Security Analysis
Principles and Technique

Security Analysis, authored by professors Benjamin Graham and David Dodd of Columbia University, laid the intellectual foundation for what would later be called "value investing". The work was first published in 1934, following unprecedented losses on Wall Street. In summing up lessons learned, Graham and Dodd chided Wall Street for its myopic focus on a company's reported earnings per share, and were particularly harsh on the favored "earnings trends." They encouraged investors to take an entirely different approach by gauging the rough value of the operating business that lay behind the security. Graham and Dodd enumerated multiple actual examples of the market's tendency to irrationally under-value certain out-of-favor securities. They saw this tendency as an opportunity for the savvy.

At bottom, Security Analysis stands for the proposition that a well-disciplined investor can determine a rough value for a company from all of its financial statements, make purchases when the market inevitably under-prices some of them, earn a satisfactory return, and never be in real danger of permanent loss.

Warren Buffett, the only student in Graham's investment seminar to earn an A+, made billions of dollars by methodically and rationally implementing the tenets of Graham and Dodd's book.
[source: Wikipedia, the Free Encyclopedia article about the book]

First edition/seventh impression of this classic work. 

Very Good condition with minor wear to board edges, primarily at spine ends, a very few penciled marginal notes and underlining, some penciled study reminders on the first free end paper.  There are probably not more than approximately 25 or 30 of the penciled notations throughout the book, if that many, and most are only light checkmarks, single words, or a single word of text underlined, all in light pencil; the bulk of the text block is clean and unmarked.  I find no inked notations at all. Pages are an even cream color, showing minimal aging or tanning.   Overall a near fine, square, tight and crisp  copy.

Other pictures or more information can be provided on request.

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From the central Texas estate of a retired Marine Corps colonel, graduate of Texas A&M College (now Texas A&M University) this book was long stored and protected in an original A&M College News Stand book cover.

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