Security Analysis

Security Analysis is a timeless classic that lays the foundation for modern value investing. In this groundbreaking work, Benjamin Graham and David Dodd present a disciplined, analytical approach to evaluating stocks and bonds based on their intrinsic value, rather than market speculation.

The authors emphasize the importance of fundamental analysis, including careful study of financial statements, earnings, assets, and company performance to determine whether a security is undervalued or overvalued. They introduce key principles such as the margin of safety, encouraging investors to seek a buffer between a security’s price and its true worth to minimize risk.

Through detailed examples and sound reasoning, Security Analysis teaches investors to think like business owners, approach markets rationally, and maintain emotional discipline. Its influence continues to shape generations of successful investors, including Warren Buffett, who regards it as one of the most important investment books ever written.