Security Analysis: The Classic 1934 Edition (Anglais) Relié – 1 novembre 1996
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Description du produit
Présentation de l'éditeur
Rare is the opportunity to see, much less own, an original. But this unusual, carefully crafted reproduction of Benjamin Graham and David Dodd's immortal Security Analysis gives you that chance--to read and treasure a true classic--the book that gave birth to value investing.
Continuously in print through five editions, for more than 60 years, and through nearly a million copies, the primer for many of America's most illustrious investors--and the wellspring of Graham and Dodd's Wall Street Immortality--Security Analysis is indisputably the most influential book on investing ever written. Still the investors' bible, it's as frequently consulted today as it was when it first appeared in 1934.
Of course, over the years and over five editions, Security Analysis changed. Its language was modernized. New material was added. Metaphors and examples were brought up to date. In the light of changing times, these alterations were necessary and appropriate.
But what of the original book? The very durability of this work arouses our curiosity. And what we discover when we return to the original is very simply a classic, a work whose uncompromising worth has not paled since it first saw the light of day in 1934.
The original words of Benjamin Graham and David Dodd--put to paper not long after the disastrous Stock Market Crash of 1929--still have the mesmerizing qualities of rigorous honesty and diligent scrutiny, the same riveting power of disciplined thought and determined logic that gave the work its first distinction and began its illustrious career.
The words you will read here are eloquent. Not only a financial genius and a man of high repute for honorable dealings, Graham was a man of letters invited to teach in the literature department at Columbia University (as well as in the economics and philosophy departments).
But this reproduction is far more than a historical curiosity, an interesting object, and a delightful read. It presents the original Graham/Dodd method of investing--told in their own words as they first described it in the 1930s.
What exactly is this method that has drawn such longterm devotion in the notably fickle reaches of Wall Street?
Graham and Dodd were Wall Street's first bargain shoppers. In this book they first explain their methods for locating bonds and stocks "which are selling well below the levels apparently justified by a careful analysis of the relevant facts." In this book, they tell you precisely how to find these undervalued securities and analyze those "relevant facts."
Are these methods still practical and usable today? The great fortunes created by value investors Warren Buffett, Mario Gabelli, John Neff, Michael Price, and John Bogle testify that they certainly are.
In their preface to this book, Graham and Dodd write that they hope their work "will stand the test of the ever enigmatic future." There is no doubt that it has.
This distinctively wrought book is a careful reproduction of the 1934 edition, containing every word of the original.
Quatrième de couverture
"My Advice? Go back to Graham and do your best to take it from there."Business Week
A classic. Those words can be applied without equivocation to the Security Analysis of 1934.
This book secured Benjamin Graham's stature as a Wall Street immortal. The carefully honed methods for finding undervalued stocks and bonds he described here have never been equalled. These methods have already outlived their author by more than 20 years.
But what of the original Security Analysis? In some ways, it too was immortal. Through five editions and nearly a million copies, it has been continuously in print for more than 60 years. With many additions and changes, the modern edition remains the investors' bible.
But this original 1934 First Edition has its own unique charm and stylethe special purity, elegance, and character of Graham as a man of lettersthat distinguishes it across six decades and shows why this book launched an investing revolution.
This authetic copy of the 1934 First Edition of Security Analysis gives you word for eloquent word the investing methods put forth by Benjamin Graham and his coauthor and follower, David Dodd, just five years after the infamous Stock Market Crash of '29. Its message today is just as vivid, just as lucid, and just as vital as it was in 1934. It's an investment in timeless wisdom and timeless value.
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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.
Commentaires client les plus utiles sur Amazon.com
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.
Lots of examples. It takes some attention, but not overly technical. No theory ... Example after Example after Example. Accounting was worse then (believe it or not). Nothing subtle. In some ways, it is like reading 'Believe it or Not'. Problems stand out, and Graham's commentary takes it from there.
It isn't about Stocks. It is about securities. Senior bonds, Junior debt, preferreds, common stocks, warrants, convertibles, with specifics on industries.
Why this Edition???
This is what he learned in the 1930's. Parallels between then and now are striking. A post mortem on the 1930''s. It is all there and the similarities between then and today, as we look back on the late 2000's is remarkable.
I found the analysis of different securities of the same firm very useful and profitable.
Graham could write. In a way that is old fashioned in its quality and formality, but very readable. Very careful writing. A pleasure to read.
Practical advice for people looking to buy individual securities, intellectually fascinating for those who aren't. Even if you just use index funds, this book gets you into a good businessman's mindset unlike any other.
Some of it may be dated, such as large amount written on preferred stocks and corporate bonds, which aren't nearly as prevalent as they were in Graham's day, but it is still interesting to follow his logic. People are complaining about some original chapters and the appendix being omitted, but they can be found on the accompanying CD if you really want to read them. The updated modern viewpoints inserted in lieu of the omitted material is also valuable.
Every chapter has some new thing to say on how corporations work and the roles security instruments play in its dynamics. Its a pity that these important parts are left out, but the forewords by the contemporary investors are given so much space. Did the publishers decide to eliminate these insightful chapters for mere reporting in intros?
Id rather put all the intros in CD and make an unabridged book with all the original chapters included.