【证券分析】

PRAISEFORTHESIXTHEDITIONOFSECURITYANALYSIS“ThesixtheditionoftheiconicSecurityAnalysisdisprovestheadage‘’tisbesttoleavewellenoughalone.’Anextraordinaryteamofcommentators,ledbySethKlarmanandJamesGrant,bridgethegapbetweenthesim-plerfinancialworldofthe1930sandthemorecomplexinvestmentarenaofthenewmillennium.Readersbenefitfromtheexperienceandwisdomofsomeofthefinancialworld’sfinestpractitionersandbestinformedmarketobservers.TheneweditionofSecurityAnalysisbelongsinthelibraryofeveryseriousstudentoffinance.”DavidF.SwensenChiefInvestmentOfficerYaleUniversityauthorofPioneeringPortfolioManagementandUnconventionalSuccess“Thebestofthepastmadecurrentbythebestofthepresent.TigerWoodsupdatesBenHogan.Ithastobegoodforyourgame.”JackMeyerManagingPartnerandCEOConvexityCapital“SecurityAnalysis,a1940classicupdatedbysomeofthegreatestfinancialmindsofourgeneration,ismoreessentialthaneverasalearningtoolandreferencebookfordisciplinedinvestorstoday.”JamieDimonChairmanandCEOJPMorganChase“WhileCoca-Colafounditcouldn’timproveonatime-testedclassic,SethKlarman,JimGrant,BruceGreenwald,etal.,provethatagreatbookcanbemadeevenbetter.SethKlarman’sprefaceshouldberequiredreadingforallinvestors,andcollectively,thecontributingeditors’updatesmakeforaclassicintheirownright.Theenduringlessonisthatanunderstand-ingofhumanbehaviorisacriticalpartoftheprocessofsecurityanalysis.”BrianC.RogersChairmanT.RowePriceGroup“Aclassichasnowbeenupdatedbysomeofthegreatestandmostthoughtfulinvestorsofourtime.Thebookwasamustreadandhasnowbeenelevatedtoanewlevel.”DanielS.OchSeniorManagingMemberOch-ZiffCapitalManagementGroup“ReaderswillfindtheupdatedversionofGrahamandDodd’sSecurityAnalysistobemuchimprovedfromearliereditions.Whilethetimelessadvicefromtwoofthegreatestvalueinvestorscontinuestoresonate,theessaysthatarecontributedbysomeoftheworld’stopvalueinvestorsaddimmeasurablytotheread.Theseinvestorspracticewhattheypreachintheiressaysandcombinetomakethiseditionthebestever!Ihighlyrec-ommendthisvolumetoallinvestors—oldandyoung—whowillbenefitfromthetriedandtrueprinciplesofthepastandtheupdatedapplica-tionstotoday’sturbulentmarkets!”MorrisSmithPrivateInvestorFormerManagerFidelityMagellanFund“NobookempowersyouwithbettertoolsforintelligentinvestingthanSecurityAnalysis.SethKlarmanandhisfabulousteamhaveproducedanonpareileditionofBenGraham’sclassicforthenewmillennium.”MasonHawkinsChairman,LongleafPartnersSoutheasternAssetManagement“TheideasofGrahamandDoddhavewithstoodallkindsofmarketcon-ditionsand75yearsofscrutiny—makingthemevermorerelevantformodern-dayinvesting.TheessaysbyKlarmanandotherstoriedvalueinvestorslucidlyillustratethatwhilethecapitalmarketslandscapemaybevastlychangedfromyearspast,basicinvestortraitsarenot,anddisci-plinedapplicationoftheprinciplesofSecurityAnalysiscontinuestopro-videanimportantedgeininvesting.”AndréF.PeroldGeorgeGundProfessorofFinanceandBankingHarvardBusinessSchoolThispageintentionallyleftblankSECURITYANALYSISSECURITYANALYSISPRIOREDITIONSGrahamandDodd:SecurityAnalysis,FirstEdition(1934)GrahamandDodd:SecurityAnalysis,SecondEdition(1940)GrahamandDodd:SecurityAnalysis,ThirdEdition(1951)Graham,Dodd,Cottle,andTatham:SecurityAnalysis,FourthEdition(1962)Graham,Dodd,Cottle,Murray,Block,&Leibowitz:SecurityAnalysis,FifthEdition(1988)SECURITYANALYSISPrinciplesandTechniqueBENJAMINGRAHAMInvestmentFundManager;LecturerinFinanceColumbiaUniversityANDDAVIDL.DODDAssociateProfessorofFinanceColumbiaUniversitySixthEditionNewYorkChicagoSanFranciscoLisbonLondonMadridMexicoCityMilanNewDelhiSanJuanSeoulSingaporeSydneyTorontoCopyright©2009,1988,1962,1951,1940,1934byTheMcGraw-HillCompanies,Inc.Allrightsreserved.ManufacturedintheUnitedStatesofAmerica.ExceptaspermittedundertheUnitedStatesCopyrightActof1976,nopartofthispublicationmaybereproducedordistributedinanyformorbyanymeans,orstoredinadatabaseorretrievalsystem,withoutthepriorwrittenpermissionofthepublisher.0-07-164293-5ThematerialinthiseBookalsoappearsintheprintversionofthistitle:0-07-159253-9.Alltrademarksaretrademarksoftheirrespectiveowners.Ratherthanputatrademarksymbolaftereveryoccurrenceofatrademarkedname,weusenamesinaneditorialfashiononly,andtothebenefitofthetrademarkowner,withnointentionofinfringementofthetrademark.Wheresuchdesignationsappearinthisbook,theyhavebeenprintedwithinitialcaps.McGraw-HilleBooksareavailableatspecialquantitydiscountstouseaspremiumsandsalespromotions,orforuseincorporatetrainingprograms.Formoreinformation,pleasecontactGeorgeHoare,SpecialSales,[e-mail][phone].TERMSOFUSEThisisacopyrightedworkandTheMcGraw-HillCompanies,Inc.(“McGraw-Hill”)anditslicen-sorsreserveallrightsinandtothework.Useofthisworkissubjecttotheseterms.Exceptasper-mittedundertheCopyrightActof1976andtherighttostoreandretrieveonecopyofthework,youmaynotdecompile,disassemble,reverseengineer,reproduce,modify,createderivativeworksbasedupon,transmit,distribute,disseminate,sell,publishorsublicensetheworkoranypartofitwithoutMcGraw-Hill’spriorconsent.Youmayusetheworkforyourownnoncommercialandper-sonaluse;anyotheruseoftheworkisstr