Security Analysis, Seventh Edition: Principles and Techniques

From the Back Cover

With wit and discipline, Seth Klarman and his team of contributors show their timeless wisdom in this update of the investment classic, Security Analysis. The book is right for this moment and will be right for a long time to come. Readers can profit greatly by reading and acting.- Lawrence H. Summers, Former Treasury Secretary and President Emeritus, Harvard UniversityThe financial system and markets are extremely complex and constantly changing. While we must never stop learning and being prepared for unpredictable events, we also must remember that there are certain bedrock principles that don’t change – and these are the great and enduring lessons of Graham and Dodd. By turns instructive and insightful, Seth Klarman’s depth of experience in a rapidly changing financial ecosystem vividly brings these new lessons to life in this 7th edition of Security Analysis.  - Jamie Dimon, Chairman and CEO, JPMorgan Chase & Co.Any investor at any level would benefit immensely from reading this 7th Edition of Graham and Dodd’s timeless Security Analysis. While value investing has stood the test of time, it’s not a static process. Indeed, the best practitioners are constantly evolving with the changing political, societal and economic landscape while maintaining the discipline espoused by Graham and Dodd almost ninety years ago.- Stan Druckenmiller, CEO, Duquesne Family OfficeGraham and Dodd’s Security Analysis is both a classic and a technical guidepost for leaders at the intersection of business and investing. The individual contributors to the 7th Edition are the 'All Stars' of investing, including Warren Buffett and Seth Klarman. They share their unique and thoughtful insights, which will undoubtedly help light the way for the next generation who follow in their footsteps.- Kenneth I. Chenault, chairman and managing director, General Catalyst; former chairman and CEO, American ExpressThe many insightful commentaries make the seventh edition of Security Analysis the best yet. It remains essential reading for all serious value investors.- Bruce Greenwald, Professor Emeritus of Asset Management and Finance, Columbia Business SchoolIf Security Analysis is the Bible for value investors, the Seventh Edition is the New Testament. Seth Klarman and company are faithful prophets, divining how Graham and Dodd may have approached market events they could have never anticipated — from a globe flooded with free money and zero interest rates to the creation of cryptocurrencies and meme stocks. Whether you’re steeped in the tenets of value investing or just a curious neophyte, this book is required reading. It’s an affirmation of faith designed to hearten true believers and convert wayward speculators into righteous investors.- Becky Quick, anchor, CNBCThe seventh edition of Graham and Dodd’s eternal text -- Security Analysis -- is an instructive and impressive build on enduring principles that have influenced generations of investors, including me. The new content captures evolving market conditions, shifting standards, and recent developments in investment management while also reinforcing that staying-power and patience remain the surest way to succeed at value investing.- Laurence D. Fink, Chairman and Chief Executive Officer, BlackRock, Inc.The influx of financial data, constant evolution of the economy, and advances in behavioral finance are changing the art of investing. Having taught a course in Security Analysis at Columbia Business School for three decades, I appreciate this edition’s blend of continuing wisdom and contemporary commentary. It’s essential reading for the serious investor.- Michael Mauboussin, Head of Consilient Research, Counterpoint Global – Morgan Stanley Investment Management

- Lawrence H. Summers

Benjamin Graham renowned as the founder of value investing, taught at Columbia University’s Graduate School of Business.David L. Dodd was a colleague of Graham’s at Columbia University, where he was an assistant professor of finance.Seth A. Klarman is the CEO and portfolio manager of The Baupost Group, L.L.C., which manages approximately $25 billion on behalf of individual and institutional clients.Contributors to the Seventh Edition:Seth A. Klarman, CEO and Portfolio Manager of the Baupost Group, L.L.C.James Grant, founder and editor of Grant's Interest Rate ObserverRoger Lowenstein, author of Buffett, When Genius Failed, and Ways and Means, and Outside Director, Sequoia FundHoward S. Marks, CFA, Co-Chairman and Co-Founder, Oaktree Capital Management L.P.Dominique Mielle, former hedge fund investor and author of Damsel in DistressedTodd A. Combs, Chairman, President and Chief Executive Officer of GEICO and investment manager at Berkshire Hathaway Inc.Steven Romick, Managing Partner of First Pacific Advisors, LPZachary S. Sternberg and Benjamin F. Stein, co-founders of The Spruce House PartnershipNancy G. Zimmerman, Co-Founder and Managing Partner, Bracebridge Capital LLCBill Duhamel, Jason E. Moment, and Ashish Pant, Principals of Route One Investment Company, L.P.David Abrams, CEO of Abrams Capital ManagementSeth Alexander, President of the MIT Investment Management Company (MITIMCo), a division of the Massachusetts Institute of Technology