The Enduring Bible of Value Investing
For nearly a century, Security Analysis by Benjamin Graham and David Dodd has been the North Star for serious investors. Originally published in 1934 after the wreckage of the Great Depression, it introduced the foundational principles of value investing, a discipline that has helped build the fortunes and reputations of generations of investors.
Now in its sixth edition, this timeless classic returns with its celebrated 1940 revision at the core, accompanied by 200 pages of modern commentary from today’s top investment minds. From Seth Klarman to Howard Marks, this edition is not just a reprint. It is a thoughtful update that shows how Graham and Dodd’s analytical rigor still applies in today’s volatile financial markets.
And when Warren Buffett, the Oracle of Omaha himself, declares in the foreword that he has followed this roadmap for 57 years and read it at least four times, you know this is not just another dusty finance tome. It is a manual for turning analysis into action and uncertainty into opportunity.
What You’ll Learn (or Be Reminded Of):
Margin of safety
The bedrock of intelligent investing, this principle encourages buying with a buffer by paying less than a company is truly worth.
Intrinsic value over market noise
Learn how to think like a business owner rather than a stock speculator.
Financial statement analysis
Explore deep dives into income statements, balance sheets, and cash flows so you can distinguish long-term winners from costly washouts.
Bond and equity evaluation
Understand that not all securities are created equal, and gain the tools to assess risk and reward with clarity and discipline.
Modern applications
With insights from Bruce Greenwald, Roger Lowenstein, and other practitioners, this edition connects classic theory to the realities of today’s market.
Whether you are a CFA candidate, a Wall Street pro, or an armchair investor with a fondness for financial statements, Security Analysis is your invitation to think independently in a market ruled by short-term noise.
This edition proves that while the market may evolve, timeless wisdom only grows more valuable. Graham and Dodd wrote for their time, but their insights remain just as relevant for yours.