permabear Posted March 30, 2015 Posted March 30, 2015 Thinking about buying Security Analysis - is it worth it? I found Intelligent Investor really dry and difficult to get through. My favorite investing book is definitely Margin of Safety by Seth Klarman. Thanks
Gamecock-YT Posted March 30, 2015 Posted March 30, 2015 If you thought Intelligent Investor was dry and difficult, you'll find Security Analysis impossible.
tede02 Posted March 30, 2015 Posted March 30, 2015 If you thought Intelligent Investor was dry and difficult, you'll find Security Analysis impossible. Agreed. I've never read Security Analysis completely through because of this. However, I am curious about the newest version with the updated commentary by today's gurus.
DanielGMask Posted March 31, 2015 Posted March 31, 2015 Margin of Safety is good but I think the Intelligent Investor is better. Security Analysis is a good valuation course but at this time it's no longer the only one of value. I think you should give the Intelligent Investor a second try, it can only make you a better investor.
ScottHall Posted March 31, 2015 Posted March 31, 2015 Intelligent Investor once. Don't bother with Security Analysis - half of it is on the selection of railroad bonds and other antiquated securities. Margin of Safety once, maybe, if you're not paying a ridiculous price. I don't really use any of the valuation concepts from these books regularly. I mostly eyeball it, for better or worse.
peter1234 Posted March 31, 2015 Posted March 31, 2015 Vinod put together a great summary of 70 pages. The link is somewhere on this board. :)
augustabound Posted March 31, 2015 Posted March 31, 2015 Vinod put together a great summary of 70 pages. The link is somewhere on this board. :) http://vinodp.com/documents/investing/security_analysis/security_analysis_notes.pdf
SpecOps Posted March 31, 2015 Posted March 31, 2015 I read Security Analysis and to be honest I would not recommend buying it. A lot of it is outdated and it isn't actually terribly useful for valuing businesses. I think there are better books, like Seth Klarmans Margin of Safety. If you've read that I dont think you'll get anything extra from SA.
innerscorecard Posted March 31, 2015 Posted March 31, 2015 If you're reading "500 pages a day" anyways, I can't see how it's not worth your time to read these seminal books of this profession/hobby. I like both.
Green King Posted March 31, 2015 Posted March 31, 2015 The second edition of Security Analysis is the most clear and concise piece of literature i have read in my life. Reading it give me feelings of sadness, realizing i might never be able to write so clearly about investing or any topic. Ideas i have been thinking about for month or years is just right there in a few lines or a paragraph. The clearness of Ben Graham's mind is something on another level. :)
permabear Posted March 31, 2015 Author Posted March 31, 2015 Vinod put together a great summary of 70 pages. The link is somewhere on this board. :) http://vinodp.com/documents/investing/security_analysis/security_analysis_notes.pdf Awesome, thank you!
oddballstocks Posted March 31, 2015 Posted March 31, 2015 I really enjoyed the second edition of Security Analysis, by far the best investing book I've ever read. A lot of people get stuck in the weeds thinking about the out of date securities. The key to the book is his framework for thinking and viewing risk. I actually went back and re-read the allegedly most boring chapters (bonds) after someone pointed this out. The chapters jumped off the page, it wasn't the actual bonds I was reading about but the ideas behind looking at them, or how to look at fixed income securities. My contention is that Security Analysis is like all classics. A book everyone claims is important to read but few actually read it. Not surprising considering we live in a world of investing platitudes. You can't read it in a sitting. I think it took me about a month to read the book, but it was well worth it.
cloud Posted March 31, 2015 Posted March 31, 2015 I didn't find Security Analysis useful. Intelligent Investor on the other hand, offers an extremely important concept: Mr.Market.
jawn619 Posted March 31, 2015 Posted March 31, 2015 I found security analysis a lot more useful. Security analysis has more hard numbers and examples and I think that is very useful because if armed with mindsets and big picture things like buy when others are selling or other qualitative phrases, one can apply them in ways that are harmful.
CorpRaider Posted April 1, 2015 Posted April 1, 2015 Maybe I should take another crack at Security Analysis if and when I get through my kindle library and unread stuff in my bookcases. I made a go of it as a teen and didn't make it through. I put it aside and went for intelligent investor (and maybe some WEB books by hagstrom) instead.
orthopa Posted April 1, 2015 Posted April 1, 2015 I have read Intelligent investor twice, enjoyed the second time much more. Still working my way through Security Analysis. I'm determined to finish and will feel guilty if I put it down but as mentioned it is dry.
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