关闭

关闭

关闭

封号提示

内容

首页 Security Analysis Sixth Edition - Benjamin Grah…

Security Analysis Sixth Edition - Benjamin Graham & David Dodd.pdf

Security Analysis Sixth Edition…

上传者: PositiveWords 2013-04-27 评分 0 0 0 0 0 0 暂无简介 简介 举报

简介:本文档为《Security Analysis Sixth Edition - Benjamin Graham & David Doddpdf》,可适用于专利领域,主题内容包含PRAISEFORTHESIXTHEDITIONOFSECURITYANALYSIS“ThesixtheditionoftheiconicSecur符等。

PRAISEFORTHESIXTHEDITIONOFSECURITYANALYSIS“ThesixtheditionoftheiconicSecurityAnalysisdisprovestheadage‘’tisbesttoleavewellenoughalone’Anextraordinaryteamofcommentators,ledbySethKlarmanandJamesGrant,bridgethegapbetweenthesimplerfinancialworldofthesandthemorecomplexinvestmentarenaofthenewmillenniumReadersbenefitfromtheexperienceandwisdomofsomeofthefinancialworld’sfinestpractitionersandbestinformedmarketobserversTheneweditionofSecurityAnalysisbelongsinthelibraryofeveryseriousstudentoffinance”DavidFSwensenChiefInvestmentOfficerYaleUniversityauthorofPioneeringPortfolioManagementandUnconventionalSuccess“ThebestofthepastmadecurrentbythebestofthepresentTigerWoodsupdatesBenHoganIthastobegoodforyourgame”JackMeyerManagingPartnerandCEOConvexityCapital“SecurityAnalysis,aclassicupdatedbysomeofthegreatestfinancialmindsofourgeneration,ismoreessentialthaneverasalearningtoolandreferencebookfordisciplinedinvestorstoday”JamieDimonChairmanandCEOJPMorganChase“WhileCocaColafounditcouldn’timproveonatimetestedclassic,SethKlarman,JimGrant,BruceGreenwald,etal,provethatagreatbookcanbemadeevenbetterSethKlarman’sprefaceshouldberequiredreadingforallinvestors,andcollectively,thecontributingeditors’updatesmakeforaclassicintheirownrightTheenduringlessonisthatanunderstandingofhumanbehaviorisacriticalpartoftheprocessofsecurityanalysis”BrianCRogersChairmanTRowePriceGroup“AclassichasnowbeenupdatedbysomeofthegreatestandmostthoughtfulinvestorsofourtimeThebookwasamustreadandhasnowbeenelevatedtoanewlevel”DanielSOchSeniorManagingMemberOchZiffCapitalManagementGroup“ReaderswillfindtheupdatedversionofGrahamandDodd’sSecurityAnalysistobemuchimprovedfromearliereditionsWhilethetimelessadvicefromtwoofthegreatestvalueinvestorscontinuestoresonate,theessaysthatarecontributedbysomeoftheworld’stopvalueinvestorsaddimmeasurablytothereadTheseinvestorspracticewhattheypreachintheiressaysandcombinetomakethiseditionthebestever!Ihighlyrecommendthisvolumetoallinvestorsoldandyoungwhowillbenefitfromthetriedandtrueprinciplesofthepastandtheupdatedapplicationstotoday’sturbulentmarkets!”MorrisSmithPrivateInvestorFormerManagerFidelityMagellanFund“NobookempowersyouwithbettertoolsforintelligentinvestingthanSecurityAnalysisSethKlarmanandhisfabulousteamhaveproducedanonpareileditionofBenGraham’sclassicforthenewmillennium”MasonHawkinsChairman,LongleafPartnersSoutheasternAssetManagement“TheideasofGrahamandDoddhavewithstoodallkindsofmarketconditionsandyearsofscrutinymakingthemevermorerelevantformoderndayinvestingTheessaysbyKlarmanandotherstoriedvalueinvestorslucidlyillustratethatwhilethecapitalmarketslandscapemaybevastlychangedfromyearspast,basicinvestortraitsarenot,anddisciplinedapplicationoftheprinciplesofSecurityAnalysiscontinuestoprovideanimportantedgeininvesting”AndréFPeroldGeorgeGundProfessorofFinanceandBankingHarvardBusinessSchoolThispageintentionallyleftblankSECURITYANALYSISSECURITYANALYSISPRIOREDITIONSGrahamandDodd:SecurityAnalysis,FirstEdition()GrahamandDodd:SecurityAnalysis,SecondEdition()GrahamandDodd:SecurityAnalysis,ThirdEdition()Graham,Dodd,Cottle,andTatham:SecurityAnalysis,FourthEdition()Graham,Dodd,Cottle,Murray,Block,Leibowitz:SecurityAnalysis,FifthEdition()SECURITYANALYSISPrinciplesandTechniqueBENJAMINGRAHAMInvestmentFundManagerLecturerinFinanceColumbiaUniversityANDDAVIDLDODDAssociateProfessorofFinanceColumbiaUniversitySixthEditionNewYorkChicagoSanFranciscoLisbonLondonMadridMexicoCityMilanNewDelhiSanJuanSeoulSingaporeSydneyTorontoCopyright,,,,,byTheMcGrawHillCompanies,IncAllrightsreservedManufacturedintheUnitedStatesofAmericaExceptaspermittedundertheUnitedStatesCopyrightActof,nopartofthispublicationmaybereproducedordistributedinanyformorbyanymeans,orstoredinadatabaseorretrievalsystem,withoutthepriorwrittenpermissionofthepublisherThematerialinthiseBookalsoappearsintheprintversionofthistitle:AlltrademarksaretrademarksoftheirrespectiveownersRatherthanputatrademarksymbolaftereveryoccurrenceofatrademarkedname,weusenamesinaneditorialfashiononly,andtothebenefitofthetrademarkowner,withnointentionofinfringementofthetrademarkWheresuchdesignationsappearinthisbook,theyhavebeenprintedwithinitialcapsMcGrawHilleBooksareavailableatspecialquantitydiscountstouseaspremiumsandsalespromotions,orforuseincorporatetrainingprogramsFormoreinformation,pleasecontactGeorgeHoare,SpecialSales,atgeorgehoaremcgrawhillcomor()TERMSOFUSEThisisacopyrightedworkandTheMcGrawHillCompanies,Inc(“McGrawHill”)anditslicensorsreserveallrightsinandtotheworkUseofthisworkissubjecttothesetermsExceptaspermittedundertheCopyrightActofandtherighttostoreandretrieveonecopyofthework,youmaynotdecompile,disassemble,reverseengineer,reproduce,modify,createderivativeworksbasedupon,transmit,distribute,disseminate,sell,publishorsublicensetheworkoranypartofitwithoutMcGrawHill’spriorconsentYoumayusetheworkforyourownnoncommercialandpersonaluseanyotheruseoftheworkisstrictlyprohibitedYourrighttousetheworkmaybeterminatedifyoufailtocomplywiththesetermsTHEWORKISPROVIDED“ASIS”McGRAWHILLANDITSLICENSORSMAKENOGUARANTEESORWARRANTIESASTOTHEACCURACY,ADEQUACYORCOMPLETENESSOFORRESULTSTOBEOBTAINEDFROMUSINGTHEWORK,INCLUDINGANYINFORMATIONTHATCANBEACCESSEDTHROUGHTHEWORKVIAHYPERLINKOROTHERWISE,ANDEXPRESSLYDISCLAIMANYWARRANTY,EXPRESSORIMPLIED,INCLUDINGBUTNOTLIMITEDTOIMPLIEDWARRANTIESOFMERCHANTABILITYORFITNESSFORAPARTICULARPURPOSEMcGrawHillanditslicensorsdonotwarrantorguaranteethatthefunctionscontainedintheworkwillmeetyourrequirementsorthatitsoperationwillbeuninterruptedorerrorfreeNeitherMcGrawHillnoritslicensorsshallbeliabletoyouoranyoneelseforanyinaccuracy,errororomission,regardlessofcause,intheworkorforanydamagesresultingtherefromMcGrawHillhasnoresponsibilityforthecontentofanyinformationaccessedthroughtheworkUndernocircumstancesshallMcGrawHillandoritslicensorsbeliableforanyindirect,incidental,special,punitive,consequentialorsimilardamagesthatresultfromtheuseoforinabilitytousethework,evenifanyofthemhasbeenadvisedofthepossibilityofsuchdamagesThislimitationofliabilityshallapplytoanyclaimorcausewhatsoeverwhethersuchclaimorcausearisesincontract,tortorotherwiseDOI:WehopeyouenjoythisMcGrawHilleBook!Ifyou’dlikemoreinformationaboutthisbook,itsauthor,orrelatedbooksandwebsites,pleaseclickhereProfessionalWanttolearnmoreBENJAMINGRAHAMANDDAVIDDODDforeverchangedthetheoryandpracticeofinvestingwiththepublicationofSecurityAnalysisThenation,andindeedtherestoftheworld,wasinthegripsoftheGreatDepression,aperiodthatbroughtunprecedentedupheavaltothefinancialworldIn,theauthorsrespondedwithacomprehensiverevisionThesecondeditionofSecurityAnalysisisconsideredbymanyinvestorstobethedefinitivewordfromthemostinfluentialinvestmentphilosophersofourtimeAroundtheworld,SecurityAnalysisisstillregardedasthefundamentaltextfortheanalysisofstocksandbondsItisalsoconsideredtobethebibleofvalueinvestingTocommemoratethethAnniversaryofSecurityAnalysis,McGrawHillisproudtopublishthissixtheditionUsingthetextoftheedition,thisneweditionfeatureslivelyandpracticalessayswrittenbyastellarteamthatincludestoday’sleadingvalueinvestors,aprominentacademic,andleadingfinancialwritersTheresultisacontemporarybibleofvalueinvestingThesixthedition,withanewdesignthatpayshomagetotheoriginaldesign,includesaCDoftheentireoriginalsecondeditionThisbookwasprintedandboundbyRRDonnelleyinCrawfordsville,Indiana“Manyshallberestoredthatnowarefallen,andmanyshallfallthatnowareinhonor”HORACEARSPOETICACONTENTSForeword•byWarrenEBuffettxiPrefacetotheSixthEdition|TheTimelessWisdomofGrahamandDodd•bySethAKlarmanxiiiPREFACETOTHESECONDEDITIONxliPREFACETOTHEFIRSTEDITIONxliiiIntroductiontotheSixthEdition|BenjaminGrahamandSecurityAnalysis:TheHistoricalBackdrop•byJamesGrantINTRODUCTIONTOTHESECONDEDITIONPARTISURVEYANDAPPROACHIntroductiontoPartI|TheEssentialLessonsbyRogerLowensteinGrahamandDoddchapters:THESCOPEANDLIMITSOFSECURITYANALYSISTHECONCEPTOFINTRINSICVALUEFUNDAMENTALELEMENTSINTHEPROBLEMOFANALYSISQUANTITATIVEANDQUALITATIVEFACTORSSOURCESOFINFORMATIONDISTINCTIONSBETWEENINVESTMENTANDSPECULATIONCLASSIFICATIONOFSECURITIESviiFormoreinformationaboutthistitle,clickhereFormoreinformationaboutthistitle,clickherePARTIIFIXEDVALUEINVESTMENTSIntroductiontoPartII|UnshacklingBonds•byHowardSMarksGrahamandDoddchapters:THESELECTIONOFFIXEDVALUEINVESTMENTSTHESELECTIONOFFIXEDVALUEINVESTMENTS:SECONDANDTHIRDPRINCIPLESSPECIFICSTANDARDSFORBONDINVESTMENTSPECIFICSTANDARDSFORBONDINVESTMENT(CONTINUED)seeaccompanyingCDSPECIFICSTANDARDSFORBONDINVESTMENT(CONTINUED)SPECIFICSTANDARDSFORBONDINVESTMENT(CONTINUED)seeaccompanyingCDSPECIALFACTORSINTHEANALYSISOFRAILROADANDPUBLICUTILITYBONDSseeaccompanyingCDOTHERSPECIALFACTORSINBONDANALYSISseeaccompanyingCDTHETHEORYOFPREFERREDSTOCKSseeaccompanyingCDTECHNIQUEOFSELECTINGPREFERREDSTOCKSFORINVESTMENTINCOMEBONDSANDGUARANTEEDSECURITIESGUARANTEEDSECURITIES(CONTINUED)PROTECTIVECOVENANTSANDREMEDIESOFSENIORSECURITYHOLDERSPROTECTIVECOVENANTS(CONTINUED)PREFERREDSTOCKPROTECTIVEPROVISIONSMAINTENANCEOFJUNIORCAPITALseeaccompanyingCDSUPERVISIONOFINVESTMENTHOLDINGSPARTIIISENIORSECURITIESWITHSPECULATIVEFEATURESIntroductiontoPartIII|“BloodandJudgement”•byJEzraMerkinGrahamandDoddchapters:PRIVILEGEDISSUESTECHNICALCHARACTERISTICSOFPRIVILEGEDSENIORSECURITIESTECHNICALASPECTSOFCONVERTIBLEISSUESSENIORSECURITIESWITHWARRANTSPARTICIPATINGISSUESSWITCHINGANDHEDGINGseeaccompanyingCDSENIORSECURITIESOFQUESTIONABLESAFETYviiiContentsPARTIVTHEORYOFCOMMONSTOCKINVESTMENTTHEDIVIDENDFACTORIntroductiontoPartIV|GowiththeFlow•byBruceBerkowitzGrahamandDoddchapters:THETHEORYOFCOMMONSTOCKINVESTMENTNEWERCANONSOFCOMMONSTOCKINVESTMENTTHEDIVIDENDFACTORINCOMMONSTOCKANALYSISSTOCKDIVIDENDSseeaccompanyingCDPARTVANALYSISOFTHEINCOMEACCOUNTTHEEARNINGSFACTORINCOMMONSTOCKVALUATIONIntroductiontoPartV|TheQuestforRationalInvestingbyGlennHGreenbergGrahamandDoddchapters:ANALYSISOFTHEINCOMEACCOUNTEXTRAORDINARYLOSSESANDOTHERSPECIALITEMSINTHEINCOMEACCOUNTMISLEADINGARTIFICESINTHEINCOMEACCOUNTEARNINGSOFSUBSIDIARIESTHERELATIONOFDEPRECIATIONANDSIMILARCHARGESTOEARNINGPOWERPUBLICUTILITYDEPRECIATIONPOLICIESseeaccompanyingCDAMORTIZATIONCHARGESFROMTHEINVESTOR’SSTANDPOINTseeaccompanyingCDSIGNIFICANCEOFTHEEARNINGSRECORDSPECIFICREASONSFORQUESTIONINGORREJECTINGTHEPASTRECORDPRICEEARNINGSRATIOSFORCOMMONSTOCKSADJUSTMENTSFORCHANGESINCAPITALIZATIONCAPITALIZATIONSTRUCTURELOWPRICEDCOMMONSTOCKSANALYSISOFTHESOURCEOFINCOMEPARTVIBALANCESHEETANALYSISIMPLICATIONSOFASSETVALUESIntroductiontoPartVI|DeconstructingtheBalanceSheetbyBruceGreenwaldContentsixGrahamandDoddchapters:BALANCESHEETANALYSISSIGNIFICANCEOFBOOKVALUESIGNIFICANCEOFTHECURRENTASSETVALUEIMPLICATIONSOFLIQUIDATINGVALUESTOCKHOLDERMANAGEMENTRELATIONSHIPSBALANCESHEETANALYSIS(CONCLUDED)PARTVIIADDITIONALASPECTSOFSECURITYANALYSISDISCREPANCIESBETWEENPRICEANDVALUEIntroductiontoPartVII|TheGreatIllusionoftheStockMarketandtheFutureofValueInvesting•byDavidAbramsGrahamandDoddchapters:STOCKOPTIONWARRANTSseeaccompanyingCDCOSTOFFINANCINGANDMANAGEMENTSOMEASPECTSOFCORPORATEPYRAMIDINGCOMPARATIVEANALYSISOFCOMPANIESINTHESAMEFIELDDISCREPANCIESBETWEENPRICEANDVALUEDISCREPANCIESBETWEENPRICEANDVALUE(CONTINUED)MARKETANALYSISANDSECURITYANALYSISPARTVIIIGLOBALVALUEINVESTINGGlobetrottingwithGrahamandDodd•byThomasARussoAPPENDIXseeaccompanyingCDAboutThisEditionAcknowledgmentsAbouttheContributorsAbouttheAuthorsIndexxContentsFOREWORDBYWARRENEBUFFETTTherearefourbooksinmyoverflowinglibrarythatIparticularlytreasure,eachofthemwrittenmorethanyearsagoAll,though,wouldstillbeofenormousvaluetomeifIweretoreadthemtodayforthefirsttimetheirwisdomenduresthoughtheirpagesfadeTwoofthosebooksarefirsteditionsofTheWealthofNations(),byAdamSmith,andTheIntelligentInvestor(),byBenjaminGrahamAthirdisanoriginalcopyofthebookyouholdinyourhands,GrahamandDodd’sSecurityAnalysisIstudiedfromSecurityAnalysiswhileIwasatColumbiaUniversityinand,whenIhadtheextraordinarygoodlucktohaveBenGrahamandDaveDoddasteachersTogether,thebookandthemenchangedmylifeOntheutilitarianside,whatIlearnedthenbecamethebedrockuponwhichallofmyinvestmentandbusinessdecisionshavebeenbuiltPriortomeetingBenandDave,IhadlongbeenfascinatedbythestockmarketBeforeIboughtmyfirststockatageittookmeuntilthentoaccumulatethe$requiredforthepurchaseIhadreadeverybookintheOmahaPublicLibraryhavingtodowiththestockmarketIfoundmanyofthemfascinatingandallinterestingButnonewerereallyusefulMyintellectualodysseyended,however,whenImetBenandDave,firstthroughtheirwritingsandtheninpersonTheylaidoutaroadmapforinvestingthatIhavenowbeenfollowingforyearsThere’sbeennoreasontolookforanotherxiCopyright,,,,,byTheMcGrawHillCompanies,IncClickherefortermsofuseBeyondtheideasBenandDavegaveme,theyshoweredmewithfriendship,encouragement,andtrustTheycarednotawhitforreciprocationtowardayoungstudent,theysimplywantedtoextendaonewaystreetofhelpfulnessIntheend,that’sprobablywhatIadmiremostaboutthetwomenItwasordainedatbirththattheywouldbebrillianttheyelectedtobegenerousandkindMisanthropeswouldhavebeenpuzzledbytheirbehaviorBenandDaveinstructedliterallythousandsofpotentialcompetitors,youngfellowslikemewhowouldbuybargainstocksorengageinarbitragetransactions,directlycompetingwiththeGrahamNewmanCorporation,whichwasBen’sinvestmentcompanyMoreover,BenandDavewouldusecurrentinvestingexamplesintheclassroomandintheirwritings,ineffectdoingourworkforusThewaytheybehavedmadeasdeepanimpressiononmeandmanyofmyclassmatesasdidtheirideasWewerebeingtaughtnotonlyhowtoinvestwiselywewerealsobeingtaughthowtolivewiselyThecopyofSecurityAnalysisthatIkeepinmylibraryandthatIusedatColumbiaistheeditionI’vereadit,I’msure,atleastfourtimes,andobviouslyitisspecialButlet’sgettothefourthbookImentioned,whichisevenmorepreciousIn,BarbaraDoddAnderson,Dave’sonlychild,gavemeherfather’scopyoftheeditionofSecurityAnalysis,inscribedwithhundredsofmarginalnotesThesewereinkedinbyDaveashepreparedforpublicationoftherevisededitionNogifthasmeantmoretomexiiForewordxiiiPrefacetotheSixthEditionTHETIMELESSWISDOMOFGRAHAMANDDODDBYSETHAKLARMANSeventyfiveyearsafterBenjaminGrahamandDavidDoddwroteSecurityAnalysis,agrowingcoterieofmoderndayvalueinvestorsremaindeeplyindebtedtothemGrahamandDavidweretwoassiduousandunusuallyinsightfulthinkersseekingtogiveordertothemostlyunchartedfinancialwildernessoftheireraTheykindledaflamethathasilluminatedthewayforvalueinvestorseversinceToday,SecurityAnalysisremainsaninvaluableroadmapforinvestorsastheynavigatethroughunpredictable,oftenvolatile,andsometimestreacherousfinancialmarketsFrequentlyreferredtoasthe“bibleofvalueinvesting,”SecurityAnalysisisextremelythoroughanddetailed,teemingwithwisdomfortheagesAlthoughmanyoftheexamplesareobviouslydated,theirlessonsaretimelessAndwhiletheprosemaysometimesseemdry,readerscanyetdiscovervaluableideasonnearlyeverypageThefinancialmarketshavemorphedsinceinalmostunimaginableways,butGrahamandDodd’sapproachtoinvestingremainsremarkablyapplicabletodayValueinvesting,todayasintheeraofGrahamandDodd,isthepracticeofpurchasingsecuritiesorassetsforlessthantheyareworththeproverbialdollarforcentsInvestinginbargainpricedsecuritiesprovidesa“marginofsafety”roomforerror,imprecision,badluck,orthevicissitudesoftheeconomyandstockmarketWhilesomemightmistakenlyconsidervalueinvestingamechanicaltoolforidentifyingbargains,Copyright,,,,,byTheMcGrawHillCompanies,IncClickherefortermsofuseitisactuallyacomprehensiveinvestmentphilosophythatemphasizestheneedtoperformindepthfundamentalanalysis,pursuelongterminvestmentresults,limitrisk,andresistcrowdpsychologyFartoomanypeopleapproachthestockmarketwithafocusonmakingmoneyquicklySuchanorientationinvolvesspeculationratherthaninvestmentandisbasedonthehopethatsharepriceswillriseirrespectiveofvaluationSpeculatorsgenerallyregardstocksaspiecesofpapertobequicklytradedbackandforth,foolishlydecouplingthemfrombusinessrealityandvaluationcriteriaSpeculativeapproacheswhichpaylittleornoattentiontodownsideriskareespeciallypopularinrisingmarketsInheadytimes,fewaresufficientlydisciplinedtomaintainstrictstandardsofvaluationand

用户评论(0)

0/200

精彩专题

上传我的资料

每篇奖励 +1积分

资料评价:

/49
仅支持在线阅读

意见
反馈

立即扫码关注

爱问共享资料微信公众号

返回
顶部