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Benjamin Graham on Investing: Enduring Lessons from the Father of Value Investing Kindle Edition
“They laid out a road map for investing that I have now been following for 57 years. There’s been no reason to look for another.”
—Warren Buffett, on the writings of Benjamin Graham
Legendary investing author and philosopher Benjamin Graham lived through interesting times. Soon after his graduation from Columbia College, the nation entered the First World War. As the stock market fluctuated in wild dips and peaks, the government seized control of the railroad industry, inflation and interest rates rose dramatically, and economic depression loomed on the horizon.
During these events—and perhaps inspired by them—Graham began writing articles for The Magazine of Wall Street, putting to paper his earliest ideas on value investing and security analysis.
For the first time, these important works have been anthologized into a single volume. Benjamin Graham on Investing is a treasure trove of rare and out-of-print articles that document the early flashes of genius from a man whose ideas and theories would revolutionize investment philosophy and inspire the careers of such luminaries as Warren Buffett, Seth Klarman, Charlie Munger, and countless other top-tier investors.
The early works of Benjamin Graham have never been as relevant as they are today. The world’s markets are undergoing changeon a scale not unlike that of Graham’s era. David Darst, one of the world’s most respected experts on asset allocation, provides insightful analyses connecting Graham’s articles to events today.
,i>Benjamin Graham on Investing is a timeless classic that continues to have relevance more than 30 years after the author’s death.
From the Publisher
Rodney G. Klein is a Wall Street historian and former student of Benjamin Graham at UCLA. He founded the Klein Stock Market Museum & Library in Massillon, Ohio.
David M. Darst, CFA, is a managing director of Morgan Stanley. He serves as Chairman of the Asset Allocation Committee and Chief Investment Strategist of the Global Wealth Management Group. Darst was the founding president of the Morgan Stanley Investment Group. --This text refers to the hardcover edition.
From the Back Cover
Most famous for his investing classic Security Analysis, first published by McGraw-Hill in 1934, Benjamin Graham wrote for The Magazine of Wall Street between 1917 and 1927. It was in these early articles that Graham began fleshing out what would eventually become some of the most influential investment theories in history.
Now, for the first time, Graham's early writings are available exclusively in a single volume.
Benjamin Graham on Investing is a rare presentation of the legendary investor's unique analytical style and methods for determining a company's true value. Writing from the last two years of World War I through the years leading up to the crash of 1929, Graham's articles are not only indicative of the economic turbulence of the period but also serve as timeless pieces of wisdom for any investor.
Edited and featuring a preface by Rodney G. Klein, a former student of the legendary value investor, and with detailed commentary by asset allocation expert David M. Darst, this collection is a prized volume for any fan of Benjamin Graham.--This text refers to the hardcover edition.
- ASIN : B002Q69AKW
- Publisher : McGraw-Hill Education; 1st edition (Aug. 21 2009)
- Language : English
- File size : 5429 KB
- Simultaneous device usage : Up to 4 simultaneous devices, per publisher limits
- Text-to-Speech : Enabled
- Screen Reader : Supported
- Enhanced typesetting : Enabled
- X-Ray : Not Enabled
- Word Wise : Enabled
- Print length : 417 pages
- Page numbers source ISBN : 0071621423
- Best Sellers Rank: #1,529,485 in Kindle Store (See Top 100 in Kindle Store)
- Customer Reviews:
About the author
Top reviews from other countries
By way of background: I have been in this business for 33 years.
Many of the concepts Graham talked about are not applicable today. He goes into discussions on how certain companies are overestimating their tax, that we must remove some of the tax liability and add it to the balance sheet, etc. Other stories involve a mining company expected to dissolve in the near future and how we should see what the value of assets will be once it dissolves.
This book also discusses bonds. I've never owned a bond nor do I plan to, at least for a very long time.
I rummaged through this book through the bookstore and read the discussions on how Goodyear bought expensive assets and took on too much growth during the boom years and how it's business suffered during the depression because of this. I thought this book would be filled with examples on how to analyze the merits of a company's management by using the numbers. Instead, this book focuses heavily on accounting. I would say this book focueses in great detail on things I don't care about, quite frankly.
Graham's writing style is quite dry. "Security Analysis" is very dry. "Intelligent Investor" is also dry but is at least readable and serves more as a guidebook on how to think, and how to approach the markets. This book is more of a careful analysis on the statistics on certain companies from the early 1900's, and a very analytical discussion on their financial statements.
Graham came from a different time. A few of the articles discuss how companies are approaching taxes on assets and goodwill, and a tax code that has changed dramatically since the early 1900's, and how we must make adjustments to get the correct book value.
This book came from a different era; stocks were still viewed as "speculative" and the only safe way to invest in stocks is if you didn't buy at a price higher than book value. The business world has changed significantly since those days. Now, companies are all about doing more with less, outsourcing, and focusing on ROI and ROE. I just don't think this book is relevant. Though, some very serious value investors may actually enjoy this book! I cannot give this book a low rating. However, I was disappointed with it. We also see articles by a very young Graham and see him write things we probably wouldn't have seen from him in later years. As an example, after a dry discussions on capitalization, assets, depreciaction, and on and on, Graham concludes that there's not much value in the company, but the article ends by saying since the shares are under accumulation and this usually ends up with further higher prices, we should buy. That goes against the Graham I imagine.
I have read literally hundreds of books about the stock market. I can read books that discuss technical analysis, fundamentals, etc. I read a book by Mary Buffett in a few days, "Buffettology" which discusses competitive advantage, and other important topics. But this book is about as exciting as reading a textbook on your least favorite subjetc. And to add to that, much of it is not relevant.