Security Analysis
by Benjamin Graham, David Dodd, Seth Klarman · first published 1934
50% recommend38% neutral13% critical
Why HN recommends it
Foundational text on valuing stocks and bonds from the basics, recommended as a primer for people serious about investing and for understanding Buffett's deals; often paired with The Intelligent Investor.
Common criticism: Some say its methods are dated for today's markets
Summarised by Claude from recommending comments
Security Analysis is often referred to as the bible of value investing. It has been described by Warren Buffett as the best investment book he has ever read. Originally written in the 30's by Benjamin Graham and David Dodd, it has been updated over the years, and remains relevant in the age of electronic trading.
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…sub set of this but it is worth separately anyway 3. Fooled by randomness 4. The black swan 5. Books on intermittent fasting by Dr Jason Fung 6. All books by Noah Harari but start with Sapiens 7. Security Analysis by Ben Graham
on “Ask HN: Life Changing Books?” ↗If you really want to do what Buffet does, read "Security Analysis" by Benjamin Graham, Buffet's mentor, or his more casual "The Intelligent Investor". If stocks have gone down, that's not the right time to sell. When stocks are valued much more by the market than…
on “Ask HN: How would you invest money if you were 25 again?” ↗If anyone wants to learn more about how this stuff works (and why does Buffett does these types of deals), then read the book Security Analysis by Benjamin Graham.
on “Warren Buffett Buys World's Largest Solar Project from SunPower for $2.5 Billion” ↗…limited requests for this url" is the error given. It's been fun guest lecturing here but I believe our overlords signaled that it's time to free up resources. For anyone who's followed this long, read "Security Analysis" by Benjamin Graham for real insights instead of this incomplete thought experiment gone awry.
on “Who gets the money spent on share buybacks?” ↗…here are the books I would recommend: 1. The Intelligent Investor by Benjamin Graham 2. F Wall Street by Joe Ponzio (Get a taster here: http://www.fwallstreet.com/article/25-calculating-the-value-...) 3. Security Analysis by Benjamin Graham Feel free to shoot me an email if you have any questions. Email is in my profile.
on “Ask HN: How to start on the stock market” ↗Security Analysis - 1940 Edition. Re-reading it for the one millionth time. Always learn something new from it.
on “Ask HN: What interesting books are you reading now?” ↗Reminiscences of a Stock Operator by Lefevre and Security Analysis by Graham and Dodd
on “Ask HN: Introductory Books on the Stock Market?” ↗…problems lowers the price, in the manufacturing example the expectation of future profits does. Never the transaction itself which is the same in both cases. > For anyone who's followed this long, read "Security Analysis" by Benjamin Graham for real insights instead of this incomplete thought experiment gone awry. The book recommendation sounds great to me. I'd add the recommendation for a good finance textbook as it…
on “Who gets the money spent on share buybacks?” ↗…finance. I'd highly recommend taking an accounting class (or book) and a grab an intro finance book. Accounting will really help with jargon, and just some really basic things (like balance sheets). Also, "Security Analysis" [0] is the "only" book you'll ever need, Warren Buffet recommended it to Bill Gates, and now Bill Gates recommends it to everyone. Back to Economics... There are two primary "groups" of thought... sort…
on “Ask HN: What are the must-read books about economics/finance?” ↗…Inside Story of Drexel Burnham and Rise of Junk Bond Raiders Draper, William (2011) Startup Game Graham, Benjamin and Jason Zweig (2006) Intelligent Investor, revised ed. _________ and David Dodd (2008) Security Analysis, 6E Greenblatt, Joel (1999) You Can Be a Stock Market Genius Greenwald, Kahn, Sonkin, Biema (2001) Value Investing: From Graham to Buffett and Beyond Henwood, Doug (1997) Wall Street: How It Works…
on “Ask HN: What are the must-read books about economics/finance?” ↗"Trading" is not the answer. "Investing" is. Read The Intelligent Investor and Security Analysis, both by Benjamin Graham; and F Wall Street by Joe Ponzio (His website fwallstreet.com also has a number of gems. Particularly, his post about how to value a business http://www.fwallstreet.com/article/25-calculating-the-value-...…
on “Ask HN: How do I turn 100K into 1 million?” ↗…Uncommon Profits and Other Writings, 2nd ed. Fridson, Martin and Fernando Alvarez (2002) Financial Statement Analysis, 3rd ed. Graham, Benjamin, J. Zweig, D. Dodd (2006/08) Intelligent Investor, rev ed; Security Analysis, 6th ed. Greenblatt, Joel (1999) You Can Be a Stock Market Genius Greenwald, Kahn, Sonkin, Biema (2001) Value Investing: From Graham to Buffett and Beyond Henwood, Doug (1997) Wall Street: How It Works…
on “Ask HN: Book recommendations for understanding financial systems?” ↗Benjamin Graham and David Dodd's Security Analysis is not exactly on getting rich in the sense of the two works presented in the above question, but it is certainly a book on returning to the basics in the markets, which is exactly what needs to happen…
on “Ask HN: Best Financial Advice Posts?” ↗This is a comment I made on a previous submission: "Trading" is not the answer. "Investing" is. Read The Intelligent Investor and Security Analysis, both by Benjamin Graham; and F Wall Street by Joe Ponzio (His website fwallstreet.com also has a number of gems. Particularly, his post about how to value a business http://www.fwallstreet.com/article/26-calculating-the-value-...)…
on “Ask HN: How can I learn how to invest in the market?” ↗…there's nothing wrong with active investment. Just as some people enjoy playing the lottery (only the expected value of active investment isn't as dismal as playing the lottery).) Benjamin Graham's "Security Analysis" is a good primer, if you really want to get into stock or bond trading, or are just interested on an intellectual level. It's a hard book. Make sure you use a tax efficient way to invest. If you can…
on “The best investment advice you'll never get” ↗