Foreword by Warre E.Buffett
Benjamin Graham and David Dodd forever changed the theory and practice of investing with the 1934 publication of Security Analysis. This nation, and indeed the rest of the world was in the grips of the Great Depression a period that brought unprecedented upheaval to the financial world. In 1940, the authors responded with a comprehensive revision. The second edition of the Security Analysis is considered by many investors to be the definitive word from the most influential investment philosophers of our times.
The Sixth Edition with a new design that pays homage to the original 1940 design, includes a CD of the entire original 1940 second edition.
Table of Contents
Foreword xi
Warren E. Buffett
Preface to the Sixth Edition The Timeless xiii
Wisdom of Graham and Dodd
Seth A. Klarman
Preface to the Second Edition xli
Preface to the First Edition xliii
Introduction to the Sixth Edition Benjamin 1 (20)
Graham and Security Analysis: The Historical
Backdrop
James Grant
Introduction to the Second Edition 21 (18)
PART I Survey and Approach
Introduction to Part I The Essential 39 (22)
Lessons
Roger Lowestein
Graham and Dodd chapters
The Scope and Limits of Security Analysis. 61 (14)
The Concept of Intrinsic Value
Fundamental Elements in the Problems of 75 (14)
Analysis. Quantitative and Qualitative
Factors
Sources of Information 89 (11)
Distinctions Between Investment and 100 (12)
Speculation
Classification of Securities 112 (29)
PART II Fixed-Value Investments
Introduction to Part II Unshackling Bonds 123 (18)
Howard S. Marks
Graham and Dodd Chapters
The Selection of Fixed-Value Investments 141 (10)
The Selection of Fixed-Value Investments: 151 (18)
Second and Third Principles
Specific Standards for Bond Investment 169 (11)
Specific Standards for Bond Investment
(Continued) see accompanying CD
Specific Standards for Bond Investment 180 (10)
(Continued)
Specific Standards for Bond Investment
(Continued) see accompanying CD
Special Factors in the Analysis of Railroad
and Public-Utility Bonds see accompanying CD
Other Special Factors in Bond Analysis see
accompanying CD
The Theory of Preferred Stocks see
accompanying CD
Technique of Selecting Preferred Stocks for 190 (12)
Investment
Income Bonds and Guaranteed Securities 202 (13)
Guaranteed Securities (Continued) 215 (14)
Protective Covenants and Remedies of Senior 229 (13)
Security Holders
Protective Covenants (Continued) 242 (10)
Preferred-Stock Protective Provisions.
Maintenance of Junior Capital see
accompanying CD
Supervision of Investment Holdings 252 (37)
PART III Senior Securities with Speculative
Features
Introduction to Part III ``Blood and 265 (24)
Judgement''
J. Ezra Merkin
Graham and Dodd chapters
Privileged Issues 289 (10)
Technical Characteristics of Privileged 299 (14)
Senior Securities
Technical Aspects of Convertible Issues 313 (10)
Senior Securities with Warrants.
Participating Issues. Switching and Hedging
see accompanying CD
Senior Securities of Questionable Safety 323 (25)
PART IV Therory of Common-Stock Investment.
The Dividend Factor
Introduction to Part IV Go with the Flow 339 (9)
Bruce Berkowitz
Graham and Dodd chapters
The Theory of Common-Stock Investment 348 (18)
Newer Canons of Common-Stock Investment 366 (10)
The Dividend Factor in Common-Stock Analysis 376 (33)
Stock Dividends see accompanying CD
PART V Analysis of the Income Account. The
Earnings Factor in Common-Stock Valuation
Introduction to Part V The Quest for 395 (14)
Rational Investing
Glenn H. Greenberg
Graham and Dodd chapters
Analysis of the Income Account 409 (15)
Extraordinary Losses and Other Special 424 (11)
Items in the Income Account
Misleading Artifices in the Income Account. 435 (18)
Earnings of Subsidiaries
The Relation of Depreciation and Similar 453 (1)
Charges to Earning Power
Public-Utility Depreciation and Similar 453 (19)
Charges to Earning Power
Public-Utility Depreciation Policies see
accompanying CD
Amortization Charges From the Investor's
Standpoint see accompanying CD
Significance of the Earnings Record 472 (15)
Specific Reasons for Questioning or 487 (9)
Rejecting the Past Record
Price-Earnings Ratios for Common Stocks. 496 (11)
Adjustments for Changes in Capitalization
Capitalization Structure 507 (13)
Low-Priced Common Stocks. Analysis of the 520 (28)
Source of Income
PART VI Balance-Sheet Analysis. Implications
of Asset Values
Introduction to Part VI Deconstructing 535 (13)
the Balance Sheet
Bruce Greenwald
Graham and Dodd chapters
Balance-Sheet Analysis. Significance of 548 (11)
Book Value
Significance of the Current-Asset Value 559 (16)
Implications of Liquidating Value. 575 (16)
Stockholder-Management Relationships
Balance-Sheet Analysis (Concluded) 591 (42)
PART VII Additional Aspects of Security
Analysis. Discrepancies Between Price and
Value
Introduction to Part VII The Great 617 (16)
Illusion of the Stock Market and the
Future of Value Investing
David Abrams
Graham and Dodd chapters
Stock-Option Warrants see accompanying CD
Cost of Financing and Management 633 (11)
Some Aspects of Corporate Pyramiding 644 (10)
Comparative Analysis of Companies in the 654 (15)
Same Field
Discrepancies Between Price and Value 669 (19)
Discrepancies Between Price and Value 688 (9)
(Continued)
Market Analysis and Security Analysis 697 (28)
PART VIII Global Value Investing
Globetrotting with Graham and Dodd 711 (14)
Thomas A. Russo
Appendix see accompanying CD
About This Edition 725 (2)
Acknowledgments 727 (2)
About the Contributors 729 (4)
About the Authors 733 (2)
Index 735 |
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