Security Analysis

Name: Security Analysis
ISBN: 9787220115271

本杰明·格雷厄姆 / 戴维·多德 / 巴曙松 / 陈剑Sichuan People's Publishing House · ChinaMar 2022

4.7

Word count: 562K words
Chapters: 86
ISBN: 9787220115271

Report an error Find this book

Summary

In this book, Graham and Dodd introduce the concept of value investing for the first time, setting out its basic framework across three dimensions: the principles of security analysis, the three major methods of security analysis, and the practical application of security analysis.

Editor's review

The value of Security Analysis lies not in offering a stock-picking formula to be applied mechanically, but in establishing a way of thinking about securities: reducing stocks and bonds to corporate equity and claims, judging their intrinsic value from operations and assets, and then comparing that value with the market price. Graham and Dodd proceed layer by layer from analytical principles to analytical methods to practical operations; the argument is rigorous, and the cases bear a distinct mark of their era. The real gain from reading it is learning to distinguish investment from speculation, price fluctuation from change in value, and to remain prudent when information is incomplete. For today's readers, some accounting conventions and market conditions in the book have changed, so it is best treated as a methodological classic rather than an operations manual, and read alongside modern financial analysis and regulatory rules. Suited to readers willing to read slowly and reread.

Who it's for

A good fit for

Individual investors who want a systematic understanding of the logical framework of value investing
Students in finance and accounting who need to read the classic source text
Practitioners in securities research who need to solidify their analytical methods
Long-term investors who want to train prudent judgment and are not content with chasing momentum

Not a good fit for

Readers looking for short-term trading techniques or quick-profit methods
Beginners without basic financial and accounting concepts who want a zero-threshold introduction
Readers who only want conclusions and summaries and are unwilling to read the argument

Reading tips

Start with the introduction and the principles section, grasp the two core concepts of intrinsic value and margin of safety, and then move on
Slow down on specific accounting and case chapters, and take notes comparing them with modern financial reporting conventions
After finishing, restate the three major analytical methods in your own words to test whether you truly understand the framework rather than merely remembering conclusions

About the publisher

Sichuan People's Publishing House China · Founded in 1952

Sichuan People's Publishing House is a comprehensive publisher whose list spans social fiction, art, foreign literature, finance and biography; the 358 titles in the database show a catalogue balancing classics with general reading. Representative books include Lu Xun's A Madman's Diary, Feng Zikai's Paintings for the Protection of Life, works associated with Li Shutong, and foreign-literature translations such as André Gide's Strait Is the Gate and Yasunari Kawabata's Snow Country and The Dancing Girl: Classic Works of Yasunari Kawabata. In finance there is Security Analysis, and in biography the New Biography of Su Dongpo. Authors represented include Lu Xun, Feng Zikai, Li Shutong, Li Yumin, Zhu Zuci and Ye Zongmin. The publishing profile emphasizes literary classics alongside art books, and uses thematic series such as the "banned books" collection to address intellectual and scientific themes. Public information is limited, so this introduction focuses on the directions reflected in the database.

版权信息
各方赞誉
推荐序一改变一生的智慧之书
推荐序二重剑无锋，大巧不工
译者序在中国证券市场转型的过程中重温经典的价值 ——《证券分析》第6版译本序
证券分析（上）
第6版前言格雷厄姆和多德的永恒智慧
第2版前言对金融行业新发展的探讨
第1版前言不可以蠡测海
第6版引言格雷厄姆与《证券分析》
第2版引言投资策略的难题
第一部分证券分析综览及方法
导读一必不可少的教诲
导读二为什么价值投资适合中国
01 证券分析的范围与局限以及内在价值的概念
02 分析问题的基本要素以及定量和定性因素
03 信息来源
04 区分投资与投机
05 证券的分类
第二部分固定价值投资
导读三解开债券之谜
导读四从危机出发
06 固定价值投资选择的第一原则
07 固定价值投资选择的第二和第三原则
08 债券投资的具体标准
09 债券投资的具体标准（续）
10 债券投资的具体标准（再续）
11 债券投资的具体标准（完）
12 铁路与公用事业债券分析中的特殊因素
13 债券分析中的其他特殊因素
14 优先股理论
15 优先股投资的选择技巧
16 收益债券和担保证券
17 担保证券（续）
18 保护性条款与优先证券持有人的补偿
19 保护性条款（续）
20 优先股的保护性条款与维持充足的次级资本
21 对所持证券的监管
第三部分具有投机特征的优先证券
导读五 “冲动与理智”
22 特权证券
23 附带特权优先证券的技术特征
24 可转换证券的技术特征
25 附带认股权证的优先证券、参与型证券、转换与对冲
26 存在安全性问题的优先证券
第四部分普通股投资理论与股息因素
导读六跟随现金流
导读七高安全性和高收益率的股票投资
27 普通股投资理论
28 普通股投资的新准则
29 普通股分析的股息因素
30 股票股息
证券分析（下）
第五部分损益表分析与影响普通股估值的收益因素
导读八追求理性投资
31 损益表分析
32 损益表中的非经常性损失和其他特殊项目
33 损益表中的误导手段与子公司的盈利
34 盈利能力与折旧及其他类似费用之间的关系
35 公用事业类公司的折旧政策
36 从投资者的角度来看折旧与摊销费用
37 过往收益的作用
38 质疑或否定过往收益
39 普通股市盈率与基于资本总额变化的调整
40 资本结构
41 低价普通股与收益来源分析
第六部分资产负债表分析与资产价值的内涵
导读九解析资产负债表
42 资产负债表分析与账面价值的重要性
43 流动资产价值的重要性
44 清算价值的意义以及股东与管理层之间的关系
45 资产负债表分析（完）
第七部分证券分析的其他方面：价格与价值间的差异
导读十股票市场大幻象和价值投资的未来
46 认股权证
47 融资成本与管理成本
48 公司金字塔结构的相关内容
49 同领域公司的比较分析
50 价格与价值的背离
51 价格与价值的背离（续）
52 市场分析与证券分析
第八部分环球价值投资
导读十一将格雷厄姆与多德的理论应用于世界范围内的投资
附录
第6版跋
致谢

FAQ

Is this book outdated? Is it still worth reading?

The specific cases and some accounting rules bear the mark of their time, but the basic framework of value investing—assessing intrinsic value on the basis of operations and assets, and distinguishing investment from speculation—is not outdated. Today the point of reading it is methodological and mental training, not copying its case conclusions. It is best read in comparison with modern financial analysis and current regulatory rules.

Can I read it without a finance background?

The bar is relatively high. The book discusses bonds, preferred stocks, financial statements, and valuation methods at length, and it is difficult without basic accounting and securities knowledge. It is advisable to acquire some common knowledge of financial statements first, or to start with the introduction and principles and gradually move into the analytical chapters; there is no need to finish it in one go.

Can I learn stock picking directly from this book?

It is not directly equivalent to a stock-picking manual. It provides an analytical framework and criteria for judgment, not a ready-made screening list. Readers need to turn the principles into their own analytical process and use them in light of current market disclosure conditions. It is better treated as a methodological foundation than as an operations guide.

Comments

Find this book

This site is an index: you start “Search all sources” in your browser, and the entries it lists all point to third-party sites; please judge their availability yourself.

About the author

本杰明·格雷厄姆 Author

Benjamin Graham is an author who draws considerable attention in the field of finance and investment, and his works circulate in Chinese reading circles in various editions. The library holds four of his works, including Security Analysis, the twelve-volume Logical Thinking in Financial Investment series, The Wall Street Godfather: A Biography of Graham, and the six-volume Wall Street Financial Investment Revelations, commonly classified under finance. Judging from these titles, Graham's writing centers on securities analysis, investment logic, and Wall Street financial practice, combining systematic discussion of methods and principles with narratives built around people and market history. The style is practical and clearly organized, emphasizing the translation of investment ideas into operable analytical frameworks. Because the library provides no details on his nationality or dates of birth and death, public information is limited, and no biographical inferences are made here. In terms of influence, his writings are often treated as an important reference in discussions of value investing and offer ordinary readers useful insight into the basic logic of financial investment.

戴维·多德 Author

David Dodd is a finance author about whom limited public information is available. To date, two Chinese-language publications appear under his name, both focusing on securities analysis and financial investment. His representative works include Security Analysis and the twelve-volume Financial Investment Logical Thinking series; the former is a classic title in the field of securities analysis, while the latter systematically sets out the logic of financial investment in a boxed series. Judging from these works, Dodd writes for investment practice and financial theory, covering topics such as securities valuation, investment judgment, and logical reasoning, with an emphasis on analysis and inference that suits readers seeking to build a systematic investment framework. Because his nationality, dates of birth and death, and educational background are not reliably documented, further details of his personal life cannot be provided, and readers may look to these works to understand his writing direction and areas of focus.

巴曙松 Author

Ba Shusong is an author whose works have circulated widely in Chinese-language financial reading. Public information about him is limited, and his nationality, dates of birth and death, and educational background remain unconfirmed. The library contains thirty-two of his works, spanning finance, biography, and management. Representative titles include A Monetary History of the United States, 1867–1960 (revised edition), Security Analysis, Capital in the Twenty-First Century, The Lords of Finance: The Bankers Who Broke the World, Too Big to Fail (classic edition), Common Sense on Mutual Funds (10th anniversary edition), When the Music Stops, and The Man Who Knew: The Life and Times of Alan Greenspan. This list shows a sustained interest in monetary history, securities analysis, capital theory, financial crises, and the rise and fall of financial institutions. He both translates foreign classics and takes part in compiling biographies of financial figures, with an editorial style that emphasizes historical sources and institutional analysis, offering Chinese readers a systematic reference for understanding the modern financial system.

陈剑 Author

Publicly available information about Chen Jian is limited, and his nationality, birth and death dates, and educational background cannot be confirmed at present. Judging from the 12 works held in the collection, his writing and editorial work center mainly on finance, management, and biography, while also touching on foreign literature. Representative works include Security Analysis, Too Big to Fail (Classic Edition), The Biography of Greenspan, The Biography of Blackstone, The Alchemist, and The King of Capital: The Growth History of the Blackstone Group, the World's Private Equity King. He also compiled the eight-volume set Top Investors All Do This, and was involved in publishing the Sagan series volume The Lonely Pond. His finance-related works generally focus on financial history, investment institutions, and biographies of key figures, striking a balance between professional substance and readability, and are suitable for readers interested in capital markets and business figures.