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The Bible of Investment Analysis

GRAHAM, BENJAMIN and DAVID DODD. Security Analysis

New York: McGraw-Hill, 1934

Original maroon cloth.  A very good copy

FIRST EDITION, FIRST PRINTING. The bible of value investing, Security Analysis is the most important investment and finance book of the twentieth century. Benjamin Graham began teaching at Columbia in 1928, and when the Crash of 1929 nearly wiped him out, he undertook the systematic study of sound investment principles.  He agreed to lecture on the subject provided that someone take notes, and fellow instructor David Dodd volunteered.  The result was Security Analysis.

“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” (Morris, The Sages: Warren Buffett, George Soros, Paul Volcker, and the Maelstrom of Markets).

The bible for many of the world’s most successful investors, this work has gone through numerous editions and remains a best-seller in its field.  Among Benjamin Graham’s many disciples is Warren Buffett, who attended Columbia in order to study with Graham.

“An astonishingly large portion of those trading common stocks don’t appear to know—in polite terms—one part of their anatomy from another.” -Benjamin Graham

The first edition appeared both in black cloth, with the Whittlesey House—McGraw Hill imprint (the trade division of the publisher) and in maroon cloth with the McGraw-Hill imprint (the academic division), as with the present copy. There is no priority of issue.

This is a handsome copy of a Wall Street classic.

$15,000