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Security Analysis: The Classic 1951 Edition,9780071448208

Security Analysis: The Classic 1951 Edition

by
Edition: 3rd
Format: Hardcover
Pub. Date: 12/31/2004
Publisher(s): McGraw-Hill Education
Availability: This title is currently not available.

Summary

With nearly a million copies sold,Security Analysishas been continuously in print for more than sixty years. No investment book in history had either the immediate impact, or the long-term relevance and value, of its first edition in 1934. By 1951, seventeen years past its original publication and more than a decade beyond its revised and acclaimed 1940 second edition, authors Benjamin Graham and David Dodd had seen business and investment markets travel from the depths of Depression to the heights of recovery, and had observed investor behavior during both the calm of peacetime and the chaos of World War II.The prescient thinking and insight displayed by Graham and Dodd in the first two editions ofSecurity Analysisreached new heights in the third edition. In words that could just as easily have been written today as fifty years ago, they detail techniques and strategies for attaining success as individual investors, as well as the responsibilities of corporate decision makers to build shareholder value and transparency for those investors.The focus of the book, however, remains its timeless guidance and advice--that careful analysis of balance sheets is the primary road to investment success, with all other considerations little more than distractions. The authors had seen and survived the Great Depression as well as the political and financial instabilities of World War II and were now better able to outline a program for sensible and profitable investing in the latter half of the century.Security Analysis: The Classic 1951 Editionmarks the return of this long-out-of-print work to the investment canon. It will reacquaint you with the foundations of value investing--more relevant than ever in tumultuous twenty-first century markets--and allow you to own the third installment in what has come to be regarded as the most accessible and usable title in the history of investment publishing.

Author Biography

Benjamin Graham was a professor of finance at Columbia University and has long been recognized as the intellectual father of modern security analysis and value investing.

David Dodd taught at Columbia with Benjamin Graham and played a major role in helping Dr. Graham formulate his value investing theories.

Table of Contents

Preface to the Third Edition vii
Preface to the First Edition ix
PART I SURVEY AND APPROACH
Introduction. The Array of Securities. Economic Background
1(12)
The Scope and Limitations of Security Analysis
13(10)
The Behavior of the Security Markets
23(10)
Investment and Speculation
33(14)
Investment Policy
47(13)
Nature and Sources of the Analyst's Information
60(7)
Quantitative and Qualitative Factors in Security Analysis. The Margin-of-safety Concept
67(10)
Classification of Securities
77(7)
PART II ANALYSIS OF FINANCIAL STATEMENTS
Analysis of the Income Account: General Procedure
84(15)
Effect of Reserves upon the Income Account
99(11)
Inventory Valuations and Inventory Reserves. Contingency Reserves
110(17)
The Relation of Depreciation and Similar Charges to Earning Power
127(17)
Amortization Charges from the Investor's Viewpoint
144(11)
Allowance for Results of Subsidiaries and Affiliates
155(6)
Reported Earnings and Taxable Earnings
161(14)
Balance-sheet Analysis
175(24)
Interpretations of the Financial Data: Per-share Figures and Key Ratios
199(12)
A Comparison Based on Key Ratios. Physical Data Used in Analysis
211(10)
Analysis of Specific Industries. Railroad Analysis
221(20)
Factors in Public-utility Analysis: Introduction
241(16)
Factors in Public-utility Analysis: Income-statement Analysis
257(24)
PART III FIXED-INCOME SECURITIES
The Selection of Fixed-income Securities
281(16)
Specific Standards for Bond Investment
297(19)
Specific Standards for Bond Investment (Continued)
316(10)
Specific Standards for Bond Investment (Continued)
326(13)
Additional Factors in Bond Analysis
339(13)
Preferred Stocks
352(10)
Technique of Selecting Preferred Stocks for Investment
362(10)
Income Bonds and Guaranteed Securities
372(13)
PART IV THE VALUATION OF COMMON STOCKS
The Theory of Common-stock Investment. Historical Survey
385(9)
Current Modes of Common-stock Investment
394(10)
The Pros and Cons of the Valuation Approach. The Valuation Factors
404(8)
Projections of Earnings and Dividends. Significance of the Earnings Record. The Concept of Earning Power
412(18)
The Dividend Factor in Common-stock Valuation
430(9)
Technical Aspects of the Dividend Rate. Stock Dividends
439(15)
The Capitalization Rate for Earnings and Dividends
454(10)
Capitalization Structure
464(11)
The Asset-value Factor in Common-stock Valuation
475(17)
The Valuation of Public-utility Common Stocks
492(15)
The Valuation of Public-utility Common Stocks (Continued)
507(14)
PART V SENIOR SECURITIES WITH SPECULATIVE FEATURES
Privileged Issues
521(9)
Technical Characteristics of Privileged Senior Securities
530(11)
Participating and Warrant-bearing Issues. Privileged Issues vs. the Related Common Stocks
541(6)
Senior Securities of Questionable Safety
547(9)
Leverage
556(7)
Low-priced Common Stocks. Option Warrants
563(12)
PART VI STOCKHOLDERS AND MANAGEMENT
General Approach to the Subject. Stockholders and Managerial Efficiency
575(11)
Stockholders, Managements, and Dividend Policy
586(13)
Stockholders and Their Capital
599(14)
Stockholder-Management Controversies
613(8)
Regulation by the Securities and Exchange Commission. Recapitalizations and Reorganizations
621(15)
PART VII SECURITY ANALYSIS IN ACTION
Discrepancies between Price and Value
636(14)
Market Analysis and Security Analysis
650(13)
Appendix 663(76)
Index 739

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