Security Analysis: Sixth Edition, Foreword by W.E Buffett

A Road Map for Investing

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.

Benjamin Graham was an economist and professional investor. Graham is considered the father of value investing, an investment approach he began teaching at Columbia Business School in 1928 and subsequently refined with David Dodd through various editions of their famous book Security Analysis. Graham had many disciples in his lifetime, a number of whom went on to become successful investors themselves. Graham's most well-known disciples include Warren Buffett, William J. Ruane, Irving Kahn and Walter J. Schloss, among others. Buffett, who credits Graham as grounding him with a sound intellectual investment framework, described him as the second most influential person in his life after his own father. In fact, Graham had such an overwhelming influence on his students that two of them, Buffett and Kahn, named their sons Howard Graham Buffett and Thomas Graham Kahn after him. Graham also taught at the UCLA Anderson School of Management.

David L. Dodd, taught finance at Columbia University for four decades and co-author of ''Security Analysis,'' a standard work in the investment field. Dr. Dodd, a graduate of the University of Pennsylvania, received his master's and doctoral degrees at Columbia. He joined the Columbia faculty in 1922 and rose to full professorship in 1947. He served as associate dean of the Graduate School of Business from 1948 to 1952, and he retired in 1961.