The timeless edition of Security Analysis that most closely reflects today's financial environment
Graham and Dodd's Security Analysis is hands-down the most influential investment book in history. The classic 1951 edition is the first edition of the bestselling investment bible that was written during a time of
economic stability and prosperity. It provides investors with techniques and strategies for profitable investing in an economic environment that most resembles today.
Security Analysis: The Classic 1951 Edition features a far more contemporary focus on the wisdom and legitimacy of common stocks for individual investors. This essential addition to any investment library features: Graham and Dodd's original words and insights, unvarnished and still compelling Timeless methods for measuring asset values and cash flows, still a centerpiece of value investing worldwide Income statements and balance sheets moved to the front of the book for ease of use The book that launched value investing, with guidance and insights that stand the test of time Preface to the Third Edition
vii
Preface to the First Edition
ix
PART I SURVEY AND APPROACH
Introduction. The Array of Securities. Economic Background
1(12)
The Scope and Limitations of Security Analysis
13(10)
The Behavior of the Security Markets
23(10)
Investment and Speculation
33(14)
Investment Policy
47(13)
Nature and Sources of the Analyst's Information
60(7)
Quantitative and Qualitative Factors in Security Analysis. The Margin-of-safety Concept
67(10)
Classification of Securities
77(7)
PART II ANALYSIS OF FINANCIAL STATEMENTS
Analysis of the Income Account: General Procedure
84(15)
Effect of Reserves upon the Income Account
99(11)
Inventory Valuations and Inventory Reserves. Contingency Reserves
110(17)
The Relation of Depreciation and Similar Charges to Earning Power
127(17)
Amortization Charges from the Investor's Viewpoint
144(11)
Allowance for Results of Subsidiaries and Affiliates
155(6)
Reported Earnings and Taxable Earnings
161(14)
Balance-sheet Analysis
175(24)
Interpretations of the Financial Data: Per-share Figures and Key Ratios
199(12)
A Comparison Based on Key Ratios. Physical Data Used in Analysis
211(10)
Analysis of Specific Industries. Railroad Analysis
221(20)
Factors in Public-utility Analysis: Introduction
241(16)
Factors in Public-utility Analysis: Income-statement Analysis
257(24)
PART III FIXED-INCOME SECURITIES
The Selection of Fixed-income Securities
281(16)
Specific Standards for Bond Investment
297(19)
Specific Standards for Bond Investment (Continued)
316(10)
Specific Standards for Bond Investment (Continued)
326(13)
Additional Factors in Bond Analysis
339(13)
Preferred Stocks
352(10)
Technique of Selecting Preferred Stocks for Investment
362(10)
Income Bonds and Guaranteed Securities
372(13)
PART IV THE VALUATION OF COMMON STOCKS
The Theory of Common-stock Investment. Historical Survey
385(9)
Current Modes of Common-stock Investment
394(10)
The Pros and Cons of the Valuation Approach. The Valuation Factors
404(8)
Projections of Earnings and Dividends. Significance of the Earnings Record. The Concept of Earning Power
412(18)
The Dividend Factor in Common-stock Valuation
430(9)
Technical Aspects of the Dividend Rate. Stock Dividends
439(15)
The Capitalization Rate for Earnings and Dividends
454(10)
Capitalization Structure
464(11)
The Asset-value Factor in Common-stock Valuation
475(17)
The Valuation of Public-utility Common Stocks
492(15)
The Valuation of Public-utility Common Stocks (Continued)
507(14)
PART V SENIOR SECURITIES WITH SPECULATIVE FEATURES
Privileged Issues
521(9)
Technical Characteristics of Privileged Senior Securities
530(11)
Participating and Warrant-bearing Issues. Privileged Issues vs. the Related Common Stocks
541(6)
Senior Securities of Questionable Safety
547(9)
Leverage
556(7)
Low-priced Common Stocks. Option Warrants
563(12)
PART VI STOCKHOLDERS AND MANAGEMENT
General Approach to the Subject. Stockholders and Managerial Efficiency
575(11)
Stockholders, Managements, and Dividend Policy
586(13)
Stockholders and Their Capital
599(14)
Stockholder-Management Controversies
613(8)
Regulation by the Securities and Exchange Commission. Recapitalizations and Reorganizations
621(15)
PART VII SECURITY ANALYSIS IN ACTION
Discrepancies between Price and Value
636(14)
Market Analysis and Security Analysis
650(13)
Appendix
663(76)
Index
739
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