kazi Ahsan
it is still the bible of investing!!
nothing can beat this!!
This edition keeps the spirit of Graham and Dodd's seminar work. I felt however that the new chapters don't add as much value as expected.
Jan 29, 2014 Ilib4kids marked it as to-read
Shelves: w_textbook

ref:Talent is overrated
investments classic book
Read the classic version but found that the thoughts and standards of the time are far outdated from today's. The classic was written at a time when ticker tapes were in place, not when hundreds of billions of institutional funds move in and out of a country or industry equity sector within a week or 2. The principles are still true today as they were when they were first written, but context is what limits me from rating it a full 5!
Nov 10, 2008 Mike is currently reading it  ·  review of another edition
A clear, oh-so-thorough review of a field in which I have little to no knowledge or expertise. If you have the patience to make it through, it represents a worldview that I find very interesting--you can follow the paper trail to very what has happened, to understand a group of people's decision making in the present, and to make educated guesses as to what could happen in the future. Fascinating.
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Benjamin Graham (May 8, 1894 – September 21, 1976) was an American economist and professional investor. Graham is considered the first proponent 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. Disciples of value investing include Jean-Marie Evei ...more
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“In other words, the market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal mechanism, in accordance with its specific qualities. Rather should we say that the market is a voting machine, whereon countless individuals register choices which are the product partly of reason and partly of emotion.” 1 likes
“One example of a high-tech company that submits to a Graham type of analysis is Though it does business exclusively on the Web, Amazon is essentially a retailer, and it may be evaluated in the same way as Wal-Mart, Sears, and so forth. The question, as always, is, does the business provide an adequate margin of safety at a given market price. For much of Amazon’s short life, the stock was wildly overpriced. But when the dot-com bubble burst, its securities collapsed. Buffett himself bought Amazon’s deeply discounted bonds after the crash, when there was much fearful talk that Amazon was headed for bankruptcy. The bonds subsequently rose to par, and Buffett made a killing.” 1 likes
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