Security Analysis THIRD EDITION

[cmattporter]

I have notes of every major point for the first 200 pages on the 3rd edition. If anyone wants to check them out let me know.

[mpauls]

I completely agree with Burry.  The 4th edition (1961) is a waste of paper and clearly Graham had nothing to do with it (since it was I think 1988) but not the 1940ed which is the classic (also the 5th edition revised).  Greenwald says Graham's involvement in the 4th ed was also limited, but I don't necessarily agree.  Outside individuals certainly contributed to certain sections i.e. discussion on utility companies, but the whole of it certainly feels and reads very much like graham to me.

 

I think you got some of the years and editions wrong.  When you say the 4th is a waste of paper and Graham had nothing to do with it, I think you mean the 5th edition.  The 1940 edition was reissued as the 6th (not 5th) edition.  I completely agree with you though the 5th edition is a waste of paper.  I was shocked at how bad it is.  I always got the feeling Dodd realized it, but was kind of like "hey, everyone else is getting rich in the market [this was the mid to late 1980s], so why shouldn't I, as one of the deans of investing make a few bucks too?"

 

I think by the time it got to the 4th edition Graham was already out of the investment business (since about 1956) and have been in LA for 4 or 5 years teaching at UCLA and dabbling with various mistresses.  I think the intellectual stimulation provided him by investing was largely gone by that time and continued to wane until it reached almost zero (never quite zero though).  I recall reading somewhere that at his 80th birthday party he gave a speech in which he reflected on his life and didn't mention his investing career.

 

Yes you were correct.  I noticed it too and made the adjustment in the original text, but thanks and good eye!

[mpauls]

 

 

  I recall reading somewhere that at his 80th birthday party he gave a speech in which he reflected on his life and didn't mention his investing career.

 

Yes, and he quoted Twain.