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¶ … Security Analysis' has been current for more than 60 years. Graham and Dodd are not only astute observers but also veterans in the field of investing. They have seen investment markets and businesses plunge and raise themselves and have observed investor's behavior under all conditions.
Although their books are classics, Graham and Dodd manage to write in a clear and contemporary style that is just as applicable today as it was then. They provide details and techniques for achieving success as investors as well as the responsibilities of businesses to be transparent about the affair of their businesses for shareholders and potential investors.
The brunt of the book, however, is its timeless advice to students that careful assessment and review of balance sheets is the essence and key to success in investment.
The fact that Buffet writes that he has been following their "road map" for 57 years and that this is one of the four books that he particularly...
Buffet writes that he built his decisions upon review of this book after having read every single other book on the subject in the Omaha Public Library.
Graham and Dodd preface their book with the observation that four factors are involved in answering question related to investing and these are:
1. The security of the investment; (2) the price; (3) the time; and (4) the person (p.13).
2. The question, in short, is: "should security S. be bought (or sold, or retained) at price P, at this time T, by the individual I" (ibid). The rest of their book then elaborates in various and profound ways on this particular questions.
The various issues are clearly subtitled and broken into discrete and orderly chapters with a summary following each. Graham and Dodd provide many examples along the way extracting -- and this is also where they stand out from contemporary books on the subject -- from their long experience…
Reference
Graham, BG & Dodd, DL. Security Analysis: Principles and techniques. McGraw Hill, 2010.
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