《分析(Security Analysis)》英文版(本杰明·格雷厄姆)

1、PRAISEFORTHESIXTHEDITIONOFSECURITYANALYSIS“The sixth edition of the iconic Security Analysisdisproves the adage tisbest to leave well enough alone. An extraordinary team of commentators,led by Seth Klarman and James Grant, bridge the gap between the sim-pler financial world of the 1930s and the more

2、 complex investment arenaof the new millennium. Readers benefit from the experience and wisdomof some of the financial worlds finest practitioners and best informedmarket observers. The new edition of Security Analysisbelongs in thelibrary of every serious student of finance.”David F. SwensenChief I

3、nvestment OfficerYale Universityauthor of Pioneering Portfolio Management andUnconventional Success“The best of the past made current by the best of the present. Tiger Woodsupdates Ben Hogan. It has to be good for your game.”Jack MeyerManaging Partner and CEOConvexity Capital“Security Analysis, a 19

4、40 classic updated by some of the greatest financialminds of our generation, is more essential than ever as a learning tooland reference book for disciplined investors today.”Jamie DimonChairman and CEOJPMorgan Chase“While Coca-Cola found it couldnt improve on a time-tested classic, SethKlarman, Jim

5、 Grant, Bruce Greenwald, et al., prove that a great book canbe made even better. Seth Klarmans preface should be required readingfor all investors, and collectively, the contributing editors updates makefor a classic in their own right. The enduring lesson is that an understand-ing of human behavior

6、 is a critical part of the process of security analysis.”Brian C. RogersChairmanT. Rowe Price Group“A classic has now been updated by some of the greatest and mostthoughtful investors of our time. The book was a must read and has nowbeen elevated to a new level.”Daniel S. OchSenior Managing MemberOc

7、h-Ziff Capital Management Group“Readers will find the updated version of Graham and Dodds SecurityAnalysisto be much improved from earlier editions. While the timelessadvice from two of the greatest value investors continues to resonate, theessays that are contributed by some of the worlds top value

8、 investors addimmeasurably to the read. These investors practice what they preach intheir essays and combine to make this edition the best ever! I highly rec-ommend this volume to all investorsold and youngwho will benefitfrom the tried and true principles of the past and the updated applica-tions t

9、o todays turbulent markets!”Morris SmithPrivate InvestorFormer ManagerFidelity Magellan Fund“No book empowers you with better tools for intelligent investing thanSecurity Analysis. Seth Klarman and his fabulous team have produced anonpareil edition of Ben Grahams classic for the new millennium.”Maso

10、n HawkinsChairman, Longleaf PartnersSoutheastern Asset Management“The ideas of Graham and Dodd have withstood all kinds of market con-ditions and 75 years of scrutinymaking them ever more relevant formodern-day investing. The essays by Klarman and other storied valueinvestors lucidly illustrate that

11、 while the capital markets landscape maybe vastly changed from years past, basic investor traits are not, and disci-plined application of the principles of Security Analysiscontinues to pro-vide an important edge in investing.”Andr F. PeroldGeorge Gund Professor of Finance and BankingHarvard Busines

12、s SchoolThis page intentionally left blank SECURITYANALYSISSECURITYANALYSISPRIOREDITIONSGraham and Dodd: Security Analysis, First Edition (1934)Graham and Dodd: Security Analysis, Second Edition (1940)Graham and Dodd: Security Analysis, Third Edition (1951)Graham, Dodd, Cottle, and Tatham: Security

13、Analysis, Fourth Edition (1962)Graham, Dodd, Cottle, Murray, Block, & Leibowitz: Security Analysis, Fifth Edition (1988)SECURITYANALYSISPrinciples and TechniqueBENJAMIN GRAHAMInvestment Fund Manager; Lecturer in Finance Columbia UniversityANDDAVID L. DODDAssociate Professor of FinanceColumbia Un

14、iversitySixth EditionNew YorkChicagoSan FranciscoLisbonLondonMadridMexico CityMilanNew DelhiSan JuanSeoulSingaporeSydneyTorontoCopyright ? 2009, 1988, 1962, 1951, 1940, 1934 by The McGraw-Hill Companies, Inc. All rightsreserved. Manufactured in the United States of America. Except as permitted under

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23、accuracy, error or omission, regardless of cause, in the work or for any dam-ages resulting therefrom. McGraw-Hill has no responsibility for the content of any informationaccessed through the work. Under no circumstances shall McGraw-Hill and/or its licensors be liablefor any indirect, incidental, s

24、pecial, punitive, consequential or similar damages that result from theuse of or inability to use the work, even if any of them has been advised of the possibility of suchdamages. This limitation of liability shall apply to any claim or cause whatsoever whether suchclaim or cause arises in contract,

25、 tort or otherwise. DOI: 10.1036/0071592539ProfessionalWant to learn more?We hope you enjoy thisMcGraw-Hill eBook! Ifyou d like more information about this book,its author, or related books and websites,please click here.BENJAMINGRAHAMANDDAVIDDODDforever changed thetheory and practice of investing w

26、ith the 1934 publica-tion of Security Analysis. The nation, and indeed the restof the world, was in the grips of the Great Depression, aperiod that brought unprecedented upheaval to thefinancial world. In 1940, the authors responded with acomprehensive revision. The second edition of SecurityAnalysi

27、sis considered by many investors to be the defini-tive word from the most influential investment philoso-phers of our time.Around the world, Security Analysisis still regarded asthe fundamental text for the analysis of stocks and bonds.It is also considered to be the bible of value investing. Tocomm

28、emorate the 75th Anniversary of Security Analysis,McGraw-Hill is proud to publish this sixth edition.Using the text of the 1940 edition, this new editionfeatures lively and practical essays written by a stellarteam that includes todays leading value investors, aprominent academic, and leading financ

29、ial writers. Theresult is a contemporary bible of value investing.The sixth edition, with a new design that payshomage to the original 1940 design, includes a CD ofthe entire original 1940 second edition. This book wasprinted and bound by R.R. Donnelley in Crawfordsville,Indiana.“Many shall be resto

30、red that now are fallen, and many shall fall that now are in honor.”HORACEARSPOETICA.For more information about this title, click hereFor more information about this title, click hereCONTENTSForeword?by Warren E. Buffettxi Preface to the Sixth Edition|The Timeless Wisdom of Graham andDodd?by Seth A.

31、 KlarmanxiiiPREFACETOTHESECONDEDITIONxliPREFACETOTHEFIRSTEDITIONxliiiIntroduction to the Sixth Edition|Benjamin Graham and SecurityAnalysis: The Historical Backdrop?by James Grant1INTRODUCTIONTOTHESECONDEDITION21PARTISURVEYANDAPPROACHIntroduction to Part I|The Essential Lessonsby Roger Lowenstein39G

32、raham and Dodd chapters:1.THESCOPEANDLIMITSOFSECURITYANALYSIS. THECONCEPTOFINTRINSICVALUE612.FUNDAMENTALELEMENTSINTHEPROBLEMOFANALYSIS. QUANTITATIVEANDQUALITATIVEFACTORS753.SOURCESOFINFORMATION894.DISTINCTIONSBETWEENINVESTMENTANDSPECULATION1005.CLASSIFICATIONOFSECURITIES112viiviiiContentsPARTIIFIXED

33、-VALUEINVESTMENTSIntroduction to Part II|Unshackling Bonds?by Howard S. Marks123Graham and Dodd chapters:6.THESELECTIONOFFIXED-VALUEINVESTMENTS1417.THESELECTIONOFFIXED-VALUEINVESTMENTS: SECONDANDTHIRDPRINCIPLES1518.SPECIFICSTANDARDSFORBONDINVESTMENT1699.SPECIFICSTANDARDSFORBONDINVESTMENT(CONTINUED)s

34、ee accompanying CD10.SPECIFICSTANDARDSFORBONDINVESTMENT(CONTINUED)18011.SPECIFICSTANDARDSFORBONDINVESTMENT(CONTINUED)see accompanying CD12.SPECIALFACTORSINTHEANALYSISOFRAILROADANDPUBLIC-UTILITYBONDSseeaccompanying CD13.OTHERSPECIALFACTORSINBONDANALYSISsee accompanying CD14.THETHEORYOFPREFERREDSTOCKS

35、see accompanying CD15.TECHNIQUEOFSELECTINGPREFERREDSTOCKSFORINVESTMENT19016.INCOMEBONDSANDGUARANTEEDSECURITIES20217.GUARANTEEDSECURITIES(CONTINUED)21518.PROTECTIVECOVENANTSANDREMEDIESOFSENIORSECURITYHOLDERS22919.PROTECTIVECOVENANTS(CONTINUED)24220.PREFERRED-STOCKPROTECTIVEPROVISIONS. MAINTENANCEOFJU

36、NIORCAPITALsee accompanying CD21.SUPERVISIONOFINVESTMENTHOLDINGS252PARTIIISENIORSECURITIESWITHSPECULATIVEFEATURESIntroduction to Part III|“Blood and Judgement”?by J. Ezra Merkin265Graham and Dodd chapters:22.PRIVILEGEDISSUES28923.TECHNICALCHARACTERISTICSOFPRIVILEGEDSENIORSECURITIES29924.TECHNICALASP

37、ECTSOFCONVERTIBLEISSUES31325.SENIORSECURITIESWITHWARRANTS. PARTICIPATINGISSUES. SWITCHINGANDHEDGINGsee accompanying CD26.SENIORSECURITIESOFQUESTIONABLESAFETY323ContentsixPARTIVTHEORYOFCOMMON-STOCKINVESTMENT. THEDIVIDENDFACTORIntroduction to Part IV|Go with the Flow?by Bruce Berkowitz339Graham and Do

38、dd chapters:27.THETHEORYOFCOMMON-STOCKINVESTMENT34828.NEWERCANONSOFCOMMON-STOCKINVESTMENT36629.THEDIVIDENDFACTORINCOMMON-STOCKANALYSIS37630.STOCKDIVIDENDSsee accompanying CDPARTVANALYSISOFTHEINCOMEACCOUNT. THEEARNINGSFACTORINCOMMON-STOCKVALUATIONIntroduction to Part V|The Quest for Rational Investin

39、gby Glenn H. Greenberg395Graham and Dodd chapters:31.ANALYSISOFTHEINCOMEACCOUNT40932.EXTRAORDINARYLOSSESANDOTHERSPECIALITEMSINTHEINCOMEACCOUNT42433.MISLEADINGARTIFICESINTHEINCOMEACCOUNT. EARNINGSOFSUBSIDIARIES43534.THERELATIONOFDEPRECIATIONANDSIMILARCHARGESTOEARNINGPOWER45335.PUBLIC-UTILITYDEPRECIAT

40、IONPOLICIESsee accompanying CD36.AMORTIZATIONCHARGESFROMTHEINVESTORSSTANDPOINTsee accompanying CD37.SIGNIFICANCEOFTHEEARNINGSRECORD47238.SPECIFICREASONSFORQUESTIONINGORREJECTINGTHEPASTRECORD48739.PRICE-EARNINGSRATIOSFORCOMMONSTOCKS. ADJUSTMENTSFORCHANGESINCAPITALIZATION49640.CAPITALIZATIONSTRUCTURE5

41、0741.LOW-PRICEDCOMMONSTOCKS. ANALYSISOFTHESOURCEOFINCOME520PARTVIBALANCE-SHEETANALYSIS. IMPLICATIONSOFASSETVALUESIntroduction to Part VI|Deconstructing the Balance Sheetby Bruce Greenwald535xContentsGraham and Dodd chapters:42.BALANCE-SHEETANALYSIS. SIGNIFICANCEOFBOOKVALUE54843.SIGNIFICANCEOFTHECURR

42、ENT-ASSETVALUE55944.IMPLICATIONSOFLIQUIDATINGVALUE. STOCKHOLDER-MANAGEMENTRELATIONSHIPS57545.BALANCE-SHEETANALYSIS(CONCLUDED)591PARTVIIADDITIONALASPECTSOFSECURITYANALYSIS. DISCREPANCIESBETWEENPRICEANDVALUEIntroduction to Part VII|The Great Illusion of the Stock Market andthe Future of Value Investin

43、g?by David Abrams617Graham and Dodd chapters:46.STOCK-OPTIONWARRANTSsee accompanying CD47.COSTOFFINANCINGANDMANAGEMENT63348.SOMEASPECTSOFCORPORATEPYRAMIDING64449 PARATIVEANALYSISOFCOMPANIESINTHESAMEFIELD65450.DISCREPANCIESBETWEENPRICEANDVALUE66951.DISCREPANCIESBETWEENPRICEANDVALUE(CONTINUED)68852.MA

44、RKETANALYSISANDSECURITYANALYSIS697PARTVIIIGLOBALVALUEINVESTINGGlobetrotting with Graham and Dodd?by Thomas A. Russo711APPENDIXsee accompanying CDAbout This Edition725 Acknowledgments727 About the Contributors729 About the Authors733 Index735FOREWORDBYWARRENE. BUFFETThere are four books in my overflo

45、wing library that I particularlytreasure, each of them written more than 50 years ago. All,Tthough, would still be of enormous value to me if I were to readthem today for the first time; their wisdom endures though their pages fade.Two of those books are first editions ofThe Wealth of Nations (1776)

46、,by Adam Smith, and The Intelligent Investor(1949), by Benjamin Graham.A third is an original copy of the book you hold in your hands, Grahamand Dodds Security Analysis. I studied from Security Analysiswhile I was atColumbia University in 1950 and 1951, when I had the extraordinarygood luck to have

47、Ben Graham and Dave Dodd as teachers. Together, thebook and the men changed my life.On the utilitarian side, what I learned then became the bedrock uponwhich all of my investment and business decisions have been built. Priorto meeting Ben and Dave, I had long been fascinated by the stock market.Befo

48、re I bought my first stock at age 11it took me until then to accumu-late the $115 required for the purchaseI had read every book in theOmaha Public Library having to do with the stock market. I found many ofthem fascinating and all interesting. But none were really useful.My intellectual odyssey end

49、ed, however, when I met Ben and Dave,first through their writings and then in person. They laid out a roadmapfor investing that I have now been following for 57 years. Theres been noreason to look for another.xiCopryight ? 2009, 1988, 1962, 1951, 1940, 1934 b yThe McrGa-Hiwll Companies, Inc. Click h

50、ere for terms of use. xiiForewordBeyond the ideas Ben and Dave gave me, they showered me withfriendship, encouragement, and trust. They cared not a whit for reciproca-tiontoward a young student, they simply wanted to extend a one-waystreet of helpfulness. In the end, thats probably what I admire mos

51、tabout the two men. It was ordained at birth that they would be brilliant;they elected to be generous and kind.Misanthropes would have been puzzled by their behavior. Ben andDave instructed literally thousands of potential competitors, young fel-lows like me who would buy bargain stocks or engage in

52、 arbitrage trans-actions, directly competing with the Graham-Newman Corporation,which was Bens investment company. Moreover, Ben and Dave woulduse current investing examples in the classroom and in their writings, ineffect doing our work for us. The way they behaved made as deep animpression on mean

53、d many of my classmatesas did their ideas. Wewere being taught not only how to invest wisely; we were also beingtaught how to live wisely.The copy of Security Analysisthat I keep in my library and that I used atColumbia is the 1940 edition. Ive read it, Im sure, at least four times, andobviously it

54、is special.But lets get to the fourth book I mentioned, which is even more pre-cious. In 2000, Barbara Dodd Anderson, Daves only child, gave me herfathers copy of the 1934 edition of SecurityAnalysis, inscribed with hun-dreds of marginal notes. These were inked in by Dave as he prepared forpublicati

55、on of the 1940 revised edition. No gift has meant more to me.Preface to the Sixth EditionTHETIMELESSWISDOMOFGRAHAMANDDODDBYSETHA. KLARMANeventy-five years after Benjamin Graham and David Dodd wroteSecurity Analysis, a growing coterie of modern-day value investorsSremain deeply indebted to them. Grah

56、am and David were twoassiduous and unusually insightful thinkers seeking to give order to themostly uncharted financial wilderness of their era. They kindled a flamethat has illuminated the way for value investors ever since. Today, SecurityAnalysisremains an invaluable roadmap for investors as they

57、 navigatethrough unpredictable, often volatile, and sometimes treacherous finan-cial markets. Frequently referred to as the “bible of value investing,” Secu-rity Analysisis extremely thorough and detailed, teeming with wisdom forthe ages. Although many of the examples are obviously dated, their les-

58、sons are timeless. And while the prose may sometimes seem dry, readerscan yet discover valuable ideas on nearly every page. The financial mar-kets have morphed since 1934 in almost unimaginable ways, but Grahamand Dodds approach to investing remains remarkably applicable today.Value investing, today

59、 as in the era of Graham and Dodd, is the prac-tice of purchasing securities or assets for less than they are worththeproverbial dollar for 50 cents. Investing in bargain-priced securities pro-vides a “margin of safety”room for error, imprecision, bad luck, or thevicissitudes of the economy and stock market. While some might mistak-enly consider value investing a mechanical tool for identifying bargains,xiiiCopryight ? 2009, 1988, 1962, 1951, 1940, 1934 b yThe McrGa-Hiwll Companies, Inc. Click h