The New York Stock Exchange, Broad Street. Library of Congress, public domain
McGraw Hill
Security Analysis
The founding text of value investing.
$125.00
Available · worldwide delivery
- Author
- Benjamin Graham; David Dodd
- Publisher
- McGraw Hill
- Published
- January 2008
- Pages
- 0
- Format
- Hardcover
- Size
- Standard
- Language
- English
The Library Essay
Price and Value Parted Ways in 1929
Benjamin Graham taught security analysis at Columbia in the wreckage after the crash, and with David Dodd turned the course into this book in 1934. Its founding move was to separate a security's price from the value of the enterprise behind it, to insist the difference could be estimated from the accounts, and to demand a margin of safety between the two before committing money. Investment, so defined, became an analytical discipline distinct from speculation.
Every school of value investing descends from it, and its most famous student needs no introduction; the sixth edition of 2008 carries a foreword by Warren Buffett and commentary from leading practitioners on the 1940 text. Nine decades on, it is still the book that separates the trade's readers from its gamblers.
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