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When Benjamin Graham began working on Wall Street in 1914, the center of American
finance resembled a lawless frontier. The concept of regulatory laws was in its infancy,
the SEC wouldn't see the light of day for 20 years, and many firms hid assets and earnings
from nosy outsiders.
And security analysts didn't exist as we know them. They were called 'diagnosticians,'
and they didn't do much analyzing. These investors prided themselves on going with the
'feel' of the market, and most of them rarely looked at a financial statement.
Appalled by the lack of research and quantification, Benjamin Graham set out to change
all this'and ended up creating the discipline of modern security analysis.
A collection of rare writings by and interviews with one of financial
history's most brilliant visionaries, Benjamin Graham, Building a Profession presents
Graham's evolution of ideas on security analysis spanning five decades.
Articles include:
- 'Should Security Analysts Have a Professional Rating? The Affirmative Case'
Financial Analysts Journal (1945)
- 'Toward a Science of Security Analysis'
Financial Analysts Journal (1952)
- 'Inflated Treasuries and Deflated Stockholders: Are Corporations Milking Their
Owners?'
Forbes (1932)
- 'The Future of Financial Analysis'
Financial Analysts Journal (1963)
- 'Controlling versus Outside Stockholders'
Virginia Law Weekly (1953)
These pages reveal the revolutionary ideas of a man who didn't so much find his calling as
he created it from scratch'and opened the door for entire generations of investors.
Table of Contents
Section 1: Building a Profession
1. Toward a Professional Designation
2. Should Security Analysts Have a Professional Rating?
3. On Being Right in Security Analysis
4. The Hippocratic Method in Security Analysis
5. The SEC Method of Security Analysis
Section 2: A Science of Investment Analysis
6. Defining the New Profession
7. Toward a Science of Security Analysis
8. Two Illustrative Approaches to Formula Valuations of Common Stock
9. Special Situations
10. The War Economy and Stock Values
11. Some Structural Relationships Bearing Upon Full Employment
Section 3: The Voice of the Profession
12. A Questionnaire on Stockholder-Management Relationships
13. Our Balance of Payments: Conspiracy of Silence
14. Which Way to Relief from the Double Tax on Corporate Profits?
15. Some Observations
16. Interview with P. Ellebracht
17. Three Forbes Articles
352 pages, Hardcover