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"A road map for investing that I have now been following for 57 years."
--From the Foreword by Warren E. Buffett

First published in 1934, Security Analysis is one of the most influential financial books ever written. Selling more than one million copies through five editions, it has provided generations of investors with the timeless value investing philosophy and techniques of Benjamin Graham and David L. Dodd.

As relevant today as when they first appeared nearly 75 years ago, the teachings of Benjamin Graham, ?the father of value investing,? have withstood the test of time across a wide diversity of market conditions, countries, and asset classes.

This new sixth edition, based on the classic 1940 version, is enhanced with 200 additional pages of commentary from some of today?s leading Wall Street money managers. These masters of value investing explain why the principles and techniques of Graham and Dodd are still highly relevant even in today?s vastly different markets.

Featuring a foreword by Warren E. Buffett (in which he reveals that he has read the 1940 masterwork at least four times), this new edition of Security Analysis will reacquaint you with the foundations of value investing?more relevant than ever in the tumultuous 21st century markets.

FEATURE

Leading the new edition are:

* Seth A. Klarman, whose outstanding 25-year investing record, writings-including his book Margin of Safety-and teaching have made him a worthy heir to the traditions of Graham and Buffet
* Columbia Professor Bruce Greenwald, who teaches a popular class in value investing at Columbia Business School and is the author of Value Investing
* James Grant, the editor of Grant's Interest Rate Observer, is the author of four books on finance and financial history
* Jeffrey M. Laderman, who has covered finance and investing for 25 years at BusinessWeek
* Release coincides with the 75th anniversary in 2009 of the first edition; Columbia Business School is planning a big celebration

Foreword Warren E. Buffett Buffett, Warren E.

Preface to the Sixth Edition: The Timeless Wisdom of Graham and Dodd Seth A. Klarman Klarman, Seth A.

Introduction to the Sixth Edition: Benjamin Graham and Security Analysis: The Historical Backdrop James Grant Grant, James 1

Pt. I Survey and Approach

Introduction to Part I: The Essential Lessons Roger Lowenstein Lowenstein, Roger 39

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

Pt. II Fixed-Value Investments

Introduction to Part II: Unshackling Bonds Howard S. Marks Marks, Howard S. 123
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

Pt. III Senior Securities With Speculative Features

Introduction to Part III: "Blood and Judgement" J. Ezra Merkin Merkin, J. Ezra 265
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

Pt. IV Theory of Common-Stock Investment. The Dividend Factor

Introduction to Part IV: Go with the Flow Bruce Berkowitz Berkowitz, Bruce 339

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

Pt. V Analysis of the Income Account. The Earnings Factor in Common-Stock Valuation

Introduction to Part V: The Quest for Rational Investing Glenn H. Greenberg Greenberg, Glenn H. 395

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

Pt. VI Balance-Sheet Analysis. Implications of Asset Values

Introduction to Part VI: Deconstructing the Balance Sheet Bruce Greenwald Greenwald, Bruce 535

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

Pt. 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 David Abrams Abrams, David 617

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

Pt. VIII Global Value Investing

Globetrotting with Graham and Dodd Thomas A. Russo Russo, Thomas A. 711
Appendix See Accompanying CD
Index 735

세계 최고의 거부 워렌 버핏의 57년간 투자 지침서 「Security Analysis」

전 세계적인 경제공황 속에서도 '워렌 버핏'은 마이크로소프트 회장 '빌 게이츠'를 제치고 버크셔해서웨이 회장이 빌 게이츠 마이크로소프트 창업자를 제치고 세계 최고의 거부로 올라섰다.
워렌 버핏은 8월 29일과 10월 1일 사이에 80억 달러의 재산을 늘려 지난 15년간 빌게이츠가 지켜왔던 최고 갑부의 자리를 차지하게 된 것이다.

로이터통신은 세계 최고의 부자로 올라선 것은 바로 그가 57년간 소장해온 「Security Analysis」에 기반한 투자였기 때문이라고 밝혔다. 이 책은 57년간 투자 지침서로 삼아온 도서로 컬럼비아대학의 벤저민 그레이엄과 데이비드 도드 교수가 1934년 공동으로 집필한 책으로 약 100만부 이상 팔린 가치투자의 고전이다.

워렌 버핏은 최근 6번째 개정판에 추천의 글을 쓰기도 하였다. 1930년 미국대공황의 시기에 '과학적 투자'개념을 도입한 것으로 적정가격 이하로 거래되는 주식이나 채권에 관심을 가지라는 내용이 주 내용이다. 추천의 글을 쓸 만큼 워렌 버핏의 투자 BIBLE인 이 책을 통해서 투자에 대한 가치와 방법을 재정립해보는 것은 어떨까?