Benjamin Graham's Security Analysis

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mwaapl

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Could anybody give suggestions on Benjamin Graham’s Security Analysis? Now the sixth edition came out and which edition is most suitable to read? Is it the last edition by original authors (1951 edition) still good?
 
I just ordered this - is coming tomorrow. I would say order the most recent one because it has commentary from all of these people below. If you don’t care about the commentary, I’m sure the meat and potatoes of the book is unchanged, but I like getting perspectives from well known money managers in modern society on works like this.
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This new sixth edition, based on the classic 1940 version, is enhanced with 200 additional pages of commentary from some of today’s leading Wall Street money managers. These masters of value investing explain why the principles and techniques of Graham and Dodd are still highly relevant even in today’s vastly different markets. The contributor list includes:
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
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I have the a copy of the Classic 1940 edition which the edition this was based off of.
The new version looks like a good deal. It is an abridged version but does come with a cd that contains a pdf of the complete second edition.
Wish I would have had this option several years back.
 
Thanks a lot guys.
Do you know which edition is most widely read during these days, before the 6th edition came out? ‘Cause when I go into bookstores, I see different editions, 1930, 1940, 1951, and 1988. And now come 2008 edition.
 
At the time I bought mine, after much internet scouring, I came to the conclusion that the Classic 1940 edition was the best.
Seeing that the new version is the 1940 edition with commentary I would suggest looking into that.
 
“Benjamin Graham is the father of investment analysts everywhere, originally sparking the debate for a credential to professionalize the industry which led to the CFA Charter. He transformed the practice of financial analysis from trade to science, starting with his groundbreaking book, Security Analysis, first published in 1934. This edition, with new commentary by some of today’s finest investors, belongs on every investment professional’s shelf.”
—Jeffrey J. Diermeier, CFA, president and CEO, CFA Institute
 
projectplatnyc wrote:“Benjamin Graham is the father of investment analysts everywhere, originally sparking the debate for a credential to professionalize the industry which led to the CFA Charter. He transformed the practice of financial analysis from trade to science, starting with his groundbreaking book, Security Analysis, first published in 1934. This edition, with new commentary by some of today’s finest investors, belongs on every investment professional’s shelf.” —Jeffrey J. Diermeier, CFA, president and CEO, CFA Institute
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… and yet the final result would likely horrify him.
 
Think “Security Analysis” used to be the original sole textbook of the CFA program.
Curiously enough, if you watched, “The Persuit of Happiness”, Will Smith’s character was carrying around a copy of “Security Analysis” through out the part of the movie when he was studying for his Series 7 exam.
 
Pretty obsolete in today’s market.
Extract the core philosophies of the book only.
 
PalacioHill wrote:
Curiously enough, if you watched, “The Persuit of Happiness”, Will Smith’s character was carrying around a copy of “Security Analysis” through out the part of the movie when he was studying for his Series 7 exam.
Click to expand...
I noticed that too. But did you notice that the movie took place in 1981, yet he carried around the 1988 version of the book?
 
MrSmart wrote:
Pretty obsolete in today’s market.
Extract the core philosophies of the book only.
Click to expand...
Agreed, this book is obsolete if you have completed the charter or gotten past level II. The only reason why I have it is the keep on the bookshelf. I think a must have is Damodaran’s “Investment Valuation”. To me this book is more of a Bible thant Graham’s Security Analysis. Also, I’d ready “The Intelligent Investor” before “Security Analysis”. It’s much shorter and to the point.
 
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