The Knockout (Playing To Win Book 3)

The classic work from the "father of value investing"--fully updated for today's generation of investors First published in 1934, Security Analysis is one of the most influential financial books ever written. With over a million copies sold, it has provided generations of investors with Benjamin Graham and David L. Dodd's timeless value investing philosophy and techniques. This seventh edition builds on the context and commentary of the sixth edition from ten of today's leading voices on Wall Street. These masters of value investing discuss the influence of Graham and Dodd on today's markets and contextualize the philosophy that influenced so many famous investors. Lead editor Seth Klarman, considered an intellectual successor to Warren Buffett in value investing, has assembled a team of contributors to provide commentary on Security Analysis in terms of today's markets and practices, including how today's value investors should assess markets, asset classes, and securities Graham and Dodd could not have possibly foreseen. New content includes: An extensively updated Preface by Seth Klarman Contributions by Howard Marks, James Grant, Roger Lowenstein, and 10 other contributors including a number of the most important emerging voices in value investing Addresses the many changes in the business world, financial markets, and investing practices since Graham's day, including new sections on investing in private as well as public markets, arbitrage strategies, international investing, and portfolio management A foreword by Warren Buffett, Graham and Dodd's staunchest advocate Chapters from the second edition excluded from this one will be featured as an easy-to-access downloadable resource A new "About this Edition" that contextualizes which chapters have been included and removed Whether you're an individual investor, retail investor, value investor, or finance student, the new edition of this authoritative guide is a must-read. Cover Title Page Copyright Page Dedication Contents Foreword Preface to the Seventh Edition | The Timeless Wisdom of Graham and Dodd Preface to the Second Edition Preface to the First Edition Introduction to the Seventh Edition | Benjamin Graham and Security Analysis: The Historical Backdrop Introduction to the Second Edition PART I Survey and Approach Introduction to Part I | Benjamin Graham—in His Time and Ours 1. The Scope and Limitations of Security Analysis. The Concept of Intrinsic Value 2. Fundamental Elements in the Problem of Analysis. Quantitative and Qualitative Factors 3. Sources of Information 4. Distinctions Between Investment and Speculation 5. Classification of Securities PART II Fixed-Value Investments Introduction to Part II | Unshackling Bonds 6. The Selection of Fixed-Value Investments 7. The Selection of Fixed-Value Investments: Second and Third Principles 8. Specific Standards for Bond Investment 9. Specific Standards for Bond Investment (Continued) available online 10. Specific Standards for Bond Investment (Continued) 11. Specific Standards for Bond Investment (Continued) available online 12. Special Factors in the Analysis of Railroad and Public-Utility Bonds available online 13. Other Special Factors in Bond Analysis available online 14. The Theory of Preferred Stocks available online 15. Technique of Selecting Preferred Stocks for Investment available online 16. Income Bonds and Guaranteed Securities available online 17. Guaranteed Securities (Continued) 18. Protective Covenants and Remedies of Senior Security Holders 19. Protective Covenants (Continued) 20. Preferred-Stock Protective Provisions. Maintenance of Junior Capital available online 21. Supervision of Investment Holdings PART III Senior Securities with Speculative Features Introduction to Part III | Investing in Distressed Credit 22. Privileged Issues 23. Technical Characteristics of Privileged Senior Securities 24. Technical Aspects of Convertible Issues 25. Senior Securities with Warrants. Participating Issues. Switching and Hedging available online 26. Senior Securities of Questionable Safety PART IV Theory of Common-Stock Investment. The Dividend Factor Introduction to Part IV | Finding Value in Common Stocks 27. The Theory of Common-Stock Investment 28. Newer Canons of Common-Stock Investment 29. The Dividend Factor in Common-Stock Analysis 30. Stock Dividends available online PART V Analysis of the Income Account. The Earnings Factor in Common-stock Valuation Introduction to Part V | The Evolution of a Value Investor Introduction to Part V | Investing with Owner-Operators 31. Analysis of the Income Account 32. Extraordinary Losses and Other Special Items in the Income Account 33. Misleading Artifices in the Income Account. Earnings of Subsidiaries 34. The Relation of Depreciation and Similar Charges to Earning Power 35. Public-Utility Depreciation Policies available online 37. Significance of the Earnings Record 38. Specific Reasons for Questioning or Rejecting the Past Record 39. Price-Earnings Ratios for Common Stocks. Adjustments for Changes in Capitalization 40. Capitalization Structure 41. Low-Priced Common Stocks. Analysis of the Source of Income PART VI Balance-Sheet Analysis. Implications of Asset Values Introduction to Part VI | The Evolving Utility of Balance Sheet Analysis 42. Balance-Sheet Analysis. Significance of Book Value 43. Significance of the Current-Asset Value 44. Implications of Liquidating Value. Stockholder-Management Relationships 45. Balance-Sheet Analysis (Concluded) PART VII Additional Aspects of Security Analysis. Discrepancies Between Price and Value Introduction to Part VII | The Market Is Still Not Efficient 46. Stock-Option Warrants available online 47. Cost of Financing and Management 48. Some Aspects of Corporate Pyramiding 49. Comparative Analysis of Companies in the Same Field 50. Discrepancies Between Price and Value 51. Discrepancies Between Price and Value (Continued) 52. Market Analysis and Security Analysis PART VIII Contemporary Concepts in Value Investing International Investing At the Intersection of Public and Private Investing: A Case Study Endowment Management Principles and Practice Appendix available online About This Edition Acknowledgments About the Contributors About the Authors Index The classic work from the “father of value investing”―fully updated for today’s generation of investors First published in 1934, Security Analysis is one of the most influential financial books ever written. With more than million copies sold, it has provided generations of investors with the timeless value investing philosophy and techniques of the legendary Benjamin Graham and David L. Dodd. Security Analysis, Seventh Edition features the ideas and methods of today’s masters of value investing, who discuss the influence of Graham and Dodd on today’s markets and contextualize the philosophy that has influenced so many famous investors. The successful value investor must constantly be in the process of reinvention, of raising his or her game to navigate the terrain of new eras, novel securities, nascent businesses, emerging industries, shifting standards, and evolving market conditions. With the diverse perspectives of experienced contributors, this new edition of Security Analysis is a rich and varied tapestry of highly informed investment thinking that will be a worthy and long-lived successor to the preceding editions.