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Benjamin Graham

Among the library of investment books promising no-fail strategies for riches, Benjamin Graham's classic, < I> The Intelligent Investor, offers no guarantees or gimmicks but overflows with the wisdom at the core of all good portfolio management.
The hallmark of Graham's philosophy is not profit maximization but loss minimization. In this respect, < I> The Intelligent Investor is a book for true investors, not speculators or day traders. He provides, "in a form suitable for the laymen, guidance in adoption and execution of an investment policy" (1). This policy is inherently for the longer term and requires a commitment of effort. Where the speculator follows market trends, the investor uses discipline, research, and his analytical ability to make unpopular but sound investments in bargains relative to current asset value. Graham coaches the investor to develop a rational plan for buying stocks and bonds, and he argues that this plan must be a bulwark against emotional behavior that will always be tempting during abrupt bull and bear markets.
Since it was first published in 1949, Graham's investment guide has sold over a million copies and has been praised by such luminaries as Warren E. Buffet as "the best book on investing ever written. " These accolades are well deserved. In its new form-with commentary on each chapter and extensive footnotes prepared by senior < I> Money editor, Jason Zweig-the classic is now updated in light of changes in investment vehicles and market activities since 1972. What remains is a better book. Graham's sage advice, analytical guides, and cautionary tales are still valid for the contemporary investor, and Zweig's commentaries demonstrate the relevance of Graham's principles in light of 1990s and early twenty-first century market trends. < I>-Patrick O' Kelley

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. The contributor list includes: . Seth A. Klarman, president of The Baupost Group, L. L. C. and author of Margin of Safety. James Grant, founder of Grant's Interest Rate Observer, general partner of Nippon Partners. Jeffrey M. Laderman, twenty-five year veteran of Business Week. Roger Lowenstein, author of Buffett: The Making of an American Capitalist and When America Aged and Outside Director, Sequoia Fund. Howard S. Marks, C F A, Chairman and Co-Founder, Oaktree Capital Management L. P. . J. Ezra Merkin, Managing Partner, Gabriel Capital Group . . Bruce Berkowitz, Founder, Fairholme Capital Management. . Glenn H. Greenberg, Co-Founder and Managing Director, Chieftain Capital Management. Bruce Greenwald, Robert Heilbrunn Professor of Finance and Asset Management, Columbia Business School. David Abrams, Managing Member, Abrams Capital. .
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. . (20080617)