SECURITY ANALYSIS: SIXTH EDITION FOREWORD BY WARREN BUFFETT GRAHAM BENJAMIN DODD DAVID / LIMITED LEATHERBOUND EDITION / Księgarnia

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“A roadmap for investing that I have now been following for 57 years.”
—From the foreword by Warren E. Buffett

The 1940 edition of Security Analysis is considered the bible of value investing. McGraw-Hill continues its proud tradition with this new sixth edition that will serve as a touchstone for a new generation of investors.

The leading “Masters” of value investing have updated Graham and Dodd’s classic work with more than 200 pages of new commentary:

Seth A. Klarman, president of The Baupost Group, L.L.C. 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 L.P.
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

The accompanying CD-ROM contains the entire 1940 text.

Table of Contents

1    Introduction : the array of securities : economic background     1
2    The scope and limitations of security analysis    13
3    The behavior of the security markets    23
4    Investment and speculation    33
5    Investment policy    47
6    Nature and sources of the analyst's information    60
7    Quantitative and qualitative factors in security analysis : the margin-of-safety concept    67
8    Classification of securities    77
9    Analysis of the income account : general procedure     84
10    Effect of reserves upon the income account    99
11    Inventory valuations and inventory reserves : contingency reserves     110
12    The relation of depreciation and similar charges to earning power     127
13    Amortization charges from the investor's viewpoint     144
14    Allowance for results of subsidiaries and affiliates     155
15    Reported earnings and taxable earnings    161
16    Balance-sheet analysis    175
17    Interpretations of the financial data : per-share figures and key ratios    199
18    A comparison based on key ratios : physical data used in analysis     211
19    Analysis of specific industries : railroad analysis     221
20    Factors in public-utility analysis : introduction     241
21    Factors in public-utility analysis : income-statement analysis     257
22    The selection of fixed-income securities    281
23    Specific standards for bond investment    297
24    Specific standards for bond investment (continued)     316
25    Specific standards for bond investment (continued)     326
26    Additional factors in bond analysis    339
27    Preferred stocks    352
28    Technique of selecting preferred stocks for investment     362
29    Income bonds and guaranteed securities    372
30    The theory of common-stock investment : historical survey     385
31    Current modes of common-stock investment    394
32    The pros and cons of the valuation approach : the valuation factors     404
33    Projections of earnings and dividends : significance of the earnings record : the concept of earning power    412
34    The dividend factor in common-stock valuation    430
35    Technical aspects of the dividend rate : stock dividends     439
36    The capitalization rate for earnings and dividends     454
37    Capitalization structure    464
38    The asset-value factor in common-stock valuation     475
39    The valuation of public-utility common stocks    492
40    The valuation of public-utility common stocks (continued)     507
41    Privileged issues    521
42    Technical characteristics of privileged senior securities     530
43    Participating and warrant-bearing issues : privileged issues vs. the related common stocks    541
44    Senior securities of questionable safety    547
45    Leverage    556
46    Low-priced common stocks : option warrants    563
47    General approach to the subject : stockholders and managerial efficiency    575
48    Stockholders, managements, and dividend policy    586
49    Stockholders and their capital    599
50    Stockholder-management controversies    613
51    Regulation by the Securities and Exchange Commission : recapitalizations and reorganizations    621
52    Discrepancies between price and value    636
53    Market analysis and security analysis    650

766 pages, Hardcover

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