The classic work from the “father of value investing”―fully updated for today’s generation of investorsFirst published in 1934, Security Analysis is one of the most influential financial books ever written. With over a million copies sold, it has provided generations of investors with Benjamin Graham and David L. Dodd’s timeless value investing philosophy and techniques.This seventh edition builds on the context and commentary of the sixth edition from ten of today’s leading voices on Wall Street. These masters of value investing discuss the influence of Graham and Dodd on today’s markets and contextualize the philosophy that influenced so many famous investors. Lead editor Seth Klarman, considered an intellectual successor to Warren Buffett in value investing, has assembled a team of contributors to provide commentary on Security Analysis in terms of today’s markets and practices, including how today’s value investors should assess markets, asset classes, and securities Graham and Dodd could not have possibly foreseen. New content includes: An extensively updated Preface by Seth Klarman Contributions by Howard Marks, James Grant, Roger Lowenstein, and 10 other contributors including a number of the most important emerging voices in value investing Addresses the many changes in the business world, financial markets, and investing practices since Graham’s day, including new sections on investing in private as well as public markets, arbitrage strategies, international investing, and portfolio management A foreword by Warren Buffett, Graham and Dodd’s staunchest advocate Chapters from the second edition excluded from this one will be featured as an easy-to-access downloadable resource A new “About this Edition” that contextualizes which chapters have been included and removedWhether you’re an individual investor, retail investor, value investor, or finance student, the new edition of this authoritative guide is a must-read.
Benjamin Graham ( May 9, 1894 – September 21, 1976) was a British-born American investor, economist, and professor. He is widely known as the "father of value investing," and wrote two of the founding texts in neoclassical investing: Security Analysis (1934) with David Dodd, and The Intelligent Investor (1949). His investment philosophy stressed investor psychology, minimal debt, buy-and-hold investing, fundamental analysis, concentrated diversification, buying within the margin of safety, activist investing, and contrarian mindsets. After graduating from Columbia University at age 20, he started his career on Wall Street, eventually founding the Graham-Newman Partnership. After employing his former student, Warren Buffett, he took up teaching positions at his alma mater, and later at UCLA Anderson School of Management at the University of California, Los Angeles. His work in managerial economics and investing has led to a modern wave of value investing within mutual funds, hedge funds, diversified holding companies, and other investment vehicles. Throughout his career, Graham had many notable disciples who went on to receive substantial success in the world of investment, including Buffett, who described him as the second most influential person in his life after his own father.
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