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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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My experience with reading this book has been wonderful. Not only did I pick up various specific lessons that would be valuable for my career in the stock market (particularly on behavioral biases, such as the market's tendency to value management quality twice), I also came to appreciate the various aspects about Ben Graham as a person:
The book helps you understand why Ben Graham is considered a 'man of ideas', whose investment philosophies transcend time. Decades after the various editions of this book were published, such ideas as 'speculation focuses primarily on, and attempts to profit from, the unknown future' as well as the classic 'margin of safety' would have served to prevent the dotcom or the subprime mortgage crashes. Moreover, observations such as that the P/E ratio was arbitrarily applied ('sometimes to the past, sometimes to the present, sometimes to the near future') still resonate with current practices in many markets.
Ben Graham was mathematically inclined. After all, he did elect to major in math at Columbia. Reflecting this, his writing consisted of many instructive guidelines that are both illuminating and elegantly succinct, like what you would expect of a mathematical equality. This makes it so easy for readers to quote his wisdom. Consider this sentence: 'It may be said, with some approximation to the truth, that investment is grounded on the past whereas speculation looks primarily to the future.' (although this is not a complete statement).
Ben Graham's intellectual capacity is by no means confined to quantitative analysis. A reflection of his being offered post-graduation employment in English, math and philosophy, Ben Graham eventually went on to co-write a Broadway play, develop a patented Morse-code-based system, and translate a Spanish novel. In his writing, you would find such flair of his creativity as this: 'An indefinite and approximate measure of the intrinsic value may be sufficient. To use a homely simile, it is quite possible to decide by inspection that a woman is old enough to vote without knowing her age.'
Warren Buffett was impressed by Ben when he used his own stock picks as examples in his class at Columbia, thereby revealing his trade secrets, perhaps to his financial detriment. This tendency to be so generous is reflected in the book: the 'Dean of Wall Street' was so deeply concerned with the well-being of the laymen investor in the stock market that he lashed out on Wall Street as an institution, which he himself was part of. Warren Buffett was lucky to be at the receiving end of Ben's generosity.
Note that this is still essentially a book about the technicality and psychology involved in the job of a security analyst. To obtain a more detailed picture of Ben Graham as a person, I would recommend his own Memoirs book, or The Einstein of Money by Joe Carlen.
Una è ottima e l'altra, per me, è al limite del ridicolo. L'ultima edizione del "The Intelligent Investor" risale al 2003 e contiene il testo INTEGRALE (incredibile vero?), dell'opera di Graham in cui ogni capitolo è commentato da Zweig. Il testo di Graham è sublime e quello di Zweig è ad un livello piuttosto alto.
Dall'altra parte abbiamo i geni che hanno partorito questa edizione, del 2008, di "Security Analysis", la sesta! Ma aspetta, le virgolette "" sul nome si riferiscono al fatto che questo libro che stai comprando non è la versione integrale scritta da Graham e Todd e studiata per 50 anni. Ma è un volume di 890 pagine in cui il testo originale (lungo anche esso originariamente intorno a 820 pag) si trova tagliato e castrato a meno di 650 pagine( ripeto, assolutamente non integrale). CHE IDEOLONA! e in cosa vanno le rimanenti 250 pagine? In commenti di 6/7 persone diverse, che cercano di "aggiornare" il contenuto originale in maniera sconnessa gli uni dagli altri e per la maggior parte in maniera sommaria e approssimativa (a differenza di Zweig) con frasi geniali del tipo: "nel 1934, Graham non avrebbe potuto prevedere gli strumenti esistenti nel 2007" Wow Grazie!! "Le linee guida che Graham da per le aziende classiche non valgono per le aziende internet con meno assets tangibili" Ma no, Pazzesco! Ti chiedi dove sono invece le rimanenti 180 pagine dell'opera originale? Su un CD...