书名:Securities Analysis:Sixth Edition, Foreword by Warren Buffett
作者: Benjamin Graham / David Dodd
出版社: McGraw-Hill
出版年: 2008
内容简介
《证券分析(第6版)》在长达70年的时间里共发行了5版，计有百万册，充当了无数美国最杰出投资家的启蒙教程，加上本杰明·格雷厄姆与戴维·多德两人在华尔街创下的不朽业绩，使得《证券分析》一书成为投资方面不史以来最有影响力的著作。从它于1934年问世以来，至今仍是人们最为关注的书籍，被誉为投资者的圣经。这部著作是华尔街的经典，也是奠定格雷厄姆声誉的里程碑。书中第一次阐述了寻找“物美价廉”的股票和债券的方法，这些方法在格雷厄姆去世后20年依然适用。
"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 todays 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 todays 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. . (20080617)
作者简介
作者：
杰明・格雷厄姆（Benjamin Graham）
生于纽约市，毕业于哥伦比亚大学。华尔街
上的权威人物，现代证券分析和价值投资理论
的奠基人，对于许多投资界的传奇人物，如沃
伦・巴菲特、马里奥・加百利、约翰・乃夫、麦
克・普瑞斯和约翰・波格等都产生深远的影响。
戴维・多德（David Dodd）
格雷厄姆理论的追随者，和在哥伦比亚大
学的同事，任该校金融学助教。
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
Securities Analysis 6th 证券分析 第6版 英文原版 格雷厄姆 第6版 高清 2008版 pdf下载