Graham and Dodd's Security Analysis (Anglais)
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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.--Ce texte fait référence à une édition épuisée ou non disponible de ce titre.
Quatrième de couverture
"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
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Il y a des parties en sus de l'édition originale, rédigées par des investisseurs values à la lumière d'évènements plus récents.
En revanche, certains chapitres de l'édition originale ne sont pas reproduits sur le livre mais seulement sur le CD d'accompagnement. Ainsi, qui veut se procurer l'oeuvre originale de Benjamin Graham devra se procurer la 4ème édition plutôt que celle-ci, d'où la note de "seulement" 4 sur 5...
J'ai eu beaucoup de plaisir à lire cet ouvrage qui nous rapproche des sources de la finance moderne.
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Concerning the 1940 edition (or just the 1940 chapters contained in this sixth version), other than for the references to corporate examples from the 1920s or 1930s, the content is amazingly relevant to today's investing. I had read Security Analysis (the fourth edition) many years ago, and I had forgotten just how clear, precise, insightful and truly sophisticated Graham and Dodd were. Remarkably, in many instances this 1940 edition does a better job describing 21st century investing issues than the majority of material written today.
What you get with this sixth edition that's not available in the other editions are a short (two page) foreword by Warren Buffett and 10 essays by some of the most well-regarded modern investors and authors. Indeed, it was an honor to be asked to contribute to the sixth edition. The essays run about 15 pages, on average, and many of them are highly informative and useful. Those written by Seth Klarman, James Grant, Roger Lowenstein and Bruce Berkowitz were my favorites. As good as they are, though, they basically provide useful insights and more modern applications, rather than plow much new intellectual ground. It's hard to improve much on Graham and Dodd, even after 70 years. If that seems hard to believe, read the book and see for yourself. Finally, if you haven't already read the 1940 edition, which book should you buy--a 1940 reprint or this sixth edition? My choice is the sixth edition.
Graham (and his collaborator Dodd) meticulously and methodically builds a framework for the analysis and decision-making necessary for truly good investment decisions. Step-by-step, they lay out a general approach and philosophy for investment (as quite distinct from mere speculation) followed by the systematic analysis of fixed income, convertible and equity securities (i.e., bonds, converts/preferreds, stocks); a detailed discussion of financial statements; and a description of certain underlying differences between the intrinsic value of a business and its fluctuating stock price. As a result, the reader emerges with a solid philosophy and approach for his or her own investments and the analytical tools to make actual buying and selling decisions.
This book is neither a get-rich-quick scheme nor an empty academic exercise. Graham does not set out to justify or theorize about the market. Instead, he sets out to counsel the student on the profitable investment in individual securities. Security Analysis contains dozens of case studies and lessons that are just as relevant today as in the post-1929 aftermath, including particularly misleading technical analyses, dangerous justifications for the valuations placed on hot new companies and the dilutive effects of stock options. As other reviewers have noted, Graham has been a towering figure in Finance, influencing Warren Buffett and countless other successful investors, and yet the lessons contained in this book are repeatedly ignored by far greater numbers of individuals and professional investors. The methodologies and rationale for justifying dot-com and telecom valuations in recent years, for example, are strikingly similar to the new stock issues Wall Street marketed (and people bought) just as eagerly in the late 1920's.
The book does show its age in some respects. While the principles underlying Security Analysis are completely sound today, there have been important changes in the market as well, such as the pervasive use of stock options as compensation, the unprecedented access to information (useful or otherwise) enabled by the Web, the heightened awareness around corporate governance issues (and the resulting influence of large institutional shareholders, such as pension funds) and the spectacular growth in mergers and acquisitions, which has at the very least added layers of accounting complexity. In addition, Graham relies perhaps too heavily on seeking out unpopular bargain issues based on asset value. In today's environment, and partly as a result of accounting limitations, companies are driven as much by knowledge intensity as by asset intensity. A strict Graham approach may preclude considering promising companies whose value lies primarily in intangibles not captured on the balance sheet, such as in the form of brands (Coca Cola), distribution process (Dell) or market position (Microsoft).
As a result, I recommend the following books as enhancements to the core principles articulated in Security Analysis:
* The Intelligent Investor - Written by Graham in the early 1970's with some assistance from his former student Buffett, he adds several decades of wisdom and experience, including greater discussion of technology companies, mutual funds and market cycles.
* The Essays of Warren Buffett: Lessons for Corporate America - A kind of Greatest Hits of Buffett's essays, primarily drawn from his annual Berkshire Hathaway letters to shareholders, this is an extremely useful, funny and brilliant collection spanning a wide range of corporate finance, investment and general business thought. His commentary on some of Graham's key concepts, such as Mr. Market and Margin of Safety, combined with his own current, real-life case studies and innovations make this a must-read.
* Common Stocks and Uncommon Profits - Philip Fisher was, according to Buffett, his second greatest influence after Graham, and this book fills in much of the qualitative analysis of businesses that the analytical Graham places relatively less emphasis on. Fisher is particularly keen on analyzing companies which rely heavily on R&D and new products to generate continuous growth.
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.