Security Analysis: Sixth Edition, Foreword by Warren Buffett

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Good read

As other reviewers have pointed out, this (sixth) edition of Security Analysis includes a reprint of the popular 1940 edition (Warren Buffett's favorite), minus some chapters. The deleted chapters, which can be found in the CD that accompanies the book, make room for (new) general introductory remarks to this edition and also to the eight major parts of the book, written by a variety of modern commentators. If all you really want is the 1940 edition, then the better choice for you is probably to buy the currently in-print reprint that's available (for a lower cost that this sixth edition). You could also buy one of the books actually printed back in 1940, but that will set you back big bucks, because original versions of Security Analysis are collectors' items today. For example, a good copy of the first printing of the 1934 edition easily runs into five figures. Concerning the 1940 edition (or just the 1940 chapters contained in this sixth version), other than for the references to corporate examples from the 1920s or 1930s, the content is amazingly relevant to today's investing. I had read Security Analysis (the fourth edition) many years ago, and I had forgotten just how clear, precise, insightful and truly sophisticated Graham and Dodd were. Remarkably, in many instances this 1940 edition does a better job describing 21st century investing issues than the majority of material written today. What you get with this sixth edition that's not available in the other editions are a short (two page) foreword by Warren Buffett and 10 essays by some of the most well-regarded modern investors and authors. Indeed, it was an honor to be asked to contribute to the sixth edition. The essays run about 15 pages, on average, and many of them are highly informative and useful. Those written by Seth Klarman, James Grant, Roger Lowenstein and Bruce Berkowitz were my favorites. As good as they are, though, they basically provide useful insights and more modern applications, rather than plow much new intellectual ground. It's hard to improve much on Graham and Dodd, even after 70 years. If that seems hard to believe, read the book and see for yourself. Finally, if you haven't already read the 1940 edition, which book should you buy--a 1940 reprint or this sixth edition? My choice is the sixth edition.

Very good condition and it’s a great book for commercial banking and PE

The editors have decided to base this book on the second edition of Security Analysis, published in 1940, because it was the most comprehensive edition. The editors have also decided not to alter the text of this classic work. The editors have assembled a team of contributors who wrote prefaces for each chapter: a prominent financial writer and historian, a leading value-investing academic, an experienced financial journalist, and modern-day practitioners. These contributions provide a fresh perspective based on their own approaches to value investing. The editors have also added a new essay on global value investing. Because these contributions were submitted during the second half of 2007 and early 2008, you will not see references to the credit crisis and sharp market sell-off. The reason is that instead of focusing myopically on very recent developments, the editors took a long-term view that would be applicable in both good markets and bad. I have found these contributions very valuable. They analyze the most vital parts of the book, quoting the most prominent lines, and augmenting them with modern examples. The editors have decided to remove some chapters from the book, and to put it instead to the accompanying CD. In fact, the CD has no chapters but only a single link to a website where the chapters can be downloaded as separate PDFs. This is not very convenient. I don't know what made the editors put these PDFs online rather than to the CD. Alternatively, they could omit the CD and merely print the link somewhere in the book. The editors could have also put the chapters of the 1951 edition to the CD. Instead of that, they have an advertisement page in the book offering to purchase the 1951 edition separately from McGrawHill. Summary: Pros: valuable contributions that comment the most promising ideas of the authors. Cons: the attached CD is a real mess.

I've read both the Sixth Edition as well as the 1934 original edition. At some level it's quite informative to read about the analysis of companies that are dead and gone as much as it is to read about today's "more modern" companies (for Mr Graham IBM is in that category). Mind you, be well aware that even Ben Graham made mistakes that cost him dear. The footnotes in the Sixth Ed are what really makes the book come alive. Do not ignore them. But be well aware that you're advised to start with "The Intelligent Investor" since it's a far easier read and not nearly as technical. Additionally, I'd say it's very worthwhile to give a look at Annie Duke's book "Thinking in Bets: Making Smarter Decisions When You Don't Have All The Facts." This proved to be invaluable with helping a friend to understand the recent collapse of Signature Bank just days after the CEO said "everything's just fine."

There's not much to be said on this one. The book is extremely long and challenging to read. To complete it, you must be fascinated by the field and disciplined. Some of the high profile investors that wrote commentaries for this edition conceded that they didn't read S.A. cover to cover on their first go-around. These commentators/investors claim that they would ultimately read it end to end before contributing to the edition. S.A. is the Bible of investing and anyone who is seriously interested in investing in public or private businesses will be very well served. The book teaches you about making your own decisions, avoiding the herd and their often erroneous and illogical conclusions, and that investing requires discipline that most people simply don't have. It emphasizes that you often have to search fruitlessly before you find that 'home-run.' The recently written essays by Klarman, Buffett, Abrams, Berkowitz, etc. are worth the money alone.

I totally agree with the statement that the deleted chapters hold some of the most important insights. For example how important it is to read chapter 11 on "Relation of Stock Capitalization to Bonded Debt"! for understanding debt-equity dynamics. And the composers of this abridged edition decided for some unknown (shocking!) reasons that chapter #25 is not important enough to be included - That chapter covers the all important concept of 'hedging'. And appendix provides solid examples for the developed theory and reading it is a very good re-enforcement of thoughts. Every chapter has some new thing to say on how corporations work and the roles security instruments play in its dynamics. Its a pity that these important parts are left out, but the forewords by the contemporary investors are given so much space. Did the publishers decide to eliminate these insightful chapters for mere reporting in intros? Id rather put all the intros in CD and make an unabridged book with all the original chapters included.

Love the book. Regarding the missing chapters, they are in CD, but you are very unlikely to need them if your a private investor. Only a professional *might* find them interesting. It's also historical data so for most people I wouldn't worry. The worthwhile chapters are all in the book. I do enjoy the commentary from the different authors as well, helps put the chapter into a more modern context

This is an excellent book, I read the ebook version earlier, thought hard copy will be a gem in my book collection. Regarding packaging, external packaging was damaged, book was in good condition with minor scratches in the back cover, other than that everything else is good. Quality of paper is low and few minor print errors, we should live with this as sales of printed books are going down publisher may not be able to afford high quality materials, else book might be 10x costlier. As everyone said, CD is not available with the pack, Lot of chapters are not printed instead referred to the CD. Example chapter 9 & 11.

Livro atemporal, leitura obrigatória para analistas de títulos mobiliários.

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Classic book