Early Investment Theory in the Midst of the Great Depression Security Analysis First Edition, 1934

Graham Benjamin David Dodd

First Edition

Graham, Benjamin; and Dodd, David L. Security Analysis: Principles and Technique. 1934. Published in the aftermath of the 1929 Stock Market Crash and during the Great Depression, Security Analysis established the intellectual framework of value investing. Graham and Dodd, professors at Columbia University, articulated principles distinguishing investment from speculation and introduced the concept of “margin of safety,” critiquing reliance on reported earnings and speculative trends. The work profoundly influenced generations of investors, including Warren Buffett, who later credited the volume as foundational to his practice.

Graham, Benjamin; and Dodd, David L. Security Analysis: Principles and Technique. New York & London: McGraw-Hill Book Company, Inc., 1934. First Edition, Third Impression (as printed on the title page) Aprox 9" x 6". Maroon cloth titled in gilt within a gilt on the spine. The covers are lightly rubbed and soiled with slight wear to the corners and head & tail of the spine. xi, [i] & 725 pages.. From the library of J H. Kass, Jr., with his signature penned on the front endpaper and also penciled once again above the name of his firm Wood, Struthers & Co., 20 Pine Street, [New York] who were dealers in investment securities. He has made a few small light pencil marks inside. Warren Buffett concluded in an 1984 article that "..I can only tell you that the secret has been out for 50 years, ever since Ben Graham and Dave Dodd wrote Security Analysis, yet I have seen no trend toward value investing in the 35 years I've practiced it. There seems to be some perverse human characteristic that likes to make easy things difficult. The academic world, if anything, has actually backed away from the teaching of value investing over the last 30 years. It's likely to continue that way. Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace, and those who read their Graham & Dodd will continue to prosper." Written by professors Benjamin Graham and David Dodd of Columbia University, "Security Analysis" laid the intellectual foundation for what was to be called value investing. Published a few years after the Stock Market Crash of 1929 and the Great Depression, Graham and Dodd coined the term "margin of safety" among others in their book "Security Analysis". Summing up the lessons learned from the crash, Graham and Dodd, both professors at Columbia University's business school, took Wall Street to task for focusing on companies' "reported earnings per share", and were particularly critical of the favored "earning trends". In the book Graham proposes clearly defining investment from what he considers speculation There is some minor spotting to the edges of the book. Still very scarce as a first edition and a book that is almost never in very good condition, as it was well read and annotated by buyers. Overall in good to very good condition.

Item #17247

Price: $2,400.00