Security Analysis

There are four books in my overflowing library that I particularly
treasure, each of them written more than 50 years ago. All,
though, would still be of enormous value to me if I were to read
them today for the first time; their wisdom endures though their
pages fade.
Two of those books are first editions of The Wealth of Nations (1776),
by Adam Smith, and The Intelligent Investor (1949), by Benjamin Graham.
A third is an original copy of the book you hold in your hands, Graham
and Dodd’s Security Analysis. I studied from Security Analysis while I was at
Columbia University in 1950 and 1951, when I had the extraordinary
good luck to have Ben Graham and Dave Dodd as teachers. Together, the
book and the men changed my life.
On the utilitarian side, what I learned then became the bedrock upon
which all of my investment and business decisions have been built. Prior
to meeting Ben and Dave, I had long been fascinated by the stock market.
Before I bought my first stock at age 11—it took me until then to accumulate
the $115 required for the purchase—I had read every book in the
Omaha Public Library having to do with the stock market. I found many of
them fascinating and all interesting. But none were really useful.
My intellectual odyssey ended, however, when I met Ben and Dave,
first through their writings and then in person. They laid out a roadmap
for investing that I have now been following for 57 years. There’s been no
reason to look for another…. …

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