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Security Analysis: The Classic 1934 Edition

دسته بندی: تحلیل و بررسی
ویرایش: 1 
نویسندگان: Benjamin Graham. David Dodd  
سری:  
ISBN (شابک) : 9780070244962, 0070244960 
ناشر: McGraw-Hill 
سال نشر: 1996 
تعداد صفحات: 739 
زبان: English 
فرمت فایل : PDF (درصورت درخواست کاربر به PDF، EPUB یا AZW3 تبدیل می شود) 
حجم فایل: 35 مگابایت 

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توضیحاتی درمورد کتاب به خارجی

Most people claim that they don't have the time to read. So here is a way you can still improve your investment skills: buy the Audio version of Security Analysis (1934 Edition) and listen to it in your car or while at the gym. That way you will have no excuse for ignorance when it comes to investments. This timeless tale written in 1934 by Benjamin Graham and David Dodd on how to invest in stock and bond market is more timely today than many other times in history if you plan to invest in the US financial market. I will give you my reasons why at the end but first you have to know some historical trends, facts and statistics. Before Benjamin Graham, the financial market mostly meant a place for speculators to gamble their money. Ironically in the last few years, the financial market has again become a place for people to gamble--the more it changes, the more it remains the same--this time especially with other peoples' money. Graham after suffering losses in the 1929 crash decided to write his experience in choosing stocks and bonds perhaps to redeem himself for not being able to recognize the power of the market place to destroy even good stocks when the deluge begins. The focus is on how to analyze stock, purchasing the right stock at the right price and then finally selling them when they reach over valued territory. Without a doubt no other person in the world of investment has done such a generous service to the posterity. If you read "Security Analysis" and have the discipline to follow his advice you will not lose money in the market. This is probably one of the only guarantees anyone can make when it comes to investing in the financial markets. No one before or after has written a better book on how to invest. Don't take my word ask Warren Buffett, the greatest investor of our time and also the greatest beneficiary of Graham's advice. "Security Analysis" is about coming up with the value of a stock as opposed to the price of a stock. People who want to invest in the market should not go along with the most popular stock that is going up in price at a breakneck speed and being promoted in the media but should analyze the stock using its fundamentals and measure its intrinsic value. The intrinsic value of a stock is the discounted cash flow to the present using an appropriate rate of interest. Graham advocated buying the stock at a price bit lower than the intrinsic value to maintain a margin of safety because the speculative market could still push the stock price even lower than its intrinsic value causing sleepless nights for an investor even temporarily. It has been clear that most investors do not find excellent stocks, perhaps because it is a time consuming task. So they wait till others find it by doing the hard work and then jump aboard with full vigor as those stocks begin the early advancements. At the next stage the speculators jump in and run the stock price to overpriced levels. It is at this overpriced point that Graham suggests you sell the stock and move onto another undervalued stock. Warren Buffett was the most favorite student of Ben Graham. Buffett attributes his success to his chanced reading books written by Graham and then following up with not only learning under Graham but also working for Graham (for free because Graham would not hire young buffett otherwise). Other students of Graham also have gone to become celebrated and successful investors. No other school of thought has brought such incredible results. Buffett became the richest man on earth mostly by following the principles of Graham yet Graham never became super wealthy. There is a very good reason for that. Graham was living at a different time in the history of the USA. During that time Stock Market was a place for genuine businesses to raise funds to expand their operations. Keep in mind that in the 1920s market turned out to be a gambling casino but after the 1929 crash, with the new regulations enforced, the market returned to being what it meant to be under a pure capitalistic system. So from mid 1930s--as one of the greatest Presidents, Franklin D Roosevelt, cleaned up corruption in the country bringing back credibility to the stock market--till the early 1970s the stock market remained lackluster. For that matter, that is the way it should be under a pure capitalistic system since stock market should not be a place for gamblers but for authentic business people to raise money for real businesses regardless of their place in the society. In other words in should not be a place for a handful to be filthy rich at the expense of the society, as it is now. As you recall this is the period when America was gaining acceptance in the world as the most admired nation. This idealistic period in the USA turned out to be the period that Graham was working as a professional investor. Those days a successful medical doctor or an engineer made the same amount of income as an investment banker or an investor. So relative to the times, Ben Graham lived a wealthy life. Also Graham on principle rejected any inside information of a company he invested and also did not entertain any involvement as a director of a company. He wanted to have a fair field, where he would be treated just like any other citizen in the nation. You have to understand the man and what drove him in life to understand why he wrote such a valuable book to give away precious knowledge that could make the common person wealth. Lesser being would have secretly guarded that knowledge knowing well that knowledge is power However, beginning the late 1970s and in early 1980s activities in the stock market radically changed--or it went back to the way it was to the time leading to the 1920s proving that people have short memories. The Federal Reserve stood up to the occasion (as if no one would notice) and created trillions of dollars while the US treasury went on a borrowing binge turning the USA from the greatest creditor to the biggest debtor. It appears that most of that glut of money went to the financial market and to those few hands that controlled the market. This is the reason why only less than 5% of the USA have more wealth than the rest of the 95% in the country. Buffett turned to investment during this period of excess and that explains how Buffett's wealth went up billionths of percent making him the richest man on earth. Would Graham turn the richest man on earth had he begun investment during the same time as Buffett? I could be wrong, but my belief is Graham would not have been, because he would have done all in his power to stop the excess of the Federal Reserve by exposing it instead of capitalizing on it. I doubt Graham cared much for money or he wouldn't have given away knowledge that cheaply. To return to the point of near future being an ideal time to use Graham's advice on "Security Analysis," the Federal Reserve under Ben Bernanke cannot carry on the way Greenspan ran the Fed. To do so would be to devalue the dollar (or devalue every major currency, if they choose to follow the footsteps of the USA) against gold and other commodities. The danger of this is to create hyperinflation unless the money being created is placed only in the hands of a few people at the top (in that case they will be running more asset bubbles again). If the money does not trickle down to the majority then there won't be hyperinflation since too much money won't be chasing too few goods. But to have that alternative is to take most countries in the world to an era of pre-Revolutionary France or pre-Second-World-War Germany. I doubt even the bankers would be that clueless not to learn from the wakeup call we got in 2007 and 2008. In short Bernanke's Fed would be compelled to going back to the days of post-1929 crash for the next few decades or until the next generation with amnesia raises its ugly head. If so, in the US stock market there won't be runaway speculative stocks that go on for the duration without being crashed. Thus those adherents to Graham/Dodd principles of investment will have their days again. However, there could be an exception. If Bernanke and the bankers not seeing the writings on the wall destructively carry on the activities as that was in the last few decades then it would be too difficult to predict what will come of this world But it won't be anything positive. However, we have to expect rationality to prevail and the stock market in the USA again to be a place for authentic businesses to raise money and serve the people and the hardworking people to make money using Graham/Dodd principles by investing and not by speculating.

فهرست مطالب

Security Analysis, 1934 Edition......Page 1
Copyright......Page 6
Preface......Page 9
CONTENTS......Page 11
Speculation......Page 15
New and Disturbing Problems of Investment......Page 17
The Factor of Human Natures......Page 25
CHAPTER I. The Scope and Limitations of Security Analysis. The Concept of Intrinsic Value......Page 28
2. The Selective Function of Security Analysis......Page 29
Analysis and Speculation......Page 38
3. The Critical Function of Security Analysis......Page 40
Four Fundamental Elements......Page 41
Qualitative and Quantitative Factors in Analysis......Page 47
Data on the Company......Page 55
Information Regarding the Industry......Page 62
CHAPTER IV. Distinctions Between Investment and Speculation......Page 64
CHAPTER V. Classification of Secutities......Page 71
CHAPTER VI. The Selection of Fixed-Value Investments......Page 78
I. Safety Not Measured by Lien But by Ability to Pay......Page 81
II. Bonds Should Be Bought on a Depression Basis......Page 90
III. Third Principle: Unsound to Sacrifice Safety for Yield......Page 100
IV. Fourth Principle: Definite Standards of Safety Must Be Applied......Page 104
The Provisions of the Issue......Page 114
Record of Interest and Dividend Payments......Page 115
Relation of Earnings to Interest Requirements......Page 119
The Relation of the Value of the Property to the Funded Debt......Page 125
Relation of Stock Capitalization to Bonded Debt......Page 135
Railroad-Bond Analysis......Page 146
Public-Utility Bond Analysis......Page 152
CHAPTER XIII. Other Special Factors in Bond Analysis......Page 160
The Working-Capital Factor in the Analysis of Industrial Bonds......Page 165
CHAPTER XIV. The Theory of Preferred Stocks......Page 167
CHAPTER XV. Technique of Selection of Preferred Stocks for Investment......Page 178
I. Income Bonds......Page 189
II. Guaranteed Issues......Page 193
Guaranteed Real-Estate Mortgages and Mortgage Bonds......Page 198
Leasehold Obligations Equivalent to Guarantees......Page 201
Inclusion of Guarantees and Rentals in the Calculation of Fixed Charges......Page 204
Subsidiary Company Bonds......Page 206
CHAPTER XVIII. Protective Covenants and Remedies of Senior Security Holders......Page 209
CHAPTER XIX. Protective Covenants (Continued)......Page 220
Sinking Funds......Page 226
CHAPTER XX. Preferred-Stock Protective Provisions, Maintenance of Junior Capital......Page 231
CHAPTER XXI. Supervision of Investment Holdings......Page 242
An Intermediate Type......Page 251
Senior Issues with Speculative Privileges......Page 255
Considerations Generally Applicable to Privileged Issues......Page 265
Comparative Merits of the Three Types of Privileges......Page 269
CHAPTER XXIV. Technical Aspects of Convertible Issues......Page 277
CHAPTER XXV. Senior Securities with Warrants. Participating Issues. Switching and Hedging......Page 287
CHAPTER XXVI. Senior Securities of Questionable Safety......Page 300
CHAPTER XXVII. The Theory of Common-Stock Investment......Page 313
The New-Era Theory......Page 321
CHAPTER XXVIII. A Proposed Canon of Common-Stock Investment......Page 331
CHAPTER XXIX. The Dividend Factor in Common-Stock Analysis......Page 339
Extraordinary Stock Dividends......Page 353
Periodic Stock Dividends......Page 356
CHAPTER XXXI. Analysis of the Income Account......Page 364
Criticism and Restatement of the Income Account......Page 367
CHAPTER XXXII. Extraordinary Losses and Other Special Items in the Income Account......Page 378
CHAPTER XXXII. Misleading Artifices in the Income Account. Earnings of Subsidiaries......Page 386
CHAPTER XXXIV. The Relation of Depreciation and Similar Charges to Earning Power......Page 400
CHAPTER XXXV. Amortization Charges from the Investor's Standpoint......Page 422
Depletion of Ore Reserves......Page 434
Amortization of Patents......Page 436
Amortization of Leaseholds and Leasehold Improvements......Page 438
Contingency and Similar Reserves......Page 439
CHAPTER XXXVII. Significance of the Earnings Record......Page 443
CHAPTER XXXVIII. Specific Reasons for Questioning or Rejecting the Past Record......Page 456
CHAPTER XXXIX. Price-Earnings Ratios for Common Stocks. Adjustments for Changes in Capitalization......Page 465
CHAPTER XL. Capitalization Structure......Page 475
Low-Price Stocks......Page 487
CHAPTER XLII. Balance-Sheet Analysis: Significance of Book Value......Page 499
CHAPTER XLIII. Significance of the Curent-Asset Value......Page 509
Attrativeness of Such Issues as Commitments......Page 513
CHAPTER XLIV. Implications of Liquidating Value. Stockholder-Management Relationships......Page 522
Working-Capital Position and Debt Maturities......Page 536
I. United States Steel Corporation: Analysis of Operating Results and Financial Changes by Decades, 1903-1932......Page 550
II. Corn Products Refining Company......Page 553
Descriptive Summary......Page 556
Warrants as as Vehicle of Speculation......Page 560
Warrants as Part of the Capitalization Structures......Page 564
CHAPTER XLVII. Cost of Financing and Management......Page 568
CHAPTER XLVIII. Some Aspects of Corporate Pyramiding......Page 577
Form I. Railroad Comarison......Page 586
Form III. Industrial Comparison (For Companies in the Same Field)......Page 591
CHAPTER L. Discrepancies Between Price and Value......Page 599
CHAPTER LI. Discrepancies Between Price and Value (Continued)......Page 612
CHAPTER LII. Market Analysis and Security Analysis......Page 621
Notes 26 to 50......Page 631
Note 3......Page 632
Note 4......Page 649
Note 6......Page 650
Note 7......Page 651
Note 9......Page 652
Note 10......Page 653
Note 11......Page 654
Note 12......Page 655
Note 14......Page 657
Note 15......Page 658
Note 16......Page 659
Note 17......Page 660
Note 18......Page 661
Note 19......Page 662
Note 20......Page 663
Note 21......Page 664
Note 23......Page 665
Note 24......Page 666
Note 25......Page 667
Note 26......Page 669
Note 27......Page 670
Note 28......Page 671
Note 30......Page 672
Note 31......Page 673
Note 32......Page 675
Note 34......Page 677
Note 36......Page 678
Note 37......Page 679
Note 38......Page 680
Note 39......Page 681
Note 41......Page 682
Note 42......Page 685
Note 43......Page 686
Note 44......Page 687
Note 45......Page 688
Note 46......Page 691
Note 47......Page 706
Note 48......Page 708
Index......Page 715

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