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首页 Security Analysis Sixth Edition - Benjamin Graha…

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

Security Analysis Sixth Edition…

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简介:本文档为《Security Analysis Sixth Edition - Benjamin Graham & David Doddpdf》,可适用于专利领域

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”McGRAWHILLANDITSLICENSORSMAKENOGUARANTEESORWARRANTIESASTOTHEACC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RECORDSPECIFICREASONSFORQUESTIONINGORREJECTINGTHEPASTRECORDPRICEEARNINGSRATIOSFORCOMMONSTOCKSADJUSTMENTSFORCHANGESINCAPITALIZATIONCAPITALIZATIONSTRUCTURELOWPRICEDCOMMONSTOCKSANALYSISOFTHESOURCEOFINCOMEPARTVIBALANCESHEETANALYSISIMPLICATIONSOFASSETVALUESIntroductiontoPartVI|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

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