Security Analysis: Sixth Edition

Foreword by Warren Buffett

By: Benjamin Graham, David Dodd

Narrated by: Scott R. Pollak

Length: 32 hrs and 23 mins

Publisher's summary

"A road map for investing that I have now been following for 57 years." (From the Foreword by Warren E. Buffett)

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 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, LLC 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 LP
• 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.

PLEASE NOTE: When you purchase this title, the accompanying PDF will be available in your Audible Library along with the audio.

©1934, 1962, 1988, 2009 The McGraw-Hill Companies, Inc. (P)2019 Echo Point Books & Media, LLC

Must Read!

If you have any interest in investing or going on a asset management career this is the book for you!!

Wow

This took a looooonnnggg time lol but d@mn that was good $h!t...
Probably need to listen to it again though....

The definitive text on stock market investing

Security Analysis is the definitive text on long-term stock market investing as empirical data points to a persistent value premium over growth stocks, confirming the investing philosophy of Graham and Dodd. The lessons in this text are timeless.

The only drawback of this audiobook that it is hard to understand the tables, hard to listen to but easier when reading the actual book.

Modern articles about Graham suggested course of action does not do him justice

Large numbers of news and investment community tries to simplify Graham recommended course of action, and through unintentional popularization by Warren Buffett, people came to believe that Graham believe/insist on purely quantitative based algorithmic-like investment strategy.

If one were to accidently formulate such opinion as I did, such cannot be more from the truth.

Just like Pleto trying to provide classic, complete, and philosophical based approach towards governance, Graham and Dodd tries to do the same with investing.

Reading the book is a journey, where Graham tries to interpret, to his best ability, ways to meet “investment” definition for various asset classes such as bond, preference shares, shares, warrants, etc.

And along the way, if one tried to think, not of graham interpretation of “investment” itself, but the thinking logic which led Graham to conclude what he concluded in each chapter, understanding “indivisible lever” of risk and sound decision making, something special happen.

in case one applies lesson from both personalized interpretation of such logic, and supplement with suggestion from Graham where appropriate on all unanswered questions, one will (not can) get wealthy predictably (albiet at moderate pace that beats market).

Excellent Book

I enjoyed it. I will definitely listen to it again and again. Next time, however, I will have to take note of some of the insightful topics covered.

Important - thought somewhat tedious

This is a research piece - not a story. At times it has to be endured as such. But the information is important to the extent that money is important in your life.

just wow... astonished

loved it and can't wait to read it again and again.
very refreshing and informative

A OK

Good foder for thought. A bit dry and long. May help some get in the right frame of thought.

please get an audible version of second edition.

I'd love a version with Warren Buffett doing the preface, and the rest all Benjamin Graham. Particularly the second edition. Thanks

Amazing Book

Great book, got it after listening to the intelligent investor. Needs to be a part of every investors digital bookshelf.