Security Analysis by Graham and Dodd - Which is the best edition?

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billwest

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I know that there are 6 editions of the book…anybody know which edition is the “best” (or your favorite if you’ve read more than 1)?
 
Buffett read second edition(1940) four times and the 6th edition(2008) is based on the 1940 edition.
 
Chuck Norris also read the CFA curriculum in one night and passed all three levels on the first try. Then he didn’t put CFA after his name because he said the test was too easy. Then he kicked me in the face.
(Serious tone now). Yes, the first 1934 edition is before the introduction of the SEC. 1940 is the money version that many people prefer. 1951 is good too, but everything after that (except the 6th edition) is not as highly regarded and had parts written by other people. Reminds me Intelligent Investor with Jason Zweig’s annoying-as-hell commentary
 
TheAliMan Wrote:
——————————————————-
> Chuck Norris also read the CFA curriculum in one
> night and passed all three levels on the first
> try. Then he didn’t put CFA after his name because
> he said the test was too easy. Then he kicked me
> in the face.
>
>
> (Serious tone now). Yes, the first 1934 edition is
> before the introduction of the SEC. 1940 is the
> money version that many people prefer. 1951 is
> good too, but everything after that (except the
> 6th edition) is not as highly regarded and had
> parts written by other people. Reminds me
> Intelligent Investor with Jason Zweig’s
> annoying-as-hell commentary
Jason Zweig’s comments killed the book
 
Straight up, I agree with you. There is this elegant, intelligent man summarizing ideas in beautiful prose and then some guy butchers the words with stuff about the tech bubble. The worst part is that it’s on EVERY PAGE. You can try to hide from Zweig, but the Zweig will come and find you.
 
I would say the newest, 6th, is probably the most relevant for today.
 
I like the second ed. This has been debated before though.
 
1st edition published 1934
2nd edition published 1940
3rd edition published 1951
4th edition published 1962
5th edition published 1987
6th edition published 2008
In my opinion, the first four Security Analysis editions are best viewed as balance-sheet-like snapshots of Graham and Dodd’s genius as it observed and interacted with the dynamic securities markets across the 1934 - 1962 period.
Mr. Graham died in 1976. The authors of the 5th edition published in 1988 edited the general framework of the previous four Security Analysis editions pretty heavily. I find that it reads quite differently from the previous four editions.
The 6th edition really is a reprint of the 2nd edition (originally published in 1940) with some supplementary commentary from Seth Klarman, James Grant and some others added to it.
 
I’m coming out of hiding just to say hi…. so hi
I can’t believe there is a guy named valuequest. Sounds like some rip off from dungeons and dragons.
I own the 1934, 1940, and 6th edition. I like the 6th edition because I have a man crush on Klarman.
P.S. Jason Zweig is my enemy and I am drunk at the moment.
P.S.S. I probably won’t post until there is another value-related topic.
 
Billwest,
you’re a goddamm clown.
i remember you trying to belittle me cause of my discount brokerage job. but i have moved on.
as i have suspected, you’re just some kid who got a decent job, nothing more than that. your question here reveals it all. 10mins worth of research would have answered your question.
i suppose you will try and tell people how you’re some value investor. i guess your quest to become an MD didn’t work out too well ha?
you’re a wannabe. nothing real about you.
 
I read the 6th edition- the whole thing. I learned quite a lot but I’m not sure how much a lot of the FSA and the lessons drawn from those examples (which are dated) sticked.
 
I have only read the Zweig book and it is still in my house - ugh. It truly is gash. The 6th edition and the 34 one have been in my Amazon shopping cart for ever. My bad.
 
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