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am 15. Dezember 1999
Although it is fun to read Graham & Dodd's First from the context of historical perspective, there is more to this volume than history. When I first learned that Warren Buffett keeps and peruses EACH edition of Graham & Dodd's "Security Analysis", this struck me as a sort of silly fanaticism. But anyone who takes the time to read more than one edition of "Security Analysis" will understand why Buffett probably keeps all four. For better or worse, each edition has some gem which may not be found in the other volumes. In the first, for instance, there is a section on rights offering analysis which can't be found in the 3rd and 4th editions (I've actually never been able to get my hands on a second edition, so I don't know whether the equation he offers in in the 2nd or not).
I'm not sure if this would be the first "Security Analysis" volume I'd try to tackle (the 3rd is probably the best...Graham participated less actively in the 4th), but if you are comfortable enough with security analysis terminology to know what is antiquated and what is not in this 1934 text, you will not be sorry you made the effort to buy and read it.
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am 7. Mai 1998
Go buy the classic 1934 edition. The informal style of the 1934 edition can be easily read and understood by just about anyone. If that one was good enough for Warren Buffet, it's good enough for the rest of us. This latest edition reeks of academic arrogance and is poorly written with points that ramble on forever with no conclusion and examples that make no sense. The 1934 edition has some outdated examples but its concepts and forecasts are so true that you'd swear it was a historical perspective written in recent years.
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am 4. Dezember 1996
In this book you will receive an education in interpreting the balance sheet and other financial documents related to the past, current, and potential future profitability of a compay. The often complicated "investigations" the authors expect you to undertake have a seemingly simple mission in mind: Find the undervalued stocks. That is, the stocks that are worth more than you would have to pay for them. Such a simple destination, but such a difficult and winding road to travel. "Security Analysis" is the roadmap for your trip.

Some of the road markers you will see along the way include a host of financial relationships, such as Price/Earnings ratios, Price/Book value ratios, Growth rates, etc. You may not know what these are now, but you will by the time you are finished. These mathmatical relationships are the arrows that lead you to your destination.

You will also learn the value of dividends, something often overlooked in our current investment climate. Dividends, you will see, are the shock absorbers that help smooth the potholes in the road you will be traveling on. You may later find that there is a very sucessful group of value investors out there completely devoted to dividend yield, inspired by this book.

Mssrs. Graham and Dodd also didn't forget about diversification. The book is not limited only to common stocks, but a wide variety of investments. This includes bonds, preferred stocks, and many other creations of Wall Street.

If there is a knock on this book, it is that it isn't very user friendly. It is a complicated text, originally written as a textbook for analysts presumably already well versed in the terms used by the authors. Given the value of the book to the reader's worth, such a hill to climb should be greeted with pleasure. Once at the top, the ride back down on the other side will be a thrill.
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am 4. März 1999
if u dont have time to read more than one book about your investment strategy, do not invest in the stocks at all. but it still does not cahnge the fact that this book is the only book u need.
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am 30. April 2014
It's a very inspiring book for those who involve themselves into the idea of investment. But it should be said that some chapters are quite old and do not so much fit in our time- how the investor should acquire the necessary informations for example. But nonetheless it provides the interested reader with the valuable big picture of financial investing.
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am 24. Juli 1999
This book is very informative in learning how to be as good as an investor as you want to become. With this book Warren Buffet bases 85% of his principle for investing, and I can sure see how someone can invest honestly and really profit over the years. The great thing is that allot of the companies that security analysis talks about have been around for years, and if someone was to perform a security analysis on some of the companies today, I'm sure they will come to some pretty good long range decisions. Coca-cola is one of the Companies that security analysis does talk about, and today that's one of Warren Buffets major purchases, it goes to show the value of the book. Also, with security analysis I feel you could attain just about any financial dream.
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am 27. Oktober 1998
This book is probably one of the most complete and better investment book that I had read.
The biggest problem with this book is that the information is presented bit by bit. For a non proffesional like me, it is extremely hard to fit the puzzle together.
I would wish that the author applied his teaching by analyzing a financial statement, rather than give the information bit by bit.
I had read this book three times from cover to cover and still gasping for air to put the info together. Probably the problem lies with me.
One word though, I know for sure that this is the BIBLE of investment. I will keep reading it until I figure out the big picture.
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am 29. Juni 2010
Leider wurde zu viel vom Inhalt auf die CD verbannt. Im Inhaltsverzeichnis sind diese Stellen gekennzeichnet. So kann man sich einen Überblick verschaffen, was man sich selbst drucken darf. Ich hätte eine zweibändige Ausgabe lieber gesehen. Sonst ist das Buch von der gewohnt hohen Qualität, was die Verarbeitung aber auch den Inhalt betrifft. Eine zweibändige Ausgabe hätte, auch bei einem höheren Preis, von mir uneingeschränkte 5 Sterne erhalten, so leider nur drei.
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am 29. August 2013
a very good book.
reading it is a lot of work, but worthwhile the read.
it is a good starting point to value investing, since it focuses on values of companies and not on a multitude of and factors.
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am 6. Januar 1999
Like some investors today, I am a student of Warren Buffett, "the Sage of Omaha". Mr. Buffett claims that Ben Graham taught him much of his strategy to picking the right stocks. Buffett has read this book at least 12 times, according to some sources. Read this book and perhaps you will profit from it, too. And sleep better at night! The book gets 4 stars only because his examples can be rather tedious with math and companies from the 1930's. Graham is a terrific writer and easy to read, though.
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