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【证券分析英文版】.pdf

【证券分析英文版】.pdf

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简介:本文档为《【证券分析英文版】pdf》,可适用于经济金融领域,主题内容包含PRAISEFORTHESIXTHEDITIONOFSECURITYANALYSIS“ThesixtheditionoftheiconicSecur符等。

PRAISE FOR THE SIXTH EDITION OF SECURITY ANALYSIS “The sixth edition of the iconic Security Analysis disproves the adage ‘ ’tis best to leave well enough alone.’ An extraordinary team of commentators, led by Seth Klarman and James Grant, bridge the gap between the sim- pler financial world of the 1930s and the more complex investment arena of the new millennium. Readers benefit from the experience and wisdom of some of the financial world’s finest practitioners and best informed market observers. The new edition of Security Analysis belongs in the library of every serious student of finance.” David F. Swensen Chief Investment Officer Yale University author of Pioneering Portfolio Management and Unconventional Success “The best of the past made current by the best of the present. Tiger Woods updates Ben Hogan. It has to be good for your game.” Jack Meyer Managing Partner and CEO Convexity Capital “Security Analysis, a 1940 classic updated by some of the greatest financial minds of our generation, is more essential than ever as a learning tool and reference book for disciplined investors today.” Jamie Dimon Chairman and CEO JPMorgan Chase “While Coca-Cola found it couldn’t improve on a time-tested classic, Seth Klarman, Jim Grant, Bruce Greenwald, et al., prove that a great book can be made even better. Seth Klarman’s preface should be required reading for all investors, and collectively, the contributing editors’ updates make for a classic in their own right. The enduring lesson is that an understand- ing of human behavior is a critical part of the process of security analysis.” Brian C. Rogers Chairman T. Rowe Price Group “A classic has now been updated by some of the greatest and most thoughtful investors of our time. The book was a must read and has now been elevated to a new level.” Daniel S. Och Senior Managing Member Och-Ziff Capital Management Group “Readers will find the updated version of Graham and Dodd’s Security Analysis to be much improved from earlier editions. While the timeless advice from two of the greatest value investors continues to resonate, the essays that are contributed by some of the world’s top value investors add immeasurably to the read. These investors practice what they preach in their essays and combine to make this edition the best ever! I highly rec- ommend this volume to all investors—old and young—who will benefit from the tried and true principles of the past and the updated applica- tions to today’s turbulent markets!” Morris Smith Private Investor Former Manager Fidelity Magellan Fund “No book empowers you with better tools for intelligent investing than Security Analysis. Seth Klarman and his fabulous team have produced a nonpareil edition of Ben Graham’s classic for the new millennium.” Mason Hawkins Chairman, Longleaf Partners Southeastern Asset Management “The ideas of Graham and Dodd have withstood all kinds of market con- ditions and 75 years of scrutiny—making them ever more relevant for modern-day investing. The essays by Klarman and other storied value investors lucidly illustrate that while the capital markets landscape may be vastly changed from years past, basic investor traits are not, and disci- plined application of the principles of Security Analysis continues to pro- vide an important edge in investing.” André F. Perold George Gund Professor of Finance and Banking Harvard Business School This page intentionally left blank SECURITY ANALYSIS SECURITY ANALYSIS PRIOR EDITIONS Graham and Dodd: Security Analysis, First Edition (1934) Graham and Dodd: Security Analysis, Second Edition (1940) Graham and Dodd: Security Analysis, Third Edition (1951) Graham, Dodd, Cottle, and Tatham: Security Analysis, Fourth Edition (1962) Graham, Dodd, Cottle, Murray, Block, & Leibowitz: Security Analysis, Fifth Edition (1988) SECURITY ANALYSIS Principles and Technique BENJAMIN GRAHAM Investment Fund Manager; Lecturer in Finance Columbia University AND DAVID L. DODD Associate Professor of Finance Columbia University Sixth Edition New York Chicago San Francisco Lisbon London Madrid Mexico City Milan New Delhi San Juan Seoul Singapore Sydney Toronto Copyright 2009, 1988, 1962, 1951, 1940, 1934 by The McGraw-Hill Companies, Inc. All rights reserved. Manufactured in the United States of America. Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written permission of the publisher. 0-07-164293-5 The material in this eBook also appears in the print version of this title: 0-07-159253-9. All trademarks are trademarks of their respective owners. Rather than put a trademark symbol after every occurrence of a trademarked name, we use names in an editorial fashion only, and to the benefit of the trademark owner, with no intention of infringement of the trademark. Where such designations appear in this book, they have been printed with initial caps. McGraw-Hill eBooks are available at special quantity discounts to use as premiums and sales promotions, or for use in corporate training programs. For more information, please contact George Hoare, Special Sales, at george_hoare@mcgraw-hill.com or (212) 904-4069. TERMS OF USE This is a copyrighted work and The McGraw-Hill Companies, Inc. (“McGraw-Hill”) and its licen- sors reserve all rights in and to the work. Use of this work is subject to these terms. Except as per- mitted under the Copyright Act of 1976 and the right to store and retrieve one copy of the work, you may not decompile, disassemble, reverse engineer, reproduce, modify, create derivative works based upon, transmit, distribute, disseminate, sell, publish or sublicense the work or any part of it without McGraw-Hill’s prior consent. You may use the work for your own noncommercial and per- sonal use; any other use of the work is strictly prohibited. Your right to use the work may be termi- nated if you fail to comply with these terms. THE WORK IS PROVIDED “AS IS.” McGRAW-HILL AND ITS LICENSORS MAKE NO GUARANTEES OR WARRANTIES AS TO THE ACCURACY, ADEQUACY OR COMPLETE- NESS OF OR RESULTS TO BE OBTAINED FROM USING THE WORK, INCLUDING ANY INFORMATION THAT CAN BE ACCESSED THROUGH THE WORK VIA HYPERLINK OR OTHERWISE, AND EXPRESSLY DISCLAIM ANY WARRANTY, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. McGraw-Hill and its licensors do not warrant or guarantee that the functions contained in the work will meet your requirements or that its operation will be uninterrupted or error free. Neither McGraw-Hill nor its licensors shall be liable to you or anyone else for any inaccuracy, error or omission, regardless of cause, in the work or for any dam- ages resulting therefrom. McGraw-Hill has no responsibility for the content of any information accessed through the work. Under no circumstances shall McGraw-Hill and/or its licensors be liable for any indirect, incidental, special, punitive, consequential or similar damages that result from the use of or inability to use the work, even if any of them has been advised of the possibility of such damages. This limitation of liability shall apply to any claim or cause whatsoever whether such claim or cause arises in contract, tort or otherwise. DOI: 10.1036/0071592539 We hope you enjoy this McGraw-Hill eBook! If you’d like more information about this book, its author, or related books and websites, please click here. Professional Want to learn more? BENJAMIN GRAHAM AND DAVID DODD forever changed the theory and practice of investing with the 1934 publica- tion of Security Analysis. The nation, and indeed the rest of the world, was in the grips of the Great Depression, a period that brought unprecedented upheaval to the financial world. In 1940, the authors responded with a comprehensive revision. The second edition of Security Analysis is considered by many investors to be the defini- tive word from the most influential investment philoso- phers of our time. Around the world, Security Analysis is still regarded as the fundamental text for the analysis of stocks and bonds. It is also considered to be the bible of value investing. To commemorate the 75th Anniversary of Security Analysis, McGraw-Hill is proud to publish this sixth edition. Using the text of the 1940 edition, this new edition features lively and practical essays written by a stellar team that includes today’s leading value investors, a prominent academic, and leading financial writers. The result is a contemporary bible of value investing. The sixth edition, with a new design that pays homage to the original 1940 design, includes a CD of the entire original 1940 second edition. This book was printed and bound by R.R. Donnelley in Crawfordsville, Indiana. “Many shall be restored that now are fallen, and many shall fall that now are in honor.” HORACE—ARS POETICA. CONTENTS Foreword • by Warren E. Buffett xi Preface to the Sixth Edition | The Timeless Wisdom of Graham and Dodd • by Seth A. Klarman xiii PREFACE TO THE SECOND EDITION xli PREFACE TO THE FIRST EDITION xliii Introduction to the Sixth Edition | Benjamin Graham and Security Analysis: The Historical Backdrop • by James Grant 1 INTRODUCTION TO THE SECOND EDITION 21 PART I SURVEY AND APPROACH Introduction to Part I | The Essential Lessons by Roger Lowenstein 39 Graham and Dodd chapters: 1. THE SCOPE AND LIMITS OF SECURITY ANALYSIS. THE CONCEPT OF INTRINSIC VALUE 61 2. FUNDAMENTAL ELEMENTS IN THE PROBLEM OF ANALYSIS. QUANTITATIVE AND QUALITATIVE FACTORS 75 3. SOURCES OF INFORMATION 89 4. DISTINCTIONS BETWEEN INVESTMENT AND SPECULATION 100 5. CLASSIFICATION OF SECURITIES 112 [vii] For more information about this title, click here For more information about this title, click here PART II FIXED-VALUE INVESTMENTS Introduction to Part II | Unshackling Bonds • by Howard S. Marks 123 Graham and Dodd chapters: 6. THE SELECTION OF FIXED-VALUE INVESTMENTS 141 7. THE SELECTION OF FIXED-VALUE INVESTMENTS: SECOND AND THIRD PRINCIPLES 151 8. SPECIFIC STANDARDS FOR BOND INVESTMENT 169 9. SPECIFIC STANDARDS FOR BOND INVESTMENT (CONTINUED) see accompanying CD 10. SPECIFIC STANDARDS FOR BOND INVESTMENT (CONTINUED) 180 11. SPECIFIC STANDARDS FOR BOND INVESTMENT (CONTINUED) see accompanying CD 12. SPECIAL FACTORS IN THE ANALYSIS OF RAILROAD AND PUBLIC-UTILITY BONDS see accompanying CD 13. OTHER SPECIAL FACTORS IN BOND ANALYSIS see accompanying CD 14. THE THEORY OF PREFERRED STOCKS see accompanying CD 15. TECHNIQUE OF SELECTING PREFERRED STOCKS FOR INVESTMENT 190 16. INCOME BONDS AND GUARANTEED SECURITIES 202 17. GUARANTEED SECURITIES (CONTINUED) 215 18. PROTECTIVE COVENANTS AND REMEDIES OF SENIOR SECURITY HOLDERS 229 19. PROTECTIVE COVENANTS (CONTINUED) 242 20. PREFERRED-STOCK PROTECTIVE PROVISIONS. MAINTENANCE OF JUNIOR CAPITAL see accompanying CD 21. SUPERVISION OF INVESTMENT HOLDINGS 252 PART III SENIOR SECURITIES WITH SPECULATIVE FEATURES Introduction to Part III | “Blood and Judgement” • by J. Ezra Merkin 265 Graham and Dodd chapters: 22. PRIVILEGED ISSUES 289 23. TECHNICAL CHARACTERISTICS OF PRIVILEGED SENIOR SECURITIES 299 24. TECHNICAL ASPECTS OF CONVERTIBLE ISSUES 313 25. SENIOR SECURITIES WITH WARRANTS. PARTICIPATING ISSUES. SWITCHING AND HEDGING see accompanying CD 26. SENIOR SECURITIES OF QUESTIONABLE SAFETY 323 [viii] Contents PART IV THEORY OF COMMON-STOCK INVESTMENT. THE DIVIDEND FACTOR Introduction to Part IV | Go with the Flow • by Bruce Berkowitz 339 Graham and Dodd chapters: 27. THE THEORY OF COMMON-STOCK INVESTMENT 348 28. NEWER CANONS OF COMMON-STOCK INVESTMENT 366 29. THE DIVIDEND FACTOR IN COMMON-STOCK ANALYSIS 376 30. STOCK DIVIDENDS see accompanying CD PART V ANALYSIS OF THE INCOME ACCOUNT. THE EARNINGS FACTOR IN COMMON-STOCK VALUATION Introduction to Part V | The Quest for Rational Investing by Glenn H. Greenberg 395 Graham and Dodd chapters: 31. ANALYSIS OF THE INCOME ACCOUNT 409 32. EXTRAORDINARY LOSSES AND OTHER SPECIAL ITEMS IN THE INCOME ACCOUNT 424 33. MISLEADING ARTIFICES IN THE INCOME ACCOUNT. EARNINGS OF SUBSIDIARIES 435 34. THE RELATION OF DEPRECIATION AND SIMILAR CHARGES TO EARNING POWER 453 35. PUBLIC-UTILITY DEPRECIATION POLICIES see accompanying CD 36. AMORTIZATION CHARGES FROM THE INVESTOR’S STANDPOINT see accompanying CD 37. SIGNIFICANCE OF THE EARNINGS RECORD 472 38. SPECIFIC REASONS FOR QUESTIONING OR REJECTING THE PAST RECORD 487 39. PRICE-EARNINGS RATIOS FOR COMMON STOCKS. ADJUSTMENTS FOR CHANGES IN CAPITALIZATION 496 40. CAPITALIZATION STRUCTURE 507 41. LOW-PRICED COMMON STOCKS. ANALYSIS OF THE SOURCE OF INCOME 520 PART VI BALANCE-SHEET ANALYSIS. IMPLICATIONS OF ASSET VALUES Introduction to Part VI | Deconstructing the Balance Sheet by Bruce Greenwald 535 Contents [ix] Graham and Dodd chapters: 42. BALANCE-SHEET ANALYSIS. SIGNIFICANCE OF BOOK VALUE 548 43. SIGNIFICANCE OF THE CURRENT-ASSET VALUE 559 44. IMPLICATIONS OF LIQUIDATING VALUE. STOCKHOLDER-MANAGEMENT RELATIONSHIPS 575 45. BALANCE-SHEET ANALYSIS (CONCLUDED) 591 PART VII ADDITIONAL ASPECTS OF SECURITY ANALYSIS. DISCREPANCIES BETWEEN PRICE AND VALUE Introduction to Part VII | The Great Illusion of the Stock Market and the Future of Value Investing • by David Abrams 617 Graham and Dodd chapters: 46. STOCK-OPTION WARRANTS see accompanying CD 47. COST OF FINANCING AND MANAGEMENT 633 48. SOME ASPECTS OF CORPORATE PYRAMIDING 644 49. COMPARATIVE ANALYSIS OF COMPANIES IN THE SAME FIELD 654 50. DISCREPANCIES BETWEEN PRICE AND VALUE 669 51. DISCREPANCIES BETWEEN PRICE AND VALUE (CONTINUED) 688 52. MARKET ANALYSIS AND SECURITY ANALYSIS 697 PART VIII GLOBAL VALUE INVESTING Globetrotting with Graham and Dodd • by Thomas A. Russo 711 APPENDIX see accompanying CD About This Edition 725 Acknowledgments 727 About the Contributors 729 About the Authors 733 Index 735 [x] Contents F O R E W O R D B Y WA R R E N E. B U F F E T T There are four books in my overflowing library that I particularlytreasure, each of them written more than 50 years ago. All,though, would still be of enormous value to me if I were to read them today for the first time; their wisdom endures though their pages fade. Two of those books are first editions of The Wealth of Nations (1776), by Adam Smith, and The Intelligent Investor (1949), by Benjamin Graham. A third is an original copy of the book you hold in your hands, Graham and Dodd’s Security Analysis. I studied from Security Analysis while I was at Columbia University in 1950 and 1951, when I had the extraordinary good luck to have Ben Graham and Dave Dodd as teachers. Together, the book and the men changed my life. On the utilitarian side, what I learned then became the bedrock upon which all of my investment and business decisions have been built. Prior to meeting Ben and Dave, I had long been fascinated by the stock market. Before I bought my first stock at age 11—it took me until then to accumu- late the $115 required for the purchase—I had read every book in the Omaha Public Library having to do with the stock market. I found many of them fascinating and all interesting. But none were really useful. My intellectual odyssey ended, however, when I met Ben and Dave, first through their writings and then in person. They laid out a roadmap for investing that I have now been following for 57 years. There’s been no reason to look for another. [xi] Copyright 2009, 1988, 1962, 1951, 1940, 1934 by The McGraw-Hill Companies, Inc. Click here for terms of use. Beyond the ideas Ben and Dave gave me, they showered me with friendship, encouragement, and trust. They cared not a whit for reciproca- tion—toward a young student, they simply wanted to extend a one-way street of helpfulness. In the end, that’s probably what I admire most about the two men. It was ordained at birth that they would be brilliant; they elected to be generous and kind. Misanthropes would have been puzzled by their behavior. Ben and Dave instructed literally thousands of potential competitors, young fel- lows like me who would buy bargain stocks or engage in arbitrage trans- actions, directly competing with the Graham-Newman Corporation, which was Ben’s investment company. Moreover, Ben and Dave would use current investing examples in the classroom and in their writings, in effect doing our work for us. The way they behaved made as deep an impression on me—and many of my classmates—as did their ideas. We were being taught not only how to invest wisely; we were also being taught how to live wisely. The copy of Security Analysis that I keep in my library and that I used at Columbia is the 1940 edition. I’ve read it, I’m sure, at least four times, and obviously it is special. But let’s get to the fourth book I mentioned, which is even more pre- cious. In 2000, Barbara Dodd Anderson, Dave’s only child, gave me her father’s copy of the 1934 edition of Security Analysis, inscribed with hun- dreds of marginal notes. These were inked in by Dave as he prepared for publication of the 1940 revised edition. No gift has meant more to me. [xii] Foreword [xiii] P r e f a c e t o t h e S i x t h E d i t i o n T H E T I M E L E S S W I S D O M O F G R A H A M A N D D O D D B Y S E T H A. K L A R M A N S eventy-five years after Benjamin Graham and David Dodd wrote Security Analysis, a growing coterie of modern-day value investors remain deeply indebted to them. Graham and David were two assiduous and unusually insightful thinkers seeking to give order to the mostly uncharted financial wilderness of their era. They kindled a flame that has illuminated the way for value investors ever since. Today, Security Analysis remains an invaluable roadmap for investors as they navigate through unpredictable, often volatile, and sometimes treacherous finan- cial markets. Frequently referred to as the “bible of value investing,” Secu- rity Analysis is extremely thorough and detailed, teeming with wisdom for the ages. Although many of the examples are obviously dated, their les- sons are timeless. And while the prose may sometimes seem dry, readers can yet discover valuable ideas on nearly every page. The financial mar- kets have morphed since 1934 in almost unimaginable ways, but Graham and Dodd’s approach to investing remains remarkably applicable today. Value investing, today as in the era of Graham and Dodd, is the prac- tice of purchasing securities or assets for less than they are worth—the proverbial dollar for 50 cents. Investing in bargain-priced securities pro- vides a “margin of safety”—room for error, imprecision, bad luck, or the vicissitudes of the economy and stock market. While some might mistak- enly consider value investing a mechanical tool for identifying bargains, Copyright 2009, 1988, 1962, 1951, 1940, 1934 by The McGraw-Hill Companies, Inc. Click here for terms of use. it is actually a comprehensive investment philosophy that emphasizes the need to perform in-depth fundamental analysis, pursue long-term investment results, limit risk, and resist crowd psychology. Far too many people approach the stock market with a focus on mak- ing money quickly. Such an orientation involves speculation rather than investment and is based on the hope that share prices will rise irrespec- tive of valuation. Speculators generally regard stocks as pieces of paper to be quickly traded back and forth, foolishly decoupling them from business reality and valuation criteria. Speculative approaches—which pay little or no attention to downside risk—are especially popular in ris- ing markets. In heady times, few are sufficiently disciplined to maintain strict standards of valuation and

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