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Security Analysis > Intelligent Investor?


permabear
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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.

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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.

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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.

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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 A lot of it is outdated and it isn't actually terribly useful for valuing businesses.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.

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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. :)

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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A lot of people get stuck in the weeds thinking about the out of date securities.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.

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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.

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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.

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