Security Analysis, Seventh Edition: Principles and Techniques

✍ Scribed by Benjamin Graham, David Dodd, Seth A. Klarman

• Publisher: McGraw Hill
• Year: 2023
• Tongue: English
• Leaves: 1135
• Edition: 7
• Category: Library

✦ Synopsis

The classic work from the “father of value investing”―fully updated for today’s generation of investors

First published in 1934, Security Analysis is one of the most influential financial books ever written. With more than million copies sold, it has provided generations of investors with the timeless value investing philosophy and techniques of the legendary Benjamin Graham and David L. Dodd.

Security Analysis, Seventh Edition features the ideas and methods of today’s masters of value investing, who discuss the influence of Graham and Dodd on today’s markets and contextualize the philosophy that has influenced so many famous investors.

The successful value investor must constantly be in the process of reinvention, of raising his or her game to navigate the terrain of new eras, novel securities, nascent businesses, emerging industries, shifting standards, and evolving market conditions. With the diverse perspectives of experienced contributors, this new edition of Security Analysis is a rich and varied tapestry of highly informed investment thinking that will be a worthy and long-lived successor to the preceding editions.

✦ Table of Contents

Cover
Title Page
Copyright Page
Dedication
Contents
Foreword
Preface to the Seventh Edition | The Timeless Wisdom of Graham and Dodd
Preface to the Second Edition
Preface to the First Edition
Introduction to the Seventh Edition | Benjamin Graham and Security Analysis: The Historical Backdrop
Introduction to the Second Edition
PART I Survey and Approach
Introduction to Part I | Benjamin Graham—in His Time and Ours
1. The Scope and Limitations of Security Analysis. The Concept of Intrinsic Value
2. Fundamental Elements in the Problem of Analysis. Quantitative and Qualitative Factors
3. Sources of Information
4. Distinctions Between Investment and Speculation
5. Classification of Securities
PART II Fixed-Value Investments
Introduction to Part II | Unshackling Bonds
6. The Selection of Fixed-Value Investments
7. The Selection of Fixed-Value Investments: Second and Third Principles
8. Specific Standards for Bond Investment
9. Specific Standards for Bond Investment (Continued) available online
10. Specific Standards for Bond Investment (Continued)
11. Specific Standards for Bond Investment (Continued) available online
12. Special Factors in the Analysis of Railroad and Public-Utility Bonds available online
13. Other Special Factors in Bond Analysis available online
14. The Theory of Preferred Stocks available online
15. Technique of Selecting Preferred Stocks for Investment available online
16. Income Bonds and Guaranteed Securities available online
17. Guaranteed Securities (Continued)
18. Protective Covenants and Remedies of Senior Security Holders
19. Protective Covenants (Continued)
20. Preferred-Stock Protective Provisions. Maintenance of Junior Capital available online
21. Supervision of Investment Holdings
PART III Senior Securities with Speculative Features
Introduction to Part III | Investing in Distressed Credit
22. Privileged Issues
23. Technical Characteristics of Privileged Senior Securities
24. Technical Aspects of Convertible Issues
25. Senior Securities with Warrants. Participating Issues. Switching and Hedging available online
26. Senior Securities of Questionable Safety
PART IV Theory of Common-Stock Investment. The Dividend Factor
Introduction to Part IV | Finding Value in Common Stocks
27. The Theory of Common-Stock Investment
28. Newer Canons of Common-Stock Investment
29. The Dividend Factor in Common-Stock Analysis
30. Stock Dividends available online
PART V Analysis of the Income Account. The Earnings Factor in Common-stock Valuation
Introduction to Part V | The Evolution of a Value Investor
Introduction to Part V | Investing with Owner-Operators
31. Analysis of the Income Account
32. Extraordinary Losses and Other Special Items in the Income Account
33. Misleading Artifices in the Income Account. Earnings of Subsidiaries
34. The Relation of Depreciation and Similar Charges to Earning Power
35. Public-Utility Depreciation Policies available online
37. Significance of the Earnings Record
38. Specific Reasons for Questioning or Rejecting the Past Record
39. Price-Earnings Ratios for Common Stocks. Adjustments for Changes in Capitalization
40. Capitalization Structure
41. Low-Priced Common Stocks. Analysis of the Source of Income
PART VI Balance-Sheet Analysis. Implications of Asset Values
Introduction to Part VI | The Evolving Utility of Balance Sheet Analysis
42. Balance-Sheet Analysis. Significance of Book Value
43. Significance of the Current-Asset Value
44. Implications of Liquidating Value. Stockholder-Management Relationships
45. Balance-Sheet Analysis (Concluded)
PART VII Additional Aspects of Security Analysis. Discrepancies Between Price and Value
Introduction to Part VII | The Market Is Still Not Efficient
46. Stock-Option Warrants available online
47. Cost of Financing and Management
48. Some Aspects of Corporate Pyramiding
49. Comparative Analysis of Companies in the Same Field
50. Discrepancies Between Price and Value
51. Discrepancies Between Price and Value (Continued)
52. Market Analysis and Security Analysis
PART VIII Contemporary Concepts in Value Investing
International Investing
At the Intersection of Public and Private Investing: A Case Study
Endowment Management Principles and Practice
Appendix available online
About This Edition
Acknowledgments
About the Contributors
About the Authors
Index