Description
Octavo, xi, [1], 725pp, [5pp]. Maroon cloth, title over black on spine, ruled bands on spine. Stated “First Edition, Eighth Impression” on title page. Previous owners pencil marks on endpapers, ownership inscription on rear endpaper. Shelf wear at edges of spine, light toning of cloth to spine. Illustrated with multiple graphs and charts.
Comments: Security Analysis was written by Columbia professors Benjamin Graham and David Dodd. This work was written the wake of the stock market volatility of the early 1930s, with Graham and Dodd criticizing Wall Street for its focus on earnings per share, instead encouraging investors to look at the value of business operations. This become known as “Value Investing,” or looking at the long term profitability of a firm and investing in companies that are trading at low prices, but have steady profitability. This price to earnings ration (PE Ratio) would become a common data point for all business investing in the future.
