Security Analysis: Sixth Edition, Foreword by Warren Buffett (Security Analysis Prior Editions) Hardcover – Illustrated, 25 September 2008
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The biggest event in the world of investment publishing this year looks certain to be the re-publication of a book that came out almost three-quarters of a century ago. .
From the Back Cover
“A roadmap for investing that I have now been following for 57 years.”
―From the foreword by Warren E. Buffett
The 1940 edition of Security Analysis is considered the bible of value investing. McGraw-Hill continues its proud tradition with this new sixth edition that will serve as a touchstone for a new generation of investors.
The leading “Masters” of value investing have updated Graham and Dodd’s classic work with more than 200 pages of new commentary:
- Seth A. Klarman, president of The Baupost Group, L.L.C. and author of Margin of Safety
- James Grant, founder of Grant's Interest Rate Observer, general partner of Nippon Partners
- Jeffrey M. Laderman, twenty-five year veteran of BusinessWeek
- Roger Lowenstein, author of Buffett: The Making of an American Capitalist and When America Aged and Outside Director, Sequoia Fund
- Howard S. Marks, CFA, Chairman and Co-Founder, Oaktree Capital Management L.P.
- J. Ezra Merkin, Managing Partner, Gabriel Capital Group .
- Bruce Berkowitz, Founder, Fairholme Capital Management.
- Glenn H. Greenberg, Co-Founder and Managing Director, Chieftain Capital Management
- Bruce Greenwald, Robert Heilbrunn Professor of Finance and Asset Management, Columbia Business School
- David Abrams, Managing Member, Abrams Capital
The accompanying CD-ROM contains additional chapters from the original 1940 edition.
“Benjamin Graham is the father of investment analysts everywhere, originally sparking the debate for a credential to professionalize the industry which led to the CFA Charter. He transformed the practice of financial analysis from trade to science, starting with his groundbreaking book, Security Analysis, first published in 1934. This edition, with new commentary by some of today’s finest investors, belongs on every investment professional’s shelf.”
―Jeffrey J. Diermeier, CFA, president and CEO, CFA Institute
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Most helpful customer reviews on Amazon.com
Benjamin Graham and David L. Dodd have written an excellent book. It's easy to follow and has an incredible amount of insight. Don't lose out on it by buying the incomplete 6th edition. The commentary and forwards provided are great in the 6th edition, but they in no way make up for the shockingly VAST amount of MISSING content.
**Shoutout to theamazing Amazon Kindle rep who helped me figure this out and take care of the issue! McGraw Hill was of ZERO help**
The ridiculous thing is that I would have gladly paid extra for the full thing in two print volumes.
In the case of the 6th edition of Security Analysis, the value is a poor one indeed. The book has been "updated" to include the commentary of some of the more well-known value investors of our age, which by itself is great. However, what the good folks over at McGraw Hill downplay is the fact they decided to remove a sizable portion of the actual text from the book, and shift it to a CD-Rom. Out of the 52 chapters that comprise this masterful work, 11 (~21% of the original text) have been omitted from the actual book, along with the appendix which houses a great deal of statistical data that adds vital context to Graham and Dodd's insightful analysis. The CD-Rom adds another layer of consumer woe to this laughable excuse of an edition. Inserting the CD in to your computer you are prompted to provide a host of information (Name, Email, etc.) to access the text that you own. On principle, I refuse to jump through these hoops just because some unscrupulous publisher thinks he can get clever on how to collect my personal information.
I guess it’s fitting that in a book that teaches you how to search for value your first test is to actually choose the version that provides the most value for your dollar. I can tell you this now; the 6th edition is not the version that does the trick. Please learn from my mistake and choose another version that does not short change you on content. As a starting point, the 2nd edition, published in 1940, is the version that Warren Buffett used when he was getting his start in the investing world.
This book is a timeless classic on investing and you will be enriched mentally and possibly even financially if you are willing to read thoughtfully and diligently. However, your journey through securities analysis will be hobbled if you only receive 4/5 of the content you purchased. To that end I would recommend a version of Security Analysis other than the 6th edition.
Reviewed in the United States on 6 January 2019
If you want to buy this as an item in your permanent collection, forget about it. Dont waste your money.