《Security Analysis》简介：

《证券分析(第6版)》在长达70年的时间里共发行了5版，计有百万册，充当了无数美国最杰出投资家的启蒙教程，加上本杰明·格雷厄姆与戴维·多德两人在华尔街创下的不朽业绩，使得《证券分析》一书成为投资方面不史以来最有影响力的著作。从它于1934年问世以来，至今仍是人们最为关注的书籍，被誉为投资者的圣经。这部著作是华尔街的经典，也是奠定格雷厄姆声誉的里程碑。书中第一次阐述了寻找“物美价廉”的股票和债券的方法，这些方法在格雷厄姆去世后20年依然适用。

"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. 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 BusinessWeek . Roger Lowenstein , author of Buffett: The Making of an American Capitalist and When America Aged and Outside Director, Sequoia Fund. Howard S. Marks, CFA, 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)

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证券分析(上)(原书第6版)

《Security Analysis》摘录：

怀疑和判断总是必要的：第一，并非所有影响价值的因素都能反映在公司的财务报表里——比如库存可能过时，应收款无法收回，负债有时未能入账，财产价值超过或低于估计。第二，估价是一门艺术，不是一门科学。由于商业价值取决于许多变量，因此它通常只是在一定范围内可以评估。第三，所有投资的结果在某种程度上都依靠未来决定，是无法准确预测的；出于这个原因，甚至一些经过仔细分析的投资都无法实现盈利。有时某只股票价格降低，有很合理的理由：商业模式有问题，或是面临隐藏负债及长期诉讼，或是管理不称职，以及腐败等问题。投资者必须始终谨慎行事，保持谦卑，坚持不懈地寻求更多地信息，同时意识到他们永远不会知道有关公司的一切。第四，最成功的价值投资者会将详尽的业务研究及估价工作，无休止的自律以及耐心，深思熟虑的敏感度分析，智识诚信，以及多年的分析和投资经验等因素结合在一起。