'A road map for investing that I have now been following for 57 years.'--From the Foreword by Warren E. Buffett First published in 1934, Security Analysis is one of the most influential financial books ever written. Selling more than one million copies through five editions, it has provided generations of investors with the timeless value investing philosophy and techniques of Benjamin Graham and David L. Dodd. As relevant today as when they first appeared nearly 75 years ago, the teachings of Benjamin Graham, “the father of value investing,” have withstood the test of time across a wide diversity of market conditions, countries, and asset classes. 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 Featuring a foreword by Warren E. Buffett (in which he reveals that he has read the 1940 masterwork “at least four times”), this new edition of Security Analysis will reacquaint you with the foundations of value investing—more relevant than ever in the tumultuous 21st century markets.

lgli/本杰明·格雷厄姆 & 戴维·多德 [本杰明·格雷厄姆] - 证券分析：原书第6版（经典畅销版全两册）（投资者的圣经！巴菲特灵魂导师、“华尔街教父”！本杰明·格雷厄姆 不朽著作！巴曙松领衔专业人士全新翻译！） (2019, 四川人民出版社).pdf

zlib/Business & Economics/Mathematical Economics/本杰明·格雷厄姆 & 戴维·多德 [本杰明·格雷厄姆]/证券分析：原书第6版（经典畅销版全两册）（投资者的圣经！巴菲特灵魂导师、“华尔街教父”！本杰明·格雷厄姆 不朽著作！巴曙松领衔专业人士全新翻译！）_11737043.pdf

Security Analysis: Sixth Edition, Foreword by Warren Buffett (Security Analysis Prior Editions)

Security analysis : principles and technique

Graham, B: Security Analysis

by Benjamin Graham and David L. Dodd

Graham, Benjamin

McGraw-Hill School Education Group

Irwin Professional Publishing

McGraw-Hill Education Ltd

Oracle Press

McGraw Hill

McGraw Hill LLC Professional Division, New York, 2009

McGraw Hill professional, 6th ed, New York, ©2009

6th ed., New York, New York State, 2008

United States, United States of America

Sixth edition, New York :, 2009

6th ed, London, 2009

producers:
calibre 3.23.0 [https://calibre-ebook.com]

Includes index.

Presents David Dodd And Benjamin Graham's Original 1934 Guide To Value Investing, With Strategies And Advice That Are Still Relevant In The Twenty-first Century, With Additional Commentary From Contemporary Investment Professionals. Foreword / Warren E. Buffett -- Preface To The Sixth Edition: The Timeless Wisdom Of Graham And Dodd / Seth A. Klarman -- Introduction To The Sixth Edition: Benjamin Graham And Security Analysis: The Historical Backdrop / James Grant -- Pt. I. Survey And Approach -- Introduction To Part I: The Essential Lessons / Roger Lowenstein -- 1. The Scope And Limits Of Security Analysis, The Concept Of Intrinsic Value -- 2. Fundamental Elements In The Problem Of Analysis, Quantitative And Qualitative Factors -- 3. Sources Of Information -- 4. Distinctions Between Investment And Speculation -- 5. Classification Of Securities -- Pt. Ii. Fixed-value Investments -- Introduction To Part Ii: Unshackling Bonds / Howard S. Marks -- 6. The Selection Of Fixed-value Investments -- 7. The Selection Of Fixed-value Investments: Second And Third Principles -- 8. Specific Standards For Bond Investment -- 9. Specific Standards For Bond Investment (continued): See Accompanying Cd --^ 10. Specific Standards For Bond Investment (continued) -- 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 -- 16. Income Bonds And Guaranteed Securities -- 17. Guaranteed Securities (continued) -- 18. Protective Covenants And Remedies Of Senior Security Holders -- 19. Protective Covenants (continued) -- 20. Preferred-stock Protective Provisions. Maintenance Of Junior Capital See Accompanying Cd -- 21. Supervision Of Investment Holdings -- Pt. Iii. Senior Securities With Speculative Features -- Introduction To Part Iii: Blood And Judgement / J. Ezra Merkin -- 22. Privileged Issues -- 23. Technical Characteristics Of Privileged Senior Securities --^ 24. Technical Aspects Of Convertible Issues -- 25. Senior Securities With Warrants. Participating Issues, Switching And Hedging: See Accompanying Cd -- 26. Senior Securities Of Questionable Safety -- Pt. Iv. Theory Of Common-stock Investment. The Dividend Factor -- Introduction To Part Iv: Go With The Flow / Bruce Berkowitz -- 27. The Theory Of Common-stock Investment -- 28. Newer Canons Of Common-stock Investment -- 29. The Dividend Factor In Common-stock Analysis -- 30. Stock Dividends: See Accompanying Cd -- Pt. V. Analysis Of The Income Account. The Earnings Factor In Common-stock Valuation -- Introduction To Part V: The Quest For Rational Investing / Glenn H. Greenberg -- 31. Analysis Of The Income Account -- 32. Extraordinary Losses And Other Special Items In The Income Account -- 33. Misleading Artifices In The Income Account. Earnings Of Subsidiaries -- 34. The Relation Of Depreciation And Similar Charges To Earning Power --^ 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 -- 38. Specific Reasons For Questioning Or Rejecting The Past Record -- 39. Price-earnings Ratios For Common Stocks. Adjustments For Changes In Capitalization -- 40. Capitalization Structure -- 41. Low-priced Common Stocks. Analysis Of The Source Of Income -- Pt. Vi. Balance-sheet Analysis. Implications Of Asset Values -- Introduction To Part Vi: Deconstructing The Balance Sheet / Bruce Greenwald -- 42. Balance-sheet Analysis. Significance Of Book Value -- 43. Significance Of The Current-asset Value -- 44. Implications Of Liquidating Value. Stockholder-management Relationships -- 45. Balance-sheet Analysis (concluded) -- Pt. 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 / David Abrams -- 46. Stock-option Warrants: See Accompanying Cd -- 47. Cost Of Financing And Management -- 48. Some Aspects Of Corporate Pyramiding -- 49. Comparative Analysis Of Companies In The Same Field -- 50. Discrepancies Between Price And Value -- 51. Discrepancies Between Price And Value (continued) -- 52. Market Analysis And Security Analysis -- Pt. Viii. Global Value Investing -- Globetrotting With Graham And Dodd / Thomas A. Russo -- Appendix. See Accompanying Cd. Benjamin Graham And David L. Dodd. Includes Bibliographical References And Index.

版权页 2
献词 3
各方赞誉 4
推荐序一 改变一生的智慧之书 8
推荐序二 重剑无锋,大巧不工 10
译者序 在中国证券市场转型的过程中重温经典的价值——《证券分析》第6版译本序 13
目录 19
证券分析(上) 22
第6版前言 格雷厄姆和多德的永恒智慧 23
第2版前言 对金融行业新发展的探讨 42
第1版前言 不可以蠡测海 44
第6版引言 格雷厄姆与《证券分析》 46
第2版引言 投资策略的难题 59
第一部分 证券分析综览及方法 72
导读一 必不可少的教诲 73
导读二 为什么价值投资适合中国 89
01 证券分析的范围与局限以及内在价值的概念 93
02 分析问题的基本要素以及定量和定性因素 105
03 信息来源 117
04 区分投资与投机 126
05 证券的分类 136
第二部分 固定价值投资 143
导读三 解开债券之谜 144
导读四 从危机出发 158
06 固定价值投资选择的第一原则 163
07 固定价值投资选择的第二和第三原则 175
08 债券投资的具体标准 187
09 债券投资的具体标准(续) 196
10 债券投资的具体标准(再续) 210
11 债券投资的具体标准(完) 217
12 铁路与公用事业债券分析中的特殊因素 227
13 债券分析中的其他特殊因素 243
14 优先股理论 249
15 优先股投资的选择技巧 258
16 收益债券和担保证券 268
17 担保证券(续) 278
18 保护性条款与优先证券持有人的补偿 292
19 保护性条款(续) 302
20 优先股的保护性条款与维持充足的次级资本 312
21 对所持证券的监管 322
第三部分 具有投机特征的优先证券 330
导读五 “冲动与理智” 331
22 特权证券 349
23 附带特权优先证券的技术特征 357
24 可转换证券的技术特征 369
25 附带认股权证的优先证券、参与型证券、转换与对冲 377
26 存在安全性问题的优先证券 388
第四部分 普通股投资理论与股息因素 400
导读六 跟随现金流 401
导读七 高安全性和高收益率的股票投资 408
27 普通股投资理论 418
28 普通股投资的新准则 436
29 普通股分析的股息因素 445
30 股票股息 459
证券分析(下) 468
第五部分 损益表分析与影响普通股估值的收益因素 470
导读八 追求理性投资 471
31 损益表分析 481
32 损益表中的非经常性损失和其他特殊项目 495
33 损益表中的误导手段与子公司的盈利 505
34 盈利能力与折旧及其他类似费用之间的关系 522
35 公用事业类公司的折旧政策 541
36 从投资者的角度来看折旧与摊销费用 560
37 过往收益的作用 584
38 质疑或否定过往收益 597
39 普通股市盈率与基于资本总额变化的调整 604
40 资本结构 617
41 低价普通股与收益来源分析 628
第六部分 资产负债表分析与资产价值的内涵 641
导读九 解析资产负债表 642
42 资产负债表分析与账面价值的重要性 651
43 流动资产价值的重要性 661
44 清算价值的意义以及股东与管理层之间的关系 675
45 资产负债表分析(完) 687
第七部分 证券分析的其他方面:价格与价值间的差异 709
导读十 股票市场大幻象和价值投资的未来 710
46 认股权证 721
47 融资成本与管理成本 733
48 公司金字塔结构的相关内容 742
49 同领域公司的比较分析 751
50 价格与价值的背离 767
51 价格与价值的背离(续) 785
52 市场分析与证券分析 793
第八部分 环球价值投资 806
导读十一 将格雷厄姆与多德的理论应用于世界范围内的投资 807
附录 815
第6版跋 944
致谢 945

A revised edition of this investing bible features up-to-date ideas and strategies for making profitable investments by some of today's most notable names in the financial industry, including Seth Klarman and "Business Week" journalist Jeffrey M. Laderman.

'A road map for investing that I have now been following for 57 years.'
--From the Foreword by Warren E. Buffett First published in 1934, Security Analysis is one of the most influential financial books ever written.

2021-03-01