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Indlæser... Security Analysis: Principles and Techniques (original 1934; udgave 2002)af Benjamin Graham (Forfatter)
Work InformationSecurity Analysis: Principles and Technique af Benjamin Graham (1934)
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Bliv medlem af LibraryThing for at finde ud af, om du vil kunne lide denne bog. Der er ingen diskussionstråde på Snak om denne bog. A hedge fund manager I know has a great way of describing the difference between growth and value investors: The growth-oriented manager will see a company with a current cash flow level of, say, one dollar and get excited about the possibility it will increase to five dollars in the near future, while the value-oriented manager will get excited if she can buy that dollar now for only fifty cents. The latter description is a perfect example of the way Graham and Dodd espouse looking at the investment world; the difference between purchase price and intrinsic value is the investor’s “margin of safety”. The writing in this volumen is occasionally ponderous and not all parts of it have aged well since its original publication in 1934—see Graham’s The Intelligent Investor for a more recent treatment of this area—but the book remains “ground zero” for any serious student of stock and bond valuation. It truly deserves to be called a classic. History of Financial Advice Collection. In Security Analysis, Benjamin Graham and David Dodd lay out their core philosophy of “value investing.” The book—probably the most influential endorsement of a “fundamental” approach to investment analysis—is clearly presented as an attempt to learn the lessons of the speculative hype and excess of the late 1920s, and to return to the common-sense basics of determining good-value investments. Central to Graham and Dodd’s approach is a company’s “earning power,” which “must imply a fairly confident expectation of certain future results.” From earning power can be derived a measure of “intrinsic value”—Graham and Dodd’s mantra, though one that they outline pragmatically: the security analyst “needs only to establish either that the value is adequate … or else that the value is considerably higher or considerably lower than the market price. For such purposes, an indefinite and approximate measure of the intrinsic value may be sufficient.” In making this estimate, the “intricacies of corporate accounting and financial policies” provide the security analyst with “unbounded opportunities for shrewd detective work.” ingen anmeldelser | tilføj en anmeldelse
"Graham's ideas inspired the investment community for nearly a century."--Smart Money "Graham's method of investing is as relevant today as it was when he first espoused it during the Roaring Twenties."--Investor's Business Daily Benjamin Graham's revolutionary theories have influenced and inspired investors for nearly 70 years. First published in 1934, his Security Analysis is still considered to be the value investing bible for investors of every ilk. Yet, it is the second edition of that book, published in 1940 and long since out of print, that many experts--including Graham protégé Warren Buffet--consider to be the definitive edition. This facsimile reproduction of that seminal work makes available to investors, once again, the original thinking of "this century's (and perhaps history's) most important thinker on applied portfolio investment." No library descriptions found. |
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So what is left? A lot of really wise advice of the general kind (see quotes below). Unfortunately it's embedded in a very thick book and I wouldn't recommend anyone reading the whole book to pick out those advice unless they are really interested in investments, and in particular value investments and if they are, I hope they are already familiar with much of what Graham and Dodd write here. If from no other source, from [b:The Intelligent Investor|106835|The Intelligent Investor (Collins Business Essentials)|Benjamin Graham|https://d.gr-assets.com/books/1409602421s/106835.jpg|102974] by the same authors. That book is much more general and easy to digest.
Some quotes from the book
The most general advice of all:
About trust in the management (Norwegian Vardia is an ongoing example of this):
About making those really great deals:
About people trying to convince by complicating things. I will paraphrase Warren Buffett - don't invest in something you don't understand:
About trusting advisors absolutely:
About being using cash as an indicator of success rather than the numbers reported:
About skepticism towards earning reports:
One that is very relevant to people tricked into buying stock in the dot com bubble:
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