I have read parts of David Dodd and Benjamin Graham’s 1934 bible on investing, Security Analysis and have found it quite a challenge but nevertheless very informative.
This 725 page giant of a book was written at a time where the global economy was in a depression brought on by the over exuberant roaring 20s and the subsequent 1929 stockmarket crash.
It has had several updates since its original edition and is often hard to come by in your local bookstore. A sixth edition will be out soon. I wanted to read the original book to get a feeling for the markets and general investment outlook of the time. Its relation to today’s market conditions is important to me.
From the Amazon preview of the first edition of Security Analysis:
The original words of Benjamin Graham and David Dodd–put to paper not long after the disastrous Stock Market Crash of 1929–still have the mesmerizing qualities of rigorous honesty and diligent scrutiny, the same riveting power of disciplined thought and determined logic that gave the work its first distinction and began its illustrious career.
In their preface to this book, Graham and Dodd write that they hope their work “will stand the test of the ever enigmatic future.” There is no doubt that it has.
I have seen it at my local Borders in Albany though. They have one copy at a price of NZ$120.
Now I have other books on my reading list but I want to tackle this one first, principally because it was the text that Warren Buffett based much of his investing style on and as my regular readers know I am a Warren Buffett nut.
I have already read Benjamin Graham’s The Intelligent Investor but I felt I needed a more detailed analysis of his investment style and his and Dodd’s Security Analysis tome fits that bill to a tee.
Many stockbrokers in the past have used Security Analysis to go back to in times of doubt, and given current market turmoil investors might be wise to start reading.
It is clear the majority of stockbrokers in the United States and in other global markets haven’t even turned a page of this essential investment tool and I know that is more than the case in New Zealand stockbroker circles.
My local ASB Securities broker said what? when I asked him during a related conversation if he had even heard of the book! Even The Intelligent Investor was another language to him.
You can get a physical copy of the book from the Share Investor Bookstore or download it free here. You have to Register to a member of Share Investor Forum to download the book but it is fast and free.
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