Security Analysis
- Hardcover
- New York: Whittlesey House / McGraw Hill, 1934
New York: Whittlesey House / McGraw Hill, 1934. 1st Edition. Hardcover. Good. FIRST EDITON, SECOND PRINTING, INSCRIBED BY GRAHAM. Inscribed in ink by Graham on the front free endpaper: "To Meyer Willett / with the regards of / Benj. Graham / Oct. 1935". With the recipient's bookplate on the front pastedown. Inscribed copies of Security Analysis are exceedingly rare. Also with front panel and front flap of legendarily rare original dust jacket.
Security Analysis marked the foundation of a new discipline, introducing to the financial world the now-essential concepts of security analysis, fundamental analysis, and value investing. Graham and Dodd transformed investing from what was often a purely speculative business with decisions based on misinformation, reaction, and emotion to a legitimate science based on systematic reason, logic, and analysis.
"Graham, the senior figure in the Graham-Dodd pairing, is known as the 'father of modern security analysis.' He had been a Wall Street wunderkind in the 1920s, before seeing his firm nearly wiped out by the Great Crash. Security Analysis was an attempt to draw principles from that experience. Graham mocked the empty investment slogans that passed for wisdom before 1929--like, 'Pick out those individual companies which are most likely to grow rapidly.' Instead he preached a rigorous analysis of what was most knowable about a security--the company's expected earnings and the expected interest/dividends over a relatively near term, its tangible assets, and their relation to the security's price. The wise investor, moreover, always left a good 'margin of safety' between her judgement of the company's value and the price she was willing to pay" (Morris, The Sages: Warren Buffett, George Soros, Paul Volcker, and the Maelstrom of Markets).
The recipient, Meyer Willett, was a senior partner in the investment firm Bristol & Willett. He held a seat on the New York Stock Exchange and spent his working life on Wall Street.
With "Second Printing" on copyright page. New York: Whittlesey House / McGraw Hill, 1934. Octavo, original black cloth. Cloth with significant wear at edges, particularly the corners where there is some chipping; some patches of discoloration to boards. Text very good with only some small spots of dampstaining at extreme edges of some pages (far away from text). The dust jacket is essentially never seen - here the front panel and front flap have amazingly survived.
ONE OF THE MOST IMPORTANT WORKS IN THE HISTORY OF FINANCE; WITH SCARCE GRAHAM INSCRIPTION.
Security Analysis marked the foundation of a new discipline, introducing to the financial world the now-essential concepts of security analysis, fundamental analysis, and value investing. Graham and Dodd transformed investing from what was often a purely speculative business with decisions based on misinformation, reaction, and emotion to a legitimate science based on systematic reason, logic, and analysis.
"Graham, the senior figure in the Graham-Dodd pairing, is known as the 'father of modern security analysis.' He had been a Wall Street wunderkind in the 1920s, before seeing his firm nearly wiped out by the Great Crash. Security Analysis was an attempt to draw principles from that experience. Graham mocked the empty investment slogans that passed for wisdom before 1929--like, 'Pick out those individual companies which are most likely to grow rapidly.' Instead he preached a rigorous analysis of what was most knowable about a security--the company's expected earnings and the expected interest/dividends over a relatively near term, its tangible assets, and their relation to the security's price. The wise investor, moreover, always left a good 'margin of safety' between her judgement of the company's value and the price she was willing to pay" (Morris, The Sages: Warren Buffett, George Soros, Paul Volcker, and the Maelstrom of Markets).
The recipient, Meyer Willett, was a senior partner in the investment firm Bristol & Willett. He held a seat on the New York Stock Exchange and spent his working life on Wall Street.
With "Second Printing" on copyright page. New York: Whittlesey House / McGraw Hill, 1934. Octavo, original black cloth. Cloth with significant wear at edges, particularly the corners where there is some chipping; some patches of discoloration to boards. Text very good with only some small spots of dampstaining at extreme edges of some pages (far away from text). The dust jacket is essentially never seen - here the front panel and front flap have amazingly survived.
ONE OF THE MOST IMPORTANT WORKS IN THE HISTORY OF FINANCE; WITH SCARCE GRAHAM INSCRIPTION.
Details
Title
Security Analysis
Author
GRAHAM, BENJAMIN; DODD, DAVID L.
Binding
Hardcover
Condition
Good
Publisher
Whittlesey House / McGraw Hill: New York
Date
1934
Edition
1st Edition