Security Analysis (Mixed media product)

First published in 1934, Security Analysis is one of the most influential financial books ever written. Selling more than one million copies through five editions, it has provided generations of investors with the timeless value investing philosophy and techniques of Benjamin Graham and David L. Dodd. As relevant today as when they first appeared nearly 75 years ago, the teachings of Benjamin Graham, the father of value investing, have withstood the test of time across a wide diversity of market conditions, countries, and asset classes. This new sixth edition, based on the classic 1940 version, is enhanced with 200 additional pages of commentary from some of today's leading Wall Street money managers. These masters of value investing explain why the principles and techniques of Graham and Dodd are still highly relevant even in today's vastly different markets. The contributor list includes: 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 Featuring a foreword by Warren E. Buffett (in which he reveals that he has read the 1940 masterwork 'at least four times), this new edition of Security Analysis will reacquaint you with the foundations of value investing more relevant than ever in the tumultuous 21st century markets.

Table of Contents:
Foreword ? by Warren E. Buffett Preface to the Sixth Edition | The Timeless Wisdom of Graham and Dodd ? by Seth A. Klarman Introduction to the Sixth Edition | Benjamin Graham and Security Analysis: The Historical Backdrop ? by James Grant PART I: SURVEY AND APPROACH Introduction to Part I | The Essential Lessons by Roger Lowenstein Graham and Dodd chapters: 1. THE SCOPE AND LIMITS 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 ? by Howard S. Marks Graham and Dodd chapters: 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) see accompanying CD 10. SPECIFIC STANDARDS FOR BOND INVESTMENT (CONTINUED) 11. SPECIFIC STANDARDS FOR BOND INVESTMENT (CONTINUED) see accompanying CD 12. SPECIAL FACTORS IN THE ANALYSIS OF RAILROAD AND PUBLIC-UTILITY BONDS see accompanying CD 13. OTHER SPECIAL FACTORS IN BOND ANALYSIS see accompanying CD 14. THE THEORY OF PREFERRED STOCKS see accompanying CD 15. TECHNIQUE OF SELECTING PREFERRED STOCKS FOR INVESTMENT 16. INCOME BONDS AND GUARANTEED SECURITIES 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 see accompanying CD 21. SUPERVISION OF INVESTMENT HOLDINGS PART III: SENIOR SECURITIES WITH SPECULATIVE FEATURES Introduction to Part III | ?Blood and Judgement? ? by J. Ezra Merkin Graham and Dodd chapters: 22. PRIVILEGED ISSUES 23. TECHNICAL CHARACTERISTICS OF PRIVILEGED SENIOR SECURITIES 24. TECHNICAL ASPECTS OF CONVERTIBLE ISSUES 25. SENIOR SECURITIES WITHWARRANTS. PARTICIPATING ISSUES. SWITCHING AND HEDGING see accompanying CD 26. SENIOR SECURITIES OF QUESTIONABLE SAFETY PART IV: THEORY OF COMMON-STOCK INVESTMENT. THE DIVIDEND FACTOR Introduction to Part IV | Go with the Flow ? by Bruce Berkowitz Graham and Dodd chapters: 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 see accompanying CD PART V: ANALYSIS OF THE INCOME ACCOUNT. THE EARNINGS FACTOR IN COMMON-STOCK VALUATION Introduction to Part V | The Quest for Rational Investing by Glenn H. Greenberg Graham and Dodd chapters: 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 see accompanying CD 36. AMORTIZATION CHARGES FROM THE INVESTOR?S STANDPOINT see accompanying CD 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 | Deconstructing the Balance Sheet by Bruce Greenwald Graham and Dodd chapters: 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 Great Illusion of the Stock Market and the Future of Value Investing ? by David Abrams Graham and Dodd chapters: 46. STOCK-OPTIONWARRANTS see accompanying CD 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: GLOBAL VALUE INVESTING Globetrotting with Graham and Dodd ? by Thomas A. Russo APPENDIX see accompanying CD About This Edition Acknowledgments About the Contributors About the Authors Index