Год выпуска: 2009
Автор: Graham & Dodd
Жанр: Securities
Издательство: McGraw-Hill
Формат: PDF
Язык книги: Английский
ISBN: 0-07-164293-5
Качество: eBook (изначально компьютерное)
Количество страниц: 818
Классический учебник по инвестированию, написанный легендарным экономистом и профессиональным инвестором Бенджамином Грэхемом (Грэмом). Вашему вниманию предлагается 6-е издание этой книги.
"The sixth edition of the iconic Security Analysis disproves the adage ‘’tis best to leave well enough alone.’ An extraordinary team of commentators, led by Seth Klarman and James Grant, bridge the gap between the simpler financial world of the 1930s and the more complex investment arena of the new millennium. Readers benefit from the experience and wisdom of some of the financial world’s finest practitioners and best informed market observers. The new edition of Security Analysis belongs in the library of every serious student of finance.”
David F. Swensen
Yale University  

Contents

Foreword • by Warren E. Buffett xi

Preface to the Sixth Edition | The Timeless Wisdom of Graham and Dodd • by Seth A. Klarman xiii

Preface to the Second Edition xli Preface to the First Edition xliii

Introduction to the Sixth Edition | Benjamin Graham and Security Analysis: The Historical Backdrop • by James Grant 1

Introduction to the Second Edition 21

Part I

_Survey and Approach_

Introduction to Part I |The Essential Lessons

by Roger Lowenstein 39

Graham and Dodd chapters:

1. The Scope and Limits of Security Analysis. The Concept of Intrinsic Value 61

2. Fundamental Elements in the Problem of Analysis. Quantitative and Qualitative Factors 75

3. Sources of Information 89

4. Distinctions between Investment and Speculation 100

5. Classification of Securities 112

Part II

_Fixed-value Investments_

Introduction to Part II |Unshackling Bonds* by Howard S. Marks 123

Graham and Dodd chapters:

6. The Selection of Fixed-value Investments 141

7. The Selection of Fixed-value Investments: Second and Third Principles 151

8. Specific Standards for Bond Investment 169

9. Specific Standards for Bond Investment (Continued) see accompanying CD

10. Specific Standards for Bond Investment (Continued) 180

11. Specific Standards for Bond Investment (Continued) see accompanying CD

12. Special Factors in the Analysis of Railroad and Public-utility Bonds see

accompanying CD

13. Other Special Factors in Bond Analysis see accompanying CD

14. The Theory of Preferred Stocks see accompanying CD

15. Technique of Selecting Preferred Stocks for Investment 190

16. Income Bonds and Guaranteed Securities 202

17. Guaranteed Securities (Continued) 215

18. Protective Covenants and Remedies of Senior Security Holders 229

19. Protective Covenants (Continued) 242

20. Preferred-stock Protective Provisions. Maintenance of Junior Capital

see accompanying CD

21. Supervision of Investment Holdings 252

Part III

_Senior Securities with Speculative Features_

Introduction to Part III | "Blood and Judgement" • by J. Ezra Merkin 265

Graham and Dodd chapters:

22. Privileged Issues 289

23. Technical Characteristics of Privileged Senior Securities 299

24. Technical Aspects of Convertible Issues 313

25. Senior Securities with Warrants. Participating Issues. Switching and

HEDGING see accompanying CD

26. Senior Securities of Questionable Safety 323

Part IV

Theory of Common-stock Investment. _The Dividend Factor_

Introduction to Part IV | Go with the Flow • by Bruce Berkowitz 339 Graham and Dodd chapters:

27. The Theory of Common-stock Investment 348

28. Newer Canons of Common-stock Investment 366

29. The Dividend Factor in Common-stock Analysis 376

30. Stock Dividends see accompanying CD

Part V

Analysis of the Income Account. The Earnings _Factor in Common-stock Valuation_

Introduction to Part V | The Quest for Rational Investing

by Glenn H. Greenberg 395

Graham and Dodd chapters:

31. Analysis of the Income Account 409

32. Extraordinary Losses and Other Special Items in the Income Account 424

33. Misleading Artifices in the Income Account. Earnings of Subsidiaries 435

34. The Relation of Depreciation and Similar Charges to Earning Power 453

35. Public-utility Depreciation Policies see accompanying CD

36. Amortization Charges from the Investor's Standpoint see accompanying CD

37. Significance of the Earnings Record 472

38. Specific Reasons for Questioning or Rejecting the Past Record 487

39. Price-earnings Ratios for Common Stocks. Adjustments for Changes in Capitalization 496

40. Capitalization Structure 507

41. Low-priced Common Stocks. Analysis of the Source of Income 520

Part VI

Balance-sheet Analysis. Implications of Asset Values

Introduction to Part VI | Deconstructing the Balance Sheet

by Bruce Greenwald 535

Graham and Dodd chapters:

42. Balance-sheet Analysis. Significance of Book Value 548

43. Significance of the Current-asset Value 559

44. Implications of Liquidating Value. Stockholder-management Relationships 575

45. Balance-sheet Analysis (Concluded) 591

Part VII

Additional Aspects of Security Analysis. _Discrepancies between Price and Value_

Introduction to Part VII | The Great Illusion of the Stock Market and the Future of Value Investing • by David Abrams 617

Graham and Dodd chapters:

46. Stock-option Warrants see accompanying CD

47. Cost of Financing and Management 633

48. Some Aspects of Corporate Pyramiding 644

49. Comparative Analysis of Companies in the Same Field 654

50. Discrepancies between Price and Value 669

51. Discrepancies between Price and Value (Continued) 688

52. Market Analysis and Security Analysis 697

Part VIII

_Global Value Investing_

Globetrotting with Graham and Dodd • by Thomas A. Russo 711

APPENDIX see accompanying CD

About This Edition 725 Acknowledgments 727 About the contributors 729

About the Authors 733

index 735